A will is the ultimate determinant of a person’s financial standing and legacy. Many people often prepare a will for the sake of their families or near and dear ones. However, many might choose not to make a will as well due to many reasons such as procrastination or not considering their mortality enough to deem it important.

When the famous American singer Prince passed away, many were shocked to know that he hadn’t prepared a will.

However, having a will is extremely essential. It also shows the fragility of human life and how certain belongings can be given to the family members who deserve it.

One has to be extremely careful and intelligent enough while preparing the will. Hiring a very skilled, professional, and ethical lawyer to help you in doing so goes a long way in creating a valuable will for yourself. It is important to know about these things and be prepared for questions you may not really be comfortable with as there are a lot of things that get considered when preparing a will.

You Might Also Like:  5 Financial Risks That Are Worth Taking

A will is your voice which is written out and can still be heard after your death. There must be major decisions that you would wish to take regarding your own wealth as well as your relationships, something which most people would care about tremendously. If a will isn’t made, then perhaps the state you are living in and their justice system would have to make your decision. They may be right or wrong, you never know.

For example, your parents are no more in the world and you are divorced. Should you pass away, the child’s custody might fall into the hands of your former spouse, who may not be the ideal caretaker for the child.

More caution is on the cards when it comes to things. Inheritance by intestacy (which is when you pass away), is based on the principle of the degree of relationships you hold, not by what you want. For instance, a person who may have fallen out with his family for say their greed, might still lose all their wealth to a great grandson who is lazy and a spendthrift despite the fact that they might have wanted to give it all away for a noble, charitable cause.

It becomes worse when you may have a partner and no children with them, aren’t married to them, but are in a live-in relationship for years. In case of one of the partner’s death, the other partner is not entitled to the property or even the finances that they both worked towards to build for years. If all the inheritance goes to, say, the partner’s parents or other immediate family and relatives, the other partner’s life can go for a complete toss since he or she loses practically everything.

People will continue to benefit in a person’s existence or death. The question is, will the right people benefit? So, a will is for others more than you to save your loved ones from injustice.

Keep yourself updated with the latest on  Personal Finance . Like us on  Facebook  and follow us on  Twitter  for more on Investments.