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Why you need a will no matter how old you are?
05 Dec 2023Benjamin Franklin once famously said, "In this world nothing can be said to be certain, except death and taxes." While we may not like to think about it, death is inevitable and unpredictable. That is why it is crucial to have a will, a legal document that expresses your wishes for what happens to your property and possessions after you die.
A will is not just for the elderly or the wealthy. It is for anyone who cares about their loved ones and wants to make things easier for them in the event of their passing. Here are some of the benefits of having a will, regardless of your age:
• You decide on the distribution of your assets. Without a will, the devolution of your succession will be determined by intestacy rules related either to the laws of the country of your last domicile or your national law, which may trigger conflict of laws. Furthermore, intestacy rules may not reflect your personal preferences or relationships. You may want to leave your estate into equal shares among your heirs independently of the question of gender, or to a friend or a charity. A will may help you to achieve such wishes.
• You name a guardian for your minor children. If you have minor children, a will is the only place where you can nominate a guardian to take care of them if you die. Without a will, a court will decide who should raise your kids, which may not be who you would have chosen. You may also name a trustee to handle any money or property that you leave to your minor children under your succession.
• You choose an executor. An executor is the person who is responsible for carrying out your wishes and proceed with the devolution of your succession. You may appoint someone you trust to do this job in your will. Without a will, a court will appoint an executor, who may not be familiar with your situation or your family situation.
• You minimize potential conflicts and disputes. A will can prevent or reduce the chances of family fights and legal challenges over your estate. A will can clearly state your intentions and avoid any confusion or ambiguity.
Having a will in place is important for everyone, no matter how old you are. A will can give you peace of mind and protect your loved ones from unnecessary stress and hassle while grieving. If you don't have a will yet, you should consider making one as soon as possible. Don’t wait until it's too late. Make a will today and secure your legacy for tomorrow. Our specialists are at your disposal to discuss about your personal situation to prepare and register tailored-made wills in the United Arab Emirates.