A Will is an important legal document that benefits both you and your family. In simple terms, a Will is a statement where you have given instructions and wishes, to be executed when you passed away.
It is important to understand that you, the creator of the Will, can make a sound decision on who your executor will be and who should have the wealth, property and possessions that you will be passing down.
But a Will does not just secure your money and possessions. Here are 5 ways a Will acts as your voice, making your intentions clear even after you have passed on.
A Will lets you decide who takes care of your children
If you have young children, you might have worried about their well-being should something happen to you, especially if they still require a caregiver. There are many reasons and scenarios where letting the law decide the guardianship of your children may not be the best option. Your siblings or parents may not be around to accept the mantle, or do not have the necessary expertise to care for your children.
A Will gives legal authority to the person you appointed, the responsibility for the management of your children’s inheritance and property. This allows you to appoint someone you trust who possesses the relevant skills to nurture your children until their legal age.
A Will helps your family reduce trouble when dealing with your estates
Your estates will be sorted out by your family, even if you do not have a Will in hand. However, without a Will, your family members may not be able to sort it out properly according to your wishes.
A Will saves time and effort for your loved ones. You will be able to appoint someone you trust as the executor of your last wishes. It is also a given that you should find someone capable of handling your estate, thus freeing your loved ones from trouble and complication.
A Will can minimize misunderstanding of your wishes
One of the common misunderstandings after one’s passing is the distribution of assets between family members. A person may be able to verbally instruct that they wish for certain assets to be passed on to the ones they trust the most, however, it’ll be difficult if there’s no proof of it on paper.
This may create disputes for certain claims on who is supposed to be getting the bigger share, especially if you have a complicated family history.
It’s recommended to have a Will to minimize such misunderstandings, even among Bruneians, as this article pointed out. Proper planning also avoids the chances of leaving out loved ones who are not blood-related, such as your stepbrother, or non-Muslim relatives, from your legacy.
A Will can help the cause that you love
If you are part of a cause, you must have wished that you would be there when it reached its conclusion. However, what if the cause you are committed to is going to take more than your living years to complete? It may be heartbreaking to not be able to see it through to the end, no matter how much you have contributed to its progress.
Though you may not be there, you can continue to support the movement or cause of your choice even after you’re gone, by instructing through a Will that a portion of your assets be donated to them. This is an increasing trend, and it is expected that in the next 20 years, charity-giving through Will is going to double.
A Will can take care of your pets
Many of the pet owners among us treat our pets like our children. So why not include them in your legacy planning as well?
Now, we may assume that someone else may automatically take over the responsibility of taking care of our pets after we’re gone, but what are the chances that they may be neglected? What if none of the family members knows how to take care of your pets and failed to give proper provision to them?
You don’t have to leave your pets with millions of dollars, but it would be nice to name a caregiver you can entrust them to. You may also include some funds to the caregiver for them to buy provisions of your pet.
If, after reading this, your interest in writing a Will has been piqued, take a look at our free online Will-writing service (original price: BND 99).
Meanwhile, our Legacy Matters workshops are designed to educate people on preparing for their legacy at different stages of life. We equip you with the know-how and resources required to navigate through the maze of life to reach your end goals — be that starting a family, achieving childhood dreams, retirement, old age, or even end of life.
Legacy Matters workshops are held at least once a month, and so keep an eye out for the next one by following us on Instagram and Facebook.
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Written by:
Izaaz Syazwi - Part of Memori’s Digital Marketing team. Experienced in marketing. Copywriting and content creation. Izaaz’s favourite philosopher is Socrates.
Li En Ru - Project Lead at Memori. Content writer with 3 years of experience in copywriting and research. Formerly associate editor at Borneo Bulletin in Brunei. En Ru’s favourite food is this sticky stuff called Ambuyat.