Write your will to ensure your family’s financial security

The Covid-19 pandemic has shown how unpredictable death can be. The second wave in the past two months has proven to be even dangerous, with many deaths simply due to the lack of medical facilities, with health infrastructure completely overwhelmed. Thousands of families have been devastated by the impact of the coronavirus.

The situation becomes even worse when survivors find themselves without any financial security. While the pandemic has taken a toll on the economic capacities of millions of households, sometimes lack of knowledge of existing wealth such as life insurance, the deceased’s will and other investments makes matters worse.

The pandemic has required family members to be aware of each other’s investments. The will of the head of the family has also gained importance, because a good overview of his properties and investments can save the family in times of pandemic. However, the work is not done just by writing the will, it is also necessary to distribute the wealth proportionally.

Here’s why writing a will is important.

Financial security

The most important aspect of a will is that it provides financial security for heirs. Wealth can be distributed according to the needs of the survivors.

Peaceful distribution of wealth

Having a will ensures a peaceful distribution of wealth and avoids hassle for surviving family members. Without a will, the distribution of the deceased person’s fortune can lead to legal issues that can take years to come to a resolution.

Appoint guardians for minors

The selection of guardians for minors who have lost both parents can be done by will. The appointed guardian(s) look after minors until they reach the age of 18, after which they may legally be eligible to inherit wealth. However, the parent(s) must carefully choose the guardian(s) as they will shape the upbringing of their children after their death.

How to make a will

The person should write down all his wealth like real estate, stocks, life insurance, gold and personal wealth.

After cross-checking, heirs should be assigned with careful planning.

The appointment of guardians must be made after careful analysis.

Two independent witnesses, who should in no way benefit from being witnesses, must be named.

An executor must be named. The executor plays an important role as he collects information related to the assets and liabilities of the testator. The executor distributes the wealth after the testator dies.

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Sarah J. Greer