Why it is essential that you have a will

Why it is essential that you have a will

Why it is essential that you have a will

It has often been wryly noted among various commentators that love of money is the root of all evil, and it is human greed along with their sense of entitlement that can cause conflict. In short, money can be poisonous to any relationship, corroding trust, destroying unity and damaging happiness. Even families, those who are supposed to love and care for one another, are not immune to this worrisome and toxic phenomenon.

Colloquially dubbed as "vulture syndrome" within the media and the legal profession, there have been countless examples of families imploding as a direct consequence of the manner in which the estate of a deceased family member is distributed. Some family members may feel aggrieved that they are not getting what they believe and perceive to be their fair share, or may feel resentful at other relatives who are receiving a disproportionately high amount of the estate.

Statistics have proven that disputes are especially likely to happen in the event that a deceased person does not leave a will clearly outlining the way they want the estate to be distributed. What then follows is a prolonged, extremely vindictive and deeply stressful raft of litigation actions between family members as they fight tooth and nail for what they think is their rightful entitlement.

Needless to say, this can be a very costly affair indeed both in terms of the expenses that will be incurred by virtue of the legal fees, not to mention the emotional strain it will take on the participants.

By creating a will which clearly and definitively dictates and outlines the various rules that will govern the distribution of the personal estate, the deceased family member will be able to save a lot of grief and money.

The reason for this is simple: a will that is legally valid and which satisfies certain basic, minimum standards of quality and competency will be given full, legal effect and can only be challenged in very limited circumstances such as fraud. Even then, the person who is seeking to challenge the validity of the will has a very large burden of proof to discharge and overcome.

It is also worth noting that not creating a will to distribute your estate will mean that the statutory regulations will come into effect and distribute the estate on your behalf. However, the legal guidelines may not be to your liking, so the assets you want to vest in family members may not come to fruition.

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