Protect your children and offer them some security
If you have children and you pass away without writing down your intentions, they may not automatically inherit. It really depends on the rules and laws of the country you live in.
You’ll also miss out on certain opportunities, like creating a trust. If you have children or grandchildren that are currently on the cusp of adulthood, at that age where they may not be thinking long-term, you may be worried about the decisions they’d make if they suddenly received an inheritance. You may be able to leave money for them in a trust that has restrictions around when they can access it or what they can access it for. You can set it up so they access the money over time, or set it up to pay for their education if you want, thereby making sure that even if they’re not thinking long-term, you’re looking out for them.
Have the send-off you want
Do you have a favourite song that you’d love to have played, or are you someone who’d prefer a dedicated bench in your favourite park over a traditional headstone? These conversations can be awkward to have in advance, and not everyone is comfortable talking about funeral arrangements. You can make your wishes clear so your family and friends make sure you’re remembered the way you want.
Protect what you’ve worked for
It’s a fact of life that we don’t get along with everyone, and family members are often no exception. Often, if you die without writing things down, some people will automatically have the right to make a claim to your estate, even if you hadn’t spoken to them in years. If you want to make sure that everything goes where you want it to, you need to make your wishes known in advance.