“He who has gone, so we but cherish his memory, abides with us, more potent, nay, more present than the living man.”
~Antoine de Saint-Exupery
Life is transitory and in order to ensure that all those who are near and dear to us are well-taken care of after our demise, it is important that we make a will.
A will is defined as a legal document that directs the way your assets are distributed by the state upon your death. Truth is that most people are aware of the importance of making a Will. However, the idea of making a will keeps on getting delayed, year after year and finally, people die without leaving behind a clear direction of the disposition of their property and assets amongst their loved ones.
Waiting to make a will is a big mistake. While change and uncertainty of life and ambiguity of death may always make us look forward to our future, the ‘perfect time’ to make a will is always the present!
Problems of intestacy
Dying intestate legally means dying without a ‘valid will’. The various reasons why intestacy occurs are:
- When a person dies without making a Will.
- When a will cannot be found post a person’s death.
- When a will is invalid, i.e. it is either made by a person outside of a legal capacity or is not executed properly.
In either of the above mentioned cases, without a will, the intestacy laws of your state make all the financial decisions pertaining to the division of your assets on your behalf. Thus, if you die without a will, your property will automatically pass over to your ‘next of kin’ as per the intestacy laws and your estate will be run by your closest relative.
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