The passing of a loved one is a hard enough ordeal for a family, whether from an emotional or financial perspective. Death can take a toll on people’s emotions, with grief, sorrow and worry haunting the bereaved family for months or even years to come. However, all the sadness that comes with the loss of a loved one becomes magnified and accentuated with tension and discord when matters of financial concern are added to this already grim scenario.
Globaleye Dubai financial advisors highly recommend writing a Will, whether you’re simply a family man whose only assets are a house and its possessions, or a corporate millionaire with sprawling estates and successful business establishments around the globe. Writing a Will is beneficial not only to you (even after death), but to your descendants and loved ones as well.
There are various reasons why you should consider writing a Will, but foremost is the convenient process with which your estate will be divided among your beneficiaries. Having a Will gives you the freedom to select your beneficiaries; so you can specify who gets what. What’s more, your choice of beneficiaries need not be limited to family members only; you can choose to leave something for close friends and other people with whom you have had meaningful encounters in your life, whether it’s your neighbour who looked after your kids every time you had to go out on an errand, or the newspaper boy who never fails bring you the paper every morning. Moreover, while having a Will gives you the freedom to include as many people as you would like to distribute your assets to, it also gives you the power to exclude others from the process.
Aside from being able to choose who will inherit your possessions, a Will can give detailed instructions for distribution of your properties. Global eye Dubai’s experts advise you to make a Will, because you can easily choose how much of your estate goes to whom, and you can give specific amounts to your beneficiaries, no matter how little or large a percentage of your possessions it might be.
Furthermore, a Will not only stipulates who your beneficiaries will be and what part of your estate they will receive; you can also specify how they will be able to gain access to your possessions by placing conditions for a beneficiary to qualify for his inheritance. You can also specify how your property may or may not be used.
Lastly, having a written Will lets you protect the interests of your beneficiaries. You can be sure that children who are included in your Will, as well as other incapacitated individuals who are unable to act for themselves, will receive what you have set aside for them through the intervention of a trusted executor. Your wishes will be fulfilled since a Will is a legal document that should be upheld by all.
Globaleye Dubai finance experts share your sentiments about death. But no matter how sad or scary the experience is for many, it should not be a time of financial turmoil for your family. You can certainly rest in peace knowing that your family is taken care of if you prepare a Will.