1. Control Your Assets Distribution
A Will allows you to determine how your assets will be distributed upon your demise. Without a Will, your assets will be distributed according to Distribution Act 1958. This could result in your assets being distributed to people you wouldn’t have chosen.
2. Choose Executor(s)
In your Will, you can appoint Executor(s) who will be responsible for managing your estate upon your demise efficiently. It is advisable to appoint more than 1 executor in case the appointed executor unable or unwilling to take up the responsibility.
3. Avoid Family Disputes
A well-drafted Will may ensure that your loved ones are not left with a difficult and contentious legal battle in addition to the loss of a family member.
4. Protect Your Minor Children
You may nominate a guardian who will take care of them if both parents pass away. Without a Will, the court will determine who will be the legal guardian of your children, and this may not be the person you would have chosen.
Overall, having a Will provides peace of mind and ensures that your final wishes are carried out as intended. It is an important part of estate planning and can help to protect your loved ones and your assets.