Advantages of making a will are quite numerous. However, we will be looking at some of the benefits and advantages of making a will in detail. A will is a testamentary document made by a testator to guide, direct and control his affairs/properties upon his death.
Now let’s look at 10 benefits/advantages of making a will:
Allows the Testator to direct: The testator gives directives as to the disposition of his property when he dies. This can easily put him at ease as to how his business and properties will be managed upon his death. This is one of the greatest advantages of making a will.
For Protection of Children/loved ones: A will helps to protect one’s children and loved ones from the exploitation of prying eyes. It serves as a guide on how your children and loved ones can avoid several challenges on the administration of your property.
Burial Directives: Here, a will gives additional directives as to how a testator’s burial shall be performed. The Testator will be able to determine state how his funeral should be performed.
Removes every customary/family laws or rules: The making of a Will removes the application of customary law rules of succession/ intestacy upon the disposition of a testator’s estate. Here, the family traditions or customs as to how properties are shared in that particular family can be waived aside due to the directions provided in the will by the testator.
Helps to Remove Rancour amongst family members: This is also one of the major advantages of making a will. In a large family upon the death of a person, family members are always quick to want to acquire the properties of their loved ones for either emotional/selfish reasons. This will help eliminate rancour amongst family members as to which property they can take or manage. A will helps to prevent conflict on the estate of the deceased.
Helps avoid statutory devolution: A will displaces the application of the rules of statutory devolution. That is, it eliminates the devolution by statutes or laws which is applicable in a jurisdiction from determining how one’s property is to be shared.
Continuity: The continuity of administration of the testator’s estate is guaranteed.
The quick takeover of the estate by the beneficiary: The estate of the deceased is quickly managed as the will determines who gets what and who manages what.
Appointment of Guardian(s): A will helps in appointing a guardian for a testator’s infant/children. This way the testator can appoint trusted hands to watch and guide his infant/children or pet upon his demise.
Donations: Will is used in making trust in form of donations to Institutions/charity homes. Another very important use of wills is to make donations to charity homes or institutions one might want to help succeed even after their demise.