When it comes to last wills and testaments, it can obviously be hard to sort it all out. No one really wants to have to think about it, but unfortunately it is one of the most important things that you have to deal with.

It might not be a nice thought but when it comes to death, no one knows when it might happen, so it is important to have a will and life insurance sorted as soon as you can, especially if you have an immediate family and dependants.

Last wills and why they are important

A will is a legal document but the premise is not complicated. It involves a legal contract stating what you want done with your possessions and wealth after your death. It is simply a way to sort out who you believe should get what after you have died, be it family, friends or charities.

The reason that these are important is primarily because they Last Willsare legally binding. If written correctly, it means you can choose exactly what happens with all that you own, something you obviously cannot do if you leave it too late. If you write a will, then it will immediately solve any fighting or legal problems with regards to who receives your items.

This can be a problem for those who have not sorted a will, as it means that, in some countries at least, legally all your times belong to the government, and not your next of kin or friends – this is known as being in testate. Whilst writing last wills is obviously always difficult for anyone, it can save a lot of hassle in a time of grief and sadness, which is obviously the most important thing to ensure.

Last Wills

Life insurance and its importance

Similar to wills, life insurance is also extremely important. Even if you have sorted the majority of your wealth, and to whom it will go, what you also have to account for is unearned wealth, specifically, what you would have earned had you not died at a certain time.

If you are a breadwinner for your family, then it is absolutely essential that you take out a life insurance policy. This will ensure that your family will continue to gain money after your death, otherwise upon your death they could be left with nothing.

Whilst some employers will have terms stating what their obligations to your family is after your death, taking out a life insurance policy is a personal responsibility and is as equally as  important as having a will, in order to make sure that everything goes as smoothly as it can following any unexpected death.

Why you should sort this now

Death can be extremely unexpected. Even if you are in the height of health, it is never possible to say exactly when someone may pass, meaning that in order to make sure things are smooth upon your death, you must sort out last wills and the like now.

The brilliance of wills is also how open-ended you can make them. If you intend to have children at some point, but not right now, you can still include that in your will.

By simply stating that if you have children and then die, you want a certain amount of money to go to them; you can cover yourself for the rest of your life. You can update your will annually or however often is necessary according to how your personal circumstances change.

So obviously there is never any worry about doing it too soon. Try and prepare for every eventuality, and your will and life insurance can sort everything out.