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One important feature of asset management is making a will so that your family will not lose everything or spend hours in trying to untangle bureaucratic knots.
People often don’t want to think about their death. That is a big mistake, as you will see from some of the following scenarios.
Martha and John are in their sixties and have some savings and a house of their own.
The mortgage on the house was fully paid off. If one of the spouses dies, then the other would inherit the house directly.
But since they had both invested in buying the home, Martha wanted her child from a previous marriage to receive her inheritance.
They decided to write a will in which the property will pass on to their children on their death, instead of reverting to the other spouse.
At the same time, they also made sure that if one spouse marries, half of the property would still belong to the children.
Tracy and Rachel, who were really close to each other, were estranged from their abusive father since the time they were old enough to move out. They had no contact whatsoever with him for years.
Their mother had passed away but Rachel had carved out a good life for herself with a job and a home. She wanted to help her sister, who had not found her feet.
Unfortunately, Rachel died, and most of her assets went to the father with whom she had no contact in years, while Tracy was left bereft. With a will in place, this situation could have been avoided and Tracy could have been cared for properly.
The more people there are with a right to your inheritance, the more likely it is for there to be arguments and fights after your death.
When Hameeda and Paul suddenly died in an accident, they left behind complete chaos because they had neglected to make their will. They were not expecting to die.
The children left behind were just shy of gaining majority, but they were taken into care and had a tough time in obtaining their rightful inheritance once they came of age.
Mark, all alone in the world, with no family ties whatsoever, has been supported throughout his life by a couple of his closest friends. They are like his family, but he is aware that the law doesn’t recognise this relationship.
He tries to help them in his lifetime and makes a will leaving his assets to be divided between his two friends. When the man died, his two friends were easily able to inherit his property.
But if he had neglected to take this precaution, his friends would have received nothing. If Mark had died intestate, his entire property would have been taken over by the government because he had no close family ties for legal inheritance
Reginald and Rosie were married for a few years, and then they separated. As they bantered back and forth, Rosie decided to change her will, making sure that her husband would not inherit anything just in case she dies before the divorce comes through. She wanted her parents to get her money.
A couple of weeks before the divorce came through, Rosie died. All her property, assets, and money were smoothly passed on to her parents.
She was able to prevent her separated husband from inheriting, according to her wishes. Without a will , Reginald would have inherited the bulk of her assets.