One quirk of the laws in my country is that you can’t have arbitrary wills. Your family will inherit your possessions, and the order in which their claims have priority is also established. A will helps that process go more smoothly, that’s all.
The only guaranteed way to make sure your estate goes where you want it, is to enact the transfer when you’re still alive. Which has the added benefit of allowing you to see the impact it makes, so maybe this is a good idea in other places too.
That’s also what general happens in the US if you die without a will. It’s called intestate succession. If your spouse survives you, they will generally get everything held as community property. If you had property prior to the marriage, it might be divided among your children, if any. Of there are no immediate family (spouse and/or children), it can then be divided among any relatives you do happen to have.
If you have any valuable assets that you want to bequeath to someone in particular, then it’s important to have a will. If you want a bigger chunk of money to go to a relative you know is struggling financially or could otherwise use it (kids heading to college, buying a house, whatever), then that’s another reason to have a will. Of instead of a family member, you want the money to go to a charity, then that’s yet another reason.
One quirk of the laws in my country is that you can’t have arbitrary wills. Your family will inherit your possessions, and the order in which their claims have priority is also established. A will helps that process go more smoothly, that’s all.
The only guaranteed way to make sure your estate goes where you want it, is to enact the transfer when you’re still alive. Which has the added benefit of allowing you to see the impact it makes, so maybe this is a good idea in other places too.
That’s also what general happens in the US if you die without a will. It’s called intestate succession. If your spouse survives you, they will generally get everything held as community property. If you had property prior to the marriage, it might be divided among your children, if any. Of there are no immediate family (spouse and/or children), it can then be divided among any relatives you do happen to have.
If you have any valuable assets that you want to bequeath to someone in particular, then it’s important to have a will. If you want a bigger chunk of money to go to a relative you know is struggling financially or could otherwise use it (kids heading to college, buying a house, whatever), then that’s another reason to have a will. Of instead of a family member, you want the money to go to a charity, then that’s yet another reason.