Writing a will is just as important as savings for your future retirement yet a lot of us never get around to doing it, why is that? It’s always hard to contemplate your own demise, but ultimately it will be those who remain that benefit from your foresight in terms of having all your wishes acted on and potentially saving your loved ones taxes on their share of the estate depending on how the disbursements are structured. If someone dies without a will, there is no guarantee that their intended desires will be carried out. Having a will helps minimize any family fights about your estate that may arise.
A will allows you to make an informed decision about who should take care of your minor children. You can appoint the person you want to raise your children or, better, make sure it is not someone you do not want to raise your children. Without a will, the court will take it upon itself to choose among family members or a state-appointed guardian.
On the contrary, a will, however, speeds up the probate process and informs the court how you’d like your estate divided. Probate courts serve the purpose of administering your estate and when you die without a will (known as dying intestate), the court will decide how to divide your estate without your input, which can also cause long, unnecessary delays. You may also wish to disinherit individuals, without a will your estate may end up on the wrong hands or in the hands of someone you did not intend.
A good reason for having a will is that you can change it at any time while you’re still alive. Life changes, births, deaths, and divorce, can create situations where changing your will are necessary. Foreign investors in Denmark or foreign employees who also own property in other countries will need to address the inheritance laws in that respective country.