Pluses and minuses of having a last will are numerous, and all should be considered before completing and signing the document.
Pros
First, completing the last will gives you the peace of mind because even in case of an emergency or accident, you know that your last will is documented and (optional) legally notarized. Thus, even people who are not your blood relatives will get a portion of your funds you wanted to donate or present as a gift for research or social needs.
Second, the last will saves your relatives the trouble of sharing your estate as soon as you are dead. Unresolved conflicts or rivalry can erode family relationships, turning your tight family union into ruins because of greed. To avoid confusion, you may share the estate as you wish, closing this question for your family members.
Third, it is always comforting to know that your underage children and business will get into the right hands in case of a disaster. Unexpected responsibilities that may lie on the shoulders of unsuspecting (and unwilling) relatives may ruin the lives of people close to you. Thus, it is always wise to plan in advance and choose trustees and guardians among the people you’re confident in.
Cons
The major minus of having a last will is that people change as their lives go on, so that they may change their minds about their belongings too often. Every time a new last will may take time and effort for its completion, witnessing, and notarization, which is a hassle.
Second, the last will should be renewed every time your estate changes. For instance, if you buy a new apartment or sell a yacht, these changes should be reflected in the document.
Third, since the last will is usually made public, the subjective way of distributing the assets may cause you unnecessary trouble with family members or relatives. Some of them may think that they were mistreated, thus spoiling their relationships with the testator.
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