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What happens to your assets and wishes in the event of your death?

Have you ever thought about your legacy and what you leave behind? Your legacy can include anything from your digital presence on social media, to your house, valuable items or children and dependents. 

What happens when you pass away will depend on whether you’ve left instructions for those left behind, and stored them in a secure place that’s easy to find. This can be in the form of a will, signed by a witness and dated. By storing your will digitally you’re making it easy for your chosen executor to find and distribute your wishes. 

Writing your own will empowers you to have some element of control over what happens after your death. In a will, you can cover items such as: 

  • Who will look after your dependents, pets or children? 
  • Who will inherit your assets?
  • Whether you want any gifts to be distributed to charities or nonprofits;
  • Determine any other items of personal wishes such as timed messages to be sent out on birthdays or other special occasions even after you pass;
  • You can even leave behind passwords to digital accounts and instructions on what should happen to your social media accounts. 

What happens if you die without a will?

If you die before having a will and testament, it’s known as dying ‘intestate’. This means that your estate and assets will be distributed according to the law of the land. This could mean that all you own is automatically distributed between your surviving spouse, children or other close relatives, depending on your situation. If you have any children or dependents the court will appoint a suitable guardian. This may not always be who you would choose, which is why it’s important to spend some time allocating a guardian to your living will. Assets such as life insurance, pensions or joint bank accounts will have named beneficiaries allocated against them and pass directly to them. 

A will not only allows you to specify who your beneficiaries are and how your assets are distributed, but it also allows you to allocate an executor who will carry out your wishes. By storing all of your important wishes and documents related to your will in the same place, you can make it easier for your executor to act on your wishes. Waseeya allows you to upload and store important documents, as well as any wishes to your loved ones using the app on your phone or website. Your wishes  don’t have to only focus on assets and estate distribution. You may have personal wishes that you want someone to carry out, such as caring for a pet, creating your ideal funeral or carrying out birthday wishes for a loved one at a future date. 

Ultimately, a will is a way to ensure the legacy you leave behind is the one that you’ve helped shape. Although state law will handle your estate if you pass without a will, it’s not always going to be done in a way that benefits your beneficiaries how you would have chosen  Use the Waseeya app today to start shaping your legacy, yourself

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