What is a paid will?
A paid will is a legal document that specifies how your assets and property will be distributed after your death. It is different from a regular will because you pay someone to write it for you, usually a lawyer or a professional service. A paid will may seem like a convenient and hassle-free way to plan your estate, but it can also have serious consequences for your life and death.
How can a paid will cause your death?
life insurance policies cover deaths from natural causes, accidents, illnesses, and murder, but they can also deny paying out your death benefit in certain circumstances. One of these circumstances is if you lie on your application, such as hiding a pre-existing medical condition or a risky hobby. Another circumstance is if you fail to pay your premiums, which can cause your policy to lapse or expire.
A paid will can cause your death by exposing you to these risks. For example, if you pay someone to write your will, they may not know or care about your medical history or lifestyle. They may fill out your life insurance application with false or incomplete information, or they may not inform you of the payment deadlines and terms. This can result in your life insurance company rejecting your claim or cancelling your policy, leaving your beneficiaries with nothing.
Moreover, a paid will can also make you a target for fraud or murder. if your beneficiary murders you or is closely tied to your murder, they cannot receive the death benefit. However, this does not stop some people from hiring hitmen or conspiring with others to kill you for your money. A paid will can make it easier for them to do so, because they can access your personal and financial information, or they can influence the contents of your will to their advantage.
How can you avoid the dangers of a paid will?
The best way to avoid the dangers of a paid will is to write your own will. You can use online templates or software to guide you, or you can consult a trusted lawyer or advisor. Writing your own will gives you more control and accuracy over your estate planning, and it can also save you money and time.
Another way to avoid the dangers of a paid will is to review your life insurance policy regularly. You should check if your policy is still valid and up to date, and if it covers all the scenarios that you want. You should also notify your insurer of any changes in your health or lifestyle, such as a new diagnosis or a new hobby. This can prevent any disputes or delays in your claim process.
Finally, you should also be careful about who you choose as your beneficiary and executor. You should pick someone who is trustworthy, reliable, and has your best interests at heart. You should also inform them of your wishes and expectations, and keep them updated on your will and policy. This can reduce the chances of any conflicts or misunderstandings among your loved ones.
A paid will can cause your death by jeopardizing your life insurance claim, or by making you a victim of crime. To protect yourself and your family, you should write your own will, review your life insurance policy, and choose your beneficiary and executor wisely. A paid will may seem like a shortcut, but it can also be a dead end.