Wednesday, August 24, 2016
Be Smart About Your Finances: Reasons It’s Crucial To Make A Will
We’d all like to think that we’ll live a long, happy and healthy life, and will see in our 100th birthday with ease. However, the fact is, that’s rarely the case. Life has a funny old habit of springing the unexpected on us. The fact is, if you pass away without having a will in place, you have no control over what will happen to your estate or savings. Not to mention your children, if they’re still under 18 years old.
The fact that making a will can be expensive can often prevent us from wanting to make one. However, it’s something that, if you want to save heartache and stress when you pass on, is crucial to have in place. If you’re someone who likes to be savvy when it comes to their finances, not having a will in place is the ultimate mistake to make. Think about it, did you really start a savings account for that money to not go to who you want it to? Do you want the home that you worked hard for, not to go to who you want it to? No - then you need a will. It’s as simple as that.
Still not convinced that investing in a will is worth the time and money? Then have a read of this.
So you can choose who inherits your savings and estate
One of the main reasons for taking out a will is so that you can decide who inherits your estate and savings. If you don’t have a will in place, you will have no say in who gets your belongings, money, and estate. However, if you make a will, you can share your wishes for who gets what when you pass away. It’s important to understand that a will is a legal document and so, to be legally binding, it has to be done properly. This means consulting a specialist law company, such as Ronald Fletcher and Co., or another local will expert. If you’re unsure about the process of making a will, book a consultation so that you can get a better idea of what’s involved.
To ensure that your funeral costs are covered
Having a will in place will ensure that your funeral will be just as you hoped it would. As part of your will, you can leave directions for your funeral arrangements. As well as letting your relatives know that you’ve got life insurance or that you’ve put some money aside to cover the costs of your funeral. This is important, as often, relatives can be left unsure of how to deal with your funeral arrangements. This can put stress on them - both emotional and financial stress. So it’s important to have a will in place, to prevent these issues from arising.
Giving your children the future that they deserve
Whether your children are still under 18 or are in their 40’s, you need to ensure that once you’re gone, they’re looked after. If you’ve got money put by for your children, whether it’s for their wedding or just for a rainy day, a will can ensure that they get it. If your children are under 18, your will can state who you want to look after them and be their legal guardians. It can also state that their inheritance should be kept in a trust fund until they become an adult. If you want your kids to be taken care of, it’s essential that you have a will in place.
So there you have it, why it’s crucial to make a will.