Planning for your future is not only about making sure your personal property is covered, or finding ways to grow your money and build your wealth. It is also about planning for the future, unforeseen circumstances and doing the best we can for our families. One way to ensure this is to have a will prepared.
A will makes sure that your possessions go exactly where and to whom you want. Best of all, a will is confidential. Nobody but you, your lawyer or the bank that helped you draw it up, needs to know what it contains.
The main advantages of having a will are:
• Selecting a guardian for your children if you and your spouse pass before they are 18 years old.
• Specific financial distribution – making sure that money is assigned to the relevant people in your life.
• Nobody being able to claim any of your assets that you leave behind, if the will is written up for you by your lawyer or bank consultant.
• Removing all doubt about who should get some of your prized possessions.
• You can update your will whenever you wish. This should be reviewed at least once a year and can include new items if you want to.
How to draw up a will
This should be as simple as possible and be based on what you want. You should therefore be honest and tell your lawyer or advisor everything they need to know. Their conversation with you when writing the will is confidential. Only the two of you need to know what information it contains.
It should be binding and legal
Your will must be witnessed and signed by at least two other people. You will also need to sign the document and initial every page. These details are important as they make it a legal document.
Nobody likes to think about what might happen in the future, especially when it comes to events like a death. However, it is an important step in any financial plan and will ensure that you, your family and your finances are protected.
