The importance of making a will

21 March 2013

THERE are plenty of reasons why you should join the 54% of people in America, Canada and Europe in making a will. If you are, however, one of the 46% that fail to make a will, your assets will be distributed according to the laws of intestacy, over which you will have exerted no control about your desires, which could have devastating consequences for your family and loved ones.

Often we put off that which should be a priority and when we do make a will there are a few important matters that we overlook.

The Infograph below by cashy helps ‘nudge’ you to take care of some of the most important points we may forget about, but which could cause significant problems for those you leave behind.

 

 

We don’t expect to die, indeed we never know when it will happen, but time is all we have and one day we may find we have less than we hoped for. It is possibly even more important to draw up a will when we have a young family to ensure our children are taken care of with the guardians we trust and love.

We should also discuss our will with a friend or advisor that we respect will carry out our wishes as an executor and ensure the safe handling of our estate in line with our wishes.

Another important factor is to include details relating to username and passwords of key accounts which could be critical to our heirs, it may be our bank or insurance accounts, or indeed our social media accounts which may contain family photographs stored digitally. How many times have you lost a password and struggled to remember it? Digital and privacy laws stand in various countries that may make your accounts unavailable to loved ones in the event of your passing, so this aspect must be thought through with your lawyer or adviser when you make a will.

One final consideration - it’s wise to ensure that your family and loved ones are the beneficiaries of your will when you pass away, but it is also worth considering an endowment or gift to your favourite charity or something close to your heart.

 

WHAT other possible contingencies would you or have you included in your will? Do you have any questions about the preparation of your will? Ask cashy below!

Comments

  • Colin
    Colin
    2013-06-10T22:47:53

    The Wall Street Journal has some good advice for relatives and loved ones when a family member suddenly dies with nothing in order.

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Author
Head of Behavioral Finance
cashy
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