Top 5 Reasons to Have a Will

Top 5 Reasons to Have a Will

Yes, we know – sometimes it seems a bit morbid to start talking about wills, especially if you’re no way near slowing down in life. But we are also aware that life is unpredictable and scary. It pays to discuss potential planning for your will, no matter what your age is, and it might give you confidence in knowing that your finances will be taken care of if the worst happens. We’ve given five quick reasons that a will should be something that you think about.

1. The decision is in your hands
You will oversee how your wealth is distributed and determine how your money is handled after your death. Without a will, it can add confusion and concern to family members anguish when they must discuss the difficult topic of money. Determining the who, what and when of your finances will help the grieving process for your loved ones by taking a weight off their minds.

2. Gifts and donations
In a similar sense to the last point, you can choose to donate money to people or charities as part of your last wishes, meaning you can help people who need it most. Not everyone will want to give to charity, but it can be a good way to help distribute excess cash if you are fortunate enough to have it and want to share.

3. Naming your children’s guardian
This is vital if you have young children who will be left without you if you pass away. Whilst it is unlikely, fortunately, that many will have to go through this, it is so important that this is decided. God parents may be seen by some as a viable route, but this is not a legally binding contract, where as a will is.

4. Plan for your children’s financial future
You will be also be helping your children out financially if you choose to arrange that they receive your estate. Once again, hopefully this is not something which will happen anytime soon, but you could change your children’s lives by ensuring that they gain ownership of your finances when you die. Most parents would feel a real comfort knowing they could help their children out if the worst happens.

5. You’re not always in charge of your own destiny
Unfortunately, as we stated at the beginning of this post, you may not know what will happen tomorrow. Life isn’t always as predictable as we might like it to be, so we would recommend early planning to give you time to prioritise who and what you want to help when you pass away. Added stress to your family members is something which we are sure everyone would like to avoid, and controlling your finances before your death is the best way to do it.

If you’d like help with doing this, or you’d like to find out how McVeigh Financial Services can help you, get in touch here…