Three deaths in the family in the space of one year made me think about a Will and the reasons why you must invest time to make one.
A Will is nothing but a document with a list of all your asset details and who you wish to bequeath them to. Most say a Will is an important thing that needs to be done. But for a number of reasons, few get around to doing it.
Make no mistake, Wills are not just for the rich and wealthy. Regardless of how much or how little money you have, a Will ensures that whatever personal belongings and assets you do have will go to family or the beneficiaries you designate.
Why a Will should be a priority
Most human beings like the feeling of being in control. Creating a Will is an act of exercising control. A Will comes into effect only after you have passed. What’s more, all the conditions of succession can be clearly specified in a Will. There is no need to fear about what will happen once you create a Will. A properly drafted will ensures you are in charge of its consequences. As a matter of fact, this is what we put in place for one of our clients, when we included their spouse’s right to live in the family home until death. In other words, no control was relinquished.
The will to live includes the need for a Will
We work very hard to create wealth for ourselves and our families. We acquire properties. We make investments. We accumulate real estate. We do a whole lot to future-proof life for our loved ones. After doing all this for years, one fine day, we leave this planet without making a Will. This only adds to the tragedy the survivors have to endure.Near and dear ones deserve better.
A Will is not about death; it enables a better, more harmonious life. A Will is about having a vision for the people that make up our life. It shows you care about the ones that care for you. It is a vital instrument of smart succession planning.
Top Reasons Why You Need a Will
Clarity – A Will lends clarity to life, wealth, beneficiaries, and the status of key stakeholders. It encourages you to start thinking about the long term in specific terms.
Security – Family members will feel secure when you have a Will. A Will is a genuine way to show them how much you care about their future.
Harmony – It helps when family members are clear on their share of joint wealth. When there is a Will, feuds are avoided. Look what happened when Dhirubai Ambani passed away intestate.
Clear Succession – A Will puts in place a succession plan. A succession plan allows for better execution. It benefits all deserving parties, as opposed to no plan at all.
Thinking long term is an essential to build a successful life for yourself and near and dear ones. Drawing a Will is a vital part of this process. A Will may be a sensitive matter to think and talk about, but it needs to be done. A Will demonstrates you have vision. It gives clear direction. It makes things easy for the survivors. It shows that you care to think about the life of your loved ones in the years to come.
The Bottom Line
Rest assured, a Will is not cast in stone. As life circumstances change, so can the Will, to reflect your state of mind and desire. Please draw up a Will. Oh, and please ensure the beneficiaries know where you Will is. The best of Wills won’t be any good if nobody knows how to find it.