When There’s A Will, There’s A Way
Humans are brilliant at putting things off. We are fantastic at satisfying our needs today, but caring less about things that impact our future. If offered the chance to have £100 today, or £150 in a year – what would you choose? Most people choose today.
This brings us to the fact of how important getting a will is. Most of us are busy day-to-day and don’t think too often about what happens when we die.
According to research, over 60% of the UK doesn’t have a will. That means that when they die the law decides what happens to their estate. This is sad news, and we’ve seen many families fall out over who gets what in a will. The answer to this is getting a will in place as soon as possible!
A recent example of this, is the legendary singer Aretha Franklin. The Queen of Soul had accumulated a fortune over here career, including royalties for songs to real estate holdings. But, she didn’t have a will – so there’s no certainty to where her wealth will go. Because there was no will or estate left for her heirs, then what happens to her wealth is a grey area.
Because she had several debts to creditors, they will be fighting for portions of this wealth. Experts say that her four sons will split her estate – but again, there is no clarity. Because nothing was put in writing.
We encourage everyone at any age to sort their will, but how easy is it?
Here are a few steps to help you understand:
1. Select your beneficiaries
You need to work out who will receive your estate.
2. Choose an executor for your will
This is a person you want to make sure your wishes are carried out.
3. Choose who gets what and when
Choose who will receive your assets and at what age.
Getting your will in place makes it easier for your loved ones after you’ve gone.
If you want to find out more about getting a will, then let us help you. As part of our service we can arrange a home visit – or you can come to our offices in Huddersfield.
When there’s a will, there’s always a way.
IFM is a team of Huddersfield based financial planners and financial advisors. From pensions and retirement planning to mortgages and investments – we can help you bring your finances into focus.