Around 40% of us know what will happen to our property, possessions, and finances (our estate) when we die and who will be responsible for sorting everything out for us.
We might even know where our funeral will take place, the music that will be played and the hymns or songs that will be sung. This isn’t because we have some magical ability to look into the future. It’s because we have written a Will – or Last Will and Testament, to be precise – explaining exactly what should happen when we eventually shuffle off our mortal coil.
So won’t don’t most of us have Wills? Perhaps it’s because we aren’t very good at talking about death, with an unwritten rule: “if I don’t acknowledge my mortality, then I might just avoid dying”. It may also be because we don’t think we have that much to leave behind, or as we are young, fit, and healthy, there is no need.
However, having a Will isn’t just for the wealthy or those who think the end might be looming. There are a whole range of reasons why you should have a Will. You could be a homeowner (even with a mortgage), have children, live with someone you aren’t married to or in a civil partnership with, or have savings and possessions you’d like to pass on to someone specific one day.
The trouble with not having a Will, is the estate you leave behind will be distributed by the State according to a strict set of inheritance laws, which might not be in line with the verbal promises you made or wishes you have.
By writing a Will, you aren’t just sorting your legacy; You are helping to remove ambiguity, stress, and uncertainty for the loved ones you leave behind. This not only gives you peace of mind that those who matter to you will be looked after when you’re gone, but it also makes things a little less complicated for those who will be grieving.
Writing a Will needn’t be complicated or expensive. You can write a Will yourself, although most people use an experienced solicitor or Will writer to ensure their Will is error-free. And the good news is that October is “Free Wills Month”. This is where solicitors and Will writers across the country come together to offer a free Will writing service. For the over 55s. It’s an opportunity for people to get a straightforward Will written – for free!
At Better with Money, we think everyone should have a Will. That is why we have developed a webinar called ‘Understanding Wills and Trusts’. In this easy-to-understand, interesting and accessible webinar, aimed at employees of all ages, Better with Money explains in more detail why Wills are important, provides tips and guidance on how to make a Will, and looks at how you can reduce the inheritance tax burden on those you leave behind.
Better With Money’s financial education webinars and courses provide employees with the tools and knowledge they need to become more money minded. Much of the financial education in the workplace we provide focuses on money matters surrounding exciting or important life events such as buying a first home, becoming debt-free, children starting university, and planning retirement. However, some things, such as helping people understand the importance of a Will, means we can help people become Better With Money, even when their days are done.
If you want to learn more about the courses Better with Money provides, please get in touch.