Legacy planning, estate planning, will writing. Dusty, old words that many of us haven’t thought about yet. They’re not exactly the spiciest of topics, and who wants to think about death when there is so much to do in life? Despite all of this, we’re here to tell you why it is important that you dust off these fuddy-duddy words and maybe for the first time, take your legacy planning seriously.
First of all, if this last year has taught us anything, it is that life is unpredictable. Because of this, we should really think about planning for the future. By writing a will, you ensure that your wishes are taken into account if the unthinkable were to happen. Your situation shouldn’t matter. Whether you are married, have children or are a lone wolf, you have the right to say how your estate will be divided. Is there a charity you’d like to leave money to? How about your niece or nephew? A family heirloom you’d promised your daughter? To make sure your wishes are taken into account, you need to write a will.
With this in mind, we need to note that the laws surrounding wills are pretty outdated. Without a will, unless you are married, your estate does not automatically go to your partner. This is regardless of whether you have been living with them for decades, and even if you have children. If you don’t have a will, your next of kin will be the sole receiver of the whole of your estate, and they will have the power to choose what to do with it. This includes all property, money and personal items. While many of us may hope that our next of kin would do the best by us, to safeguard this, writing a will is vital.
Another reason to get a move on with writing your will is that your wishes can change throughout your life and so you must keep it updated. Age UK recommends that a will is updated every five years, but it is possibly more appropriate to amend whenever you have a big life event. Some examples could be getting married, having a baby, or if you come into a big sum of money. The reality is, as soon as you have any assets, it is crucial to write a will.
There is a possibility that you’re reading this blog wondering where on Earth you’d begin. Yes, it’s true, a will requires specific aspects. A witness, certain language and choosing an executor to name a few. On the face of it, this might seem intimidating. But the good news is, you don’t have to do it alone! All our WorkLife members have access to MyLife Estate Planning, part of the OpenMoney group. MyLife Estate Planning is a comprehensive legacy planning service, designed to make the process as smooth as possible for you.
There is help out there, so protect your wishes by visiting your WorkLife platform and checking out MyLife Estate Planning by OpenMoney. We hope that you now understand the importance of creating a will, and you feel better about starting one. Thinking about a will doesn’t necessarily mean thinking about negative things such as death, instead think about it positively in terms of protecting those you love and ensuring your wishes are carried out.