In this episode, we tackle a topic that many of us prefer to avoid—wills. Certified financial planner Warren Ingram sheds light on why having a will is not just important but essential for everyone, regardless of the size of their estate.
Warren begins by defining what a will is: a strict legal document that dictates what happens to your assets upon your death. But it goes beyond that. For parents, a will also specifies who should take care of their children, and it even covers details like whether you should be buried or cremated. These are not just trivial matters; they are crucial decisions that can significantly impact your loved ones.
One of the most striking points Warren makes is about the strict regulations surrounding wills. Every country has its own set of laws and case law that dictate what constitutes a valid will. So, forget what you’ve seen in movies – real-life wills are governed by stringent rules that must be adhered to.
The consequences of not having a valid will are severe. If you die without one, the responsibility for your assets and your children falls to a government official or some other functionary who may not know you or care about your wishes. This can lead to outcomes that are completely contrary to what you would have wanted, and it can take years to sort out even the most organised estate. The emotional and financial toll on your loved ones can be devastating.
Warren also addresses a common misconception: the idea that if you don’t have much, you don’t need a will. This is grossly irresponsible, he says. Even if you have no assets and only debts, you might have possessions that are invaluable to someone you love. A will ensures that these items go to the right person.
So, what should you do now? If you already have a will, review it. Make sure it’s up-to-date and that your beneficiaries know where to find it. You don’t have to disclose its contents, but its location should be known. If your life circumstances have changed—if you’ve gotten married, had children, or gotten divorced—update your will to reflect these changes.
Having a valid will is not just a legal necessity; it’s a moral responsibility. It’s about ensuring that your wishes are honoured and that your loved ones are taken care of. Don’t put it off any longer. Take the time to create or update your will today.
Listen to the full episode for more insights and practical advice.