It is undeniable that writing a Will has numerous misconceptions and myths, such as being too young to write one; that it is for the rich; or that writing a Will indicates that death is near. However, financial experts agree that a Will is essential for generational wealth and assets transfer.
We believe that making important decisions such as writing a will should be among the top list of your resolutions as you steer the year towards a rewarding and fulfilling path. To help you make a quicker decision, below are some insights:
Decide who gets your assets and property and who does not
Every individual knows those who matter the most to them and is willing to give them access or take ownership of their assets and properties if push comes to shove. This is because not everyone plays a key role in your life, and not everyone has earned your trust over the years. So why should every Tom, Dick and Akpan, rather than your loved ones, have access or possession of assets in your eternal absence?
With a Will, you decide who gets what, and who does not, in clear, legal, and undisputable terms. If you are a parent, you can use your Will to nominate a guardian for your minor children who will take responsibility for all your children’s needs, including food, education, housing, and clothing. This way, you are assured that the best decision on who cares for your loved ones and have access to your assets and properties and using it for the wellbeing of the people that matters the most to you is sacrosanct.
Leave a legacy and support your favourite causes
Most people want to leave a positive impact on their immediate environment, their loved ones, community, and the world after they pass on. What better way to do this than to support charities or causes you love the most? In your Will, you can preserve your legacy by leaving a part of your assets or finances to a charitable organisation.
Provide funeral instructions
We know it is difficult to have conversations on your funeral plans while alive, what you would like or not like on that day, but darling, you can give instructions on what you would prefer, and lessen the burden on your loved ones. While these instructions are not legally binding, they can provide your loved ones with a sense of direction and guidance as they plan that special and memorable celebration.
The Late Archbishop Desmond Tutu, the South African freedom-fighter, and Nobel Award laureate, perfectly demonstrated this when he left instructions that his coffin be made from the humblest of materials around to avoid the unnecessary display of opulence during his funeral. Hence, he was buried in a casket made from simple pinewood and straws for handles.
In your Will, you can also name a funeral executor (someone who knows you specifically) to help manage the process, such as the kind of service you prefer, location of your final resting place etc.
Reduce the potential for family disputes
We all know the family dramas and shenanigans that characterise funeral plans and property resolutions at this end of the seas. Everyone will love to have a say on what should be done or not – some with good intentions – but all resulting aggravations and conflicts.
Having a Will helps reduce this kind of drama to the barest minimum as you would have clearly stated what you want to be done ahead of your funeral. When one dies without a Will, the family members will have to guess what your wishes and desires are, and chances are they won’t agree – causing friction and confrontations.
Without any doubt, having a Will assures peace of mind even when you are no longer in the picture; comfort for your family that life should not end because you are no longer there, assurance that the people and causes you care about are in sound and sustainable support systems.
Understanding that leaving a legacy for your loved ones is not an endeavour you leave to wishful thinking, but something you dare to plan for deliberately, Leadway Capital and Trust comes in as that partner to provide professional support and services as you make these decisions.