Your will is your most valuable asset
Barry White, Prince and Amy Winehouse. Three of my favourite artists. Barry takes me back to being a youngster and I just love the simplicity and arrangement of his music. Prince just had the lot for me, the moves, the voice, the variation of his work. Amy, well what a voice and what wonderful lyrics. But why am I writing about these guys here?
Well, other than being three fabulous singers, they also have something else in common.
None of them made a will.
Over half of UK adults don’t have a will
And they are not alone. In fact, research shows that over half (54%) of UK adults do not have a will. Perhaps you fall into that group too and there will, I’m sure, be lots of reasons why. Perhaps you feel you’re too young, maybe you don’t think you have enough in the way of assets or savings, maybe you don’t have kids yet or perhaps you just haven’t gotten round to it.
But the reality is that whatever your circumstances, it pays to have a will. If it’s not on your to do list for 2023, my number one recommendation as a financial advisor is to put it at the top. Why?
Never too young, never not wealthy enough
Because you’re never too young to be successful, to come into some money or to just own that one special item that your granny left you. You may not have kids, but how about your siblings and closest friends, would you not want to give them something? And even the smallest amounts of money are worth accounting for, they can make a big difference to someone special or to a cause you believe in.
If you do not make a will, the courts will decide who will get what, when they get it and how much. There will also be hefty legal fees involved to get whatever you do have sorted out – it may take up all the savings you have. And then there’s the emotional impact these decisions can have on your loved ones.
So, why would you give this control to the courts, when one document can help you decide all these, quickly and easily? ‘Do you have a will?’ is the first question we ask all our clients and the one thing that we help every single one of them sort out from the get go. We simply would not be doing our job properly if we didn’t. It really is that important.