Finance

What is a Will?

Benjamin Franklin once said: “By failing to prepare, you are preparing to fail”. His guidance and wisdom is applicable to the realm of personal finance – specifically for handling unknown challenges, particularly death.

Wait, did you say death?! – Yikes! Although unsettling, we accept that death is inevitable, and we need to have a plan on how our assets are distributed after we pass.

A will is a legal document that states how your assets, properties, and other valuables are distributed to your children, family members, or charities.


Why do you need a will?

Authority and control!

If you don’t create a will, the state will decide how your assets are distributed. In order to avoid confusion among surviving children and family members – a will provides a specific plan on how assets are to be distributed. In addition, if you have living children that still need care and assistance for education, it’s important that the will has a plan in place to take care of their well-being.

Rather than have tension and fight among family members for your assets or let the state decide where your money goes – write a will and sign it! It’s another step on your path to #BuildYourNest.


References: 

  1. https://www.investopedia.com/articles/pf/08/what-is-a-will.asp

 

 

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