I tried for so long not to do this
How I finally ticked number 7 on this list...
9pm December 29 2022
Nightfall on the couch and I was thinking about all the things I had not yet completed in 2022 (as one does). I remembered I got an email from Farewill, a company that came to my attention via a Crowdcube investment.
Farewill specialises in Wills. A Will is a document that protects your assets by specifying how you want your assets or estate to be managed when you transition and it is legally binding.
Who wants to think about this?
For the past 4 years, I have always meant to get my Will in writing but it never got done. I attribute this partly to some laziness, busyness, combined with the real unpleasantness of morbidity. Who wants to think about the end?
But, as I have learnt throughout my 9 year money journey, a lot of my decisions come with a mindset shift and so I thought,
If I am serious about growing my money, I need to make a plan for it. I also found out that if you do not make a Will, the government has already created one for you and so it is better I make the choice my way.
You can read the government’s plan here.
Therefore I decided that If I have spent years intentionally building and growing my assets, I want to:
secure my life’s hard-work with a Will
avoid any confusion amongst my loved ones of my intentions
help with making tax more efficient
Research also supported my decision as I was very surprised to find out that “Only 4 in 10 UK adults have a Will despite owning a property”1
15 minutes to reduce 4 years of lag
Back to that 9pm in December and within 15 minutes,
I opened my laptop, navigated to the Farewill website and followed their simple step-by-step instruction
I entered information on my beneficiaries, savings accounts, pension, real estate, crypto, physical goods, stocks and shares and more
Once my entry was complete, Farewill sent my Will to their experts for review
My next step is to get my witnesses to ‘wet sign’ the document and to store it
As you already know, part of Wealthsquats’ mission is to protect money and completing this exercise has become a core pillar in my wealth strategy. As things change in my life, I will continue to update the Will to reflect my new position.
Just make sure you understand your country’s law on Wills and read the terms and conditions for any Will service provider you choose.
What can you do now?
If you have a Will, review it, make sure it is updated, signed and still legally binding. Some things to consider: has your relationship status changed, do you have a new blended family, have you gotten a new asset, do you have dependents, do you want add a new beneficiary, do you want to change your executors.
If you do not have a Will, you can write one for free by yourself and store it somewhere. You need to make sure it can be found by your Executor - the person responsible for making your wishes happen. You can also reach out to licensed/regulated Will service providers, a solicitor or a financial advisor for more guidance.
If you are on the fence, and are thinking:
Only rich people have a Will. This is not correct, anyone with any asset type and size can create a Will so far you meet the legal age to have one.
This is unpleasant, I don't want to think about this right now. This is a reality that matters and does require a mindset shift. I suggest you speak with a financial or legal adviser to learn more about Wills and money protection. Personally, the Covid-19 pandemic and the tracking of my net-worth was a strong motivator for me to get a Will. Today, I feel good knowing that my financial wishes are documented and my loved ones are protected. Even though I am currently healthy and strong, I also want to form positive money habits and that includes having a current legally binding Will.
Only couples should have Will. You can have a Will on your own and/or in a couple. Some people consider doing this when they make a big purchase like buying a house.
Your new money goal is…
Maybe you are way ahead and have already sorted your Will - Number 7 on the money goals list below.
What will be your new 2023 money goal? and it is not too late to pick one.
My top three are # 7, 15 and 23.
What did you think of this email?