This week is Financial Planning Week which is run by the Institute of Financial Planners as a consumer awareness campaign to help you take simple steps to improve your financial “fitness”.
Its aim is to raise awareness of how important financial planning is. Making smart financial decisions to help achieve your goals and dreams in life is the first step towards taking control and gaining valuable peace of mind.
One such important financial decision is making a will.
If you do not have a will consider;
- Who is going to inherit when you die? Your partner or husband/wife does not automatically get everything.
- What age do you want your children to inherit? Without a will they will get everything at the age of just 18!
- Who is going to look after your children? Without a will it might be the courts who decide?
For more information on making a will read our helpful guide ‘Why make a will’
If you have already taken the step to make a will consider;
- When did you last review your will? It is recommended that you check it every 3-5 years to ensure it remains relevant.
- Have your circumstances changed since making your last will? Having already made a will changing it to be appropriate for your current circumstances will be a much easier decision.
- Do you have a professional executor, e.g. solicitor or bank, appointed in your will? If so, do you have confirmation in writing that they will stand down if requested by all beneficiaries. If not, did you know that you risk tying your beneficiaries to them and paying their professional fees.
Making a will gives you the peace of mind that everything is in order should the worse happen.