There are probably many more things you can rely on, but it’s certainly true that one day, every one of us will pass away. The need to file and pay taxes isn’t likely to go away, either. And while these things might not seem like they relate to improving your quality of life financially, both are very closely related. Therefore, it’s important that we talk about death. Or more accurately, wills.
Dealing with death is important no matter what your age. If you’re younger in life and don’t have that much on the owning (asset) or owing (liabilities) spread, then you’re more likely to be thinking about inheritance or managing an estate if someone dies. If you have older parents, siblings etc., it is worth making sure you know your family members have a will, that you know where it is, and who the family lawyer is.
If you own or owe anything, you need a will and some type insurance. If you have kids, then you definitely need a will. And though many of us know this most of us don’t get around to doing it.
Honesty moment: I have a one-year-old son and neither my partner nor I have a will… I know, I’m terrible. And really, if I don’t have a will, as someone who works at a financial institution and who has many reasons to have one, can we really expect that members will have them, either?
There is a reason why getting a will is part of the MoneyFit assessment—it’s an incredibly important piece of being in control of your finances. It’s about having secure finances for yourself and your family and making sure you’re prepared, come what may, and giving you peace of mind that if something awful happens, your family is safe.
So here’s my challenge to all of you—let’s talk about wills. To our co-workers, family members, and our fellow credit union members. Here are some links to resources to help you get started: