One common misconception people have when writing their Wills is that they need to distribute all their assets amongst their family members. The truth is, you can do that simply because it is your estate and you are allowed to do whatever you want to with it, however, you don’t have to. You need to remember that a Will shouldn’t be used only as an instrument for distributing your assets, instead, it should also serve as a tool to empower your beneficiaries regardless of who they are; spouse, children, siblings etc.
If you are still not convinced about using a Will as an empowerment tool, why not think about it this way, the impact of the gifts you distribute amongst your beneficiaries contribute a good portion of what they remember you by. This is why you are always advised to give each beneficiary what will make a meaningful impact on their lives as opposed to just giving them lots of money or random portions of your estate.
This now begs the question, do you want to empower only the lives of your family members when you are no more? I am sure some people reading this don’t actually mind that, however, you need to realise that you can impact the lives of others and empower your family members all together with your Will. So now that you are curious about who else you can impact, here are 3 other groups of people you should consider including in your WIll:
As human beings, we always require companionship, that’s why we always have friends. Not everyone has a lot of friends, but we all can agree we have at least 1 friend. After so many years of memories together, we shouldn’t just pass on without leaving a gift for them. It doesn’t have to be money or something extraordinarily expensive, instead, it should be something that means a lot to you both. You can even go as far as leaving something for your friend’s child(ren) in the event your friend is no more and you want his/her children to be also well cared for, in your absence. Whatever the case may be, ensure you leave something for them so they know you had them in mind even in your last days.
We have seen big companies disappear shortly after the passing away of its owner. This is sometimes a result of the owner leaving his/her stakes in the companies to only his/her children or family members to enable them as successors. This is totally fine, but you should also consider your employees. If your business has employees that are loyal and committed, it will be great if you left some stake in the company, behind for them. This will ensure that those employees remain committed to the company, offer their selflessness and ensure your core values and business goals are still maintained even in your absence. By doing this, your business will most likely be around for much longer.
Everyone has one cause that they are passionate about, it could be helping children born with disabilities, fighting diseases, providing clean water distribution system, empowering young adults etc. Regardless of what you are passionate about, ensure you make provision in your Will to help organisations and individuals who are committed to helping such causes. The impact you will make with this single gesture is immeasurable because you are going to impact the lives of so many people with potentials to make the world a better place and also encourage them to cultivate the act of giving when they grow into the position to give also.
Regardless of the inheritance plan you have for your estate when you are no more, always remember that it can only happen with a proper estate plan in place; and when there is none those wishes will only end up as mere wishes and will most likely not materialise into what you had hoped for. A very popular and easy to make estate planning tool is a Will.
Don’t leave the earth without empowering anyone, If you are yet to write your Will, why not write one today? It only takes less than 15 minutes, visit http://wills.leadwaycapital.com/ to get started. If you need help or consultation, feel free to call us on 01-2801420, 08095683875. or