It’s not a very savoury topic, but the fact is that we’re all going to make an exit from our mortal frames. It’s important for all concerned that  your matters are in order before you depart. And yes, that means a will. When I read that star singer Prince died without any proper plans for his 395 million dollar estate, I was gobsmacked. And predictably now, there’s a fight amongst his 6 siblings. There’s nothing more unsavoury and sad than a squabble over money.

It’s not such a simple matter though. I know of one family who decided to give all their assets to charity. On the plus side, there was no possibility of dispute because it was clearly written that way in the will. But on the other hand, a portion of it could have stayed in the family to help with education of grandkids through school and university or to help them make a deposit for their first home.

You do not want to leave your progeny that so much money and assets that it takes away any incentive to work. The likelihood is that they will grow up not understanding the value of hardwork that has generated that financial prosperity. And even more likely is that the money and assets maybe frittered away in frivolous pursuits that they haven’t even earned themselves. It also depends on your age and the age of your children. Some couples have wills that allows staggered payments of funds according to the age of the children and grandchildren. That seems to be a sensible way of handling things.

End of life planning requires a thorough understanding of the nature and needs of all parties that maybe involved so that on your departure, there is a smooth transition for all concerned.

Worth pondering!

In Health and Wellness

Ranjit