Millions of expats put off writing a will because they don’t have the time, don’t see the point or just plain can’t be bothered.
Unfortunately, some find out the hard way that investing some time in making a will is to the benefit of their families and loved ones.
Many delay considering their will until they reach their 50s, according to research by financial firm SunLife.
But there’s no reason why anyone over 18 should not have a will.
Six reasons to make a will
The financial firm has come up with plenty of reasons why – and here are some of them:
- No one knows when they will die
Accident, illness or old age – it does not matter why, but no one knows when death strikes
- Who do you want to have your money?
Without a will, your spouse, partner or loved ones may not inherit as much as you think. A will makes sure your wealth and possessions go to the people you want to have them
- You last chance to control financial decisions
A will is your last chance to sort out your finances the way you wish
- Assets in more than one country?
If you are an expat and have homes, investments or possessions in more than one country, the likelihood is you will have to write a will in each to make sure your estate is split according to your wishes
- Who takes care of your children?
Without a will, the decision will be made in court, but a will is your chance to appoint a legal guardian
- Settle family arguments
A will with an accompanying letter explaining why you have made specific decisions will stop family disputes and avoid costly court action eating into your estate
Grandparents don’t trust children
The firm’s research also revealed 55% of grandparents will skip a generation and leave their estate to their grandchildren – mainly because they do not trust their children to pass on the cash.
The study also found that grandparents prefer spending the time with grandchildren rather than their children.
“if you want to leave some money to grandchildren, then you need to say so in a will or the law may decide otherwise,” said a spokesman for SunLife.
Many expats are unaware of the importance of a Sharia Law compliant Will is required for expats living in Dubai.