The Wealthy Barber wants to know: Are you making a Will?

David Chilton:

Recently, we reached out to a number of people online and asked them questions related to wills. I’ll admit this doesn’t sound too exciting but stick with me for a couple of minutes. I’ll be quick but I really want you to hear two of the main messages that jumped out at me from the feedback.

When asked “What led you to create a will?” There were a number of interesting responses. Of course the majority were essentially, “It’s the responsible thing to do.” Agree.

But a few answers are worth looking at more carefully:

A person in the funeral business mentioned just how bad things are when a will is not done. Wise observation from someone in the know.

Another thoughtful reply noted that this is really not just about having your wishes honoured, but also through a will, laying out a disbursement plan that best avoids future family friction. That is so true, and so important.

And then one comment that really hit me:

One respondent shared that they had lost a child in an accident and that, of course, no one plans on that type of thing happening, and therefore, often a will hasn’t been crafted.

This incredibly sad reality leads me to the second question:

“Why haven’t you completed your will yet?”

I don’t need to read you any responses here. No one said, “I don’t believe in wills” or “Wills are overrated.”

Procrastination.

That’s the reason.

Get a will. Keep it up to date. And leave that up-to-date will with an up-to-date net-worth statement. Right together. All the time. With your powers of attorney. There’s a reason that advice is in almost every financial-planning book.

This sounds corny and maybe even odd from a numbers guy but that reason is love. This is for your loved ones.

By the way, I’m updating my will next week. I really am.

I always listen to the Wealthy Barber. I can’t escape him. He’s in my head at all times.