It’s time to touch on a rather unpleasant topic. No matter how much wealth you accumulate throughout your life, what good is it going to do after you pass away? Do you plan to split your funds between family members? Are you planning to invest in property to pass on to them? Have you even written a will? There are many considerations that one needs to think about carefully. Sadly, there is no easy way to get around it especially when you’re over 60 and approaching the final stretch of your life on earth.
Though unpleasant, it’s a topic that has to be discussed. Where do you plan to put your funds, and how do you plan to go about achieving those goals? Here are a couple of tips to help you secure yourself financially in the future, and to ensure your wealth does not go to waste.
Writing a will
You could also ask a will writing service to do the job for you, but there are some things to think about before you shell out the cash. First, a will writing service is typically cheaper than hiring a solicitor to ensure that your will is legally binding. Online will-writing services also allow you to write at your own pace, meaning, if you have many considerations or many assets to distribute, there is no sense of urgency that could lead you to make a rash decision. If you prefer speaking to someone, then face-to-face writers will be more than willing to meet you in person and discuss your plans directly to you. However, if something does go wrong, then there might not be a lot you can do because there aren’t as many regulations as a solicitor, and there are cases where writers aren’t fully qualified to write your will for you legally.
Investing your money
If you’re serious about your wealth, then you’ve probably set up a service that helps you manage and store your money that isn’t a bank or a savings account, such as a self-managed super fund. Most of the time, your wealth can be controlled by qualified financial managers, and they’ll be able to use it for the purpose of borrowing and buying property with your SMSF. It offers flexibility, accelerated wealth accumulation due to your money being put to good use, and it requires very little intervention by you. In addition to property, it’s also possible to invest in stocks, shares, foreign currency or any other type of regular investment that you would consider.
Identifying your financial goals early on
Perhaps you’re still young and maybe you’ve yet to accumulate enough wealth to write a will or use a service to manage your wealth. However, that doesn’t mean you should be any less cautious about your money. For starters, ensure that you’re saving money for a reason and that it’s not going to waste. Money can lose value due to inflation so if you are not making use of the funds you have now, then you are going to end up wasting opportunities for the future. It is better you invest your money and identify financial goals to spend your wealth on now than regret not making a decision in the future. Your financial aims could be as simple as investing in a home, or it could be more complicated such as setting up a complex business structure.