As a parent, you want what’s best for your kids, but how can you take care of them when you’re gone, and should you prioritise this rather than making memories now? Find out, here…
There’s a fine balance between spending your money now to make as many memories as possible and saving up to leave money in your Will. The question is, which option should you prioritise?
Whether you’re looking to avoid contested probate after you’re gone, or simply want to live life to the full now, some may choose to use all their money now. For others, saving it up to improve your children’s futures when you’re gone might be a better option.
Whatever you decide, this article will break down the pros of each option to help you make a more informed decision about what to do with your money. Take a look…
The Pros of Leaving Your Children Money in Your Will
The most traditional way of doing things is to leave a hefty inheritance behind for your loved ones to enjoy when you’re gone from this world. But why is this such a popular choice? Here are a few reasons:
Giving Them Somewhere to Live
Many young people these days find that they are unable to purchase a house long into their 20s or even their 30s, if at all. By leaving a large chunk of money, as well as your own home, behind when you die, this will provide them with a handy steppingstone to get on the property ladder themselves.
For those who already have a mortgage, this will just be a great bit of capital to have behind them for savings, or even upscaling their property.
Helps Them Provide for Their Kids
For many people, especially those who have children, the day-to-day expenses can rack up. This added injection of income could really take the pressure off. It might even help fund some more expensive luxuries, like extra-curricular activities or tutoring to help them thrive.
Provides Them with the Means to Travel the World
Many people have the urge to travel the world, but the everyday aspects of life – mainly money – can put a stopper on this. That said, this cash injection could be an opportunity for your loved ones to drop everything and take that sabbatical they’ve always dreamed of!
Can Accumulate Their Savings
Ultimately, bequeathing your live savings to your family members will give them that little bit of extra cash in their bank for their own live goals. Whether they want to buy a house, start a business, go travelling, or buy a brand-new wardrobe, the world will be their oyster.
The Pros of Making Memories with Your Children Now
Now that we know why leaving your money to your children in your Will is important, there might be another way to leave a lasting impression. Instead, you could consider using this money whilst you’re still alive to treat yourself and your family to create lasting memories. But why?
Avoids Will Disputes
One of the major problems with leaving money behind in your Will is that it can leave things open to dispute. Ultimately, if it’s not written to withstand the critics, it might end up tearing your family apart.
One way to avoid this is to spend most of your money before you go. Although it might not be everyone’s cup of tea, and it might seem selfish, it could save a lot of grief over your death bed.
Can Travel with Your Children and Grandchildren
There are many people who believe that spending money on experiences rather than intangible objects is a much better way to make the most of life. Even better is sharing these experiences with those around you.
So, instead of enjoying a holiday on your own or with your partner each year, why not consider inviting the whole family along, and paying their way for them? This is an amazing way to make use of your money to create memories together.
Not only are you enjoying your life now before your last days, you’re also treating your favourite people to a special time too.
Can Enjoy Yourself Before You Die
Living life to the full isn’t about being as frugal as possible until you finally disappear from this world. Really, you should be enjoying every moment and, sometimes, money is the best way to do this.
But, there’s nothing quite like enjoying these experiences with the people you love. So, what better way to make use of your money now than by splashing the cash on experiences for you all to share together.
Creates a Lasting Impression
Some peoples’ greatest fear is to leave this world without having made a mark on anyone around them. What’s great about spending your money on activities and gifts for your loved ones is that it’ll imprint you in their memories.
They’ll look back at old photos and household objects and remember those special moments with you. That’s something perhaps more worthwhile than money in the bank.
Should You Leave Your Money in Your Will or Not?
As you can see, there are a number of pros to leaving your money in your Will, as well as the alternative of spending it while you can. Whatever you decide to do with your money before you die, there are plenty of options out there. You just need to decide what your ultimate priorities are and go from there.
We hope this article has given you a sense of the options you have in front of you. Good luck in making your decision!
This is a collaborative post