I work for the UN, should I have a will?
Written by Carl Turner on March 09, 2018.
"I work for the UN, should I have a will?" The answer to this is a categorical yes! The only way to ensure that your assets go to the people that you want them to when you die is by having a clearly drafted will.
Dying intestate frequently has disastrous consequences for family left behind and yet, according to a Macmillian Cancer Support survey carried out earlier this year, nearly two thirds of UK adults don’t have a will. The statistics are similar for Europeans and Americans.
Due to a large number of UN staff moving every few years, they tend to say that they just haven’t got round to sitting down and writing a will – procrastination which could cost their loved ones dearly - others are of the opinion that they are too young and many people favour the ostrich approach because it is preferable to facing up to their own mortality.
If that’s you, have a look at this helpful list of estate planning must-dos. By working through it step-by-step you can make life much easier for your loved ones should anything unexpected happen to you, which should give you peace of mind.
1. List any debts that you have along with any information regarding what will happen to them if you die. In the case of mortgages and other large debts, you can take out life insurance to make provision for repayment in the event your death.
2. Make a comprehensive list of all your assets. You can use Infinity’s free downloadable document to make this task easier.
3. Make sure you nominate the beneficiaries on any pension and life insurance policies that you have and keep them up-to-date if your situation changes, for example when you get married or divorced, or start a family.
4. If you have dependents, don’t forget to nominate guardians for them.
5. Determine how your assets will be reallocated if a beneficiary dies before you.
6. Write a will and have it properly witnessed.
7. Ensure that your nominated executors have a copy of your will.
8. Think about your digital assets and make provision for them.
9. Make sure you are clear about where you are domiciled for tax purposes and how that may affect your legacy. This is particularly important for expats as they often have assets in more than one jurisdiction and do not live where they are domiciled for tax purposes.
10. Seek professional advice – a professional can help ensure that your legacy is passed on to those you wish to benefit in the most tax efficient way possible.
Infinity work with a professional will planner who has the expertise to guide you through the estate planning issues which are relevant to you. Please feel free to contact me if you would like to tackle estate planning head on as part of a comprehensive financial plan. You can email me at firstname.lastname@example.org.