4 Compelling Reasons For Every Parent To Make A Will Today

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Drawing up a will can be a tough thing to think about – not to mention the fact you might feel far too young to get started with the process. But if you have children, it is something you should consider doing so sooner rather than later. There are a variety of reasons why making a will, and we’re going to outline some of the most compelling with you today. Let’s take a closer look.

You get to choose

First thing’s first, if you don’t make a will, then you have no say on the fate of your family., The law will have to step in, and while we all trust the legal system to give the best outcomes, it doesn’t always get it right. To ensure that your wishes are fulfilled, you must make a will and make those wishes clear. Failure to do so will make sure that it is rules – not your preferences – that dictate what will happen to your family, property, and money.

It’s easy to forget until it’s too late

Of course, it’s difficult to contemplate your mortality, especially when you still feel relatively young and healthy. But, you should understand that life gets in the way of a lot of things – before you know it you could be retired, or suffering from an illness or condition. And, as Ronald Fletcher & Co. point out, elderly clients can often experience issues with wills and probate law. And the simple truth is that you never know what is going to happen an hour from now, let alone a few years. Don’t leave it until it is too late, and you can ensure that your children have precisely what they need when the inevitable happens. Not only will your will provide them with financial security, but you can also appoint guardians – and avoid disputes about your inheritance once you are not around.

Protect your kids

Your will acts as a safety net for your children and loved ones. Beneficiary designations, the creation of trusts, and even changes to property titles are all necessary to ensure your estate and will pass exactly as you wish it. It means that even when things slip through the cracks, your will ensures they are still in accordance with your desires.

Reduce ambiguity and argument

Make a robust will, and there will never be any disputes about it. While it would be nice to think your children and loved ones will accept your wishes, you just don’t know what things will be like further on down the line. There could be arguments, disputes, and massive problems if you don’t lay out your wishes within the legal framework of a will. Intestacy can cause a lot of issues within families, and the legal wranglings can take years to sort out. By making a clear and valid will, you are removing any opportunity for intestacy, and – probably – stopping the chance of family rifts developing.

Have you made a will yet? If not, why not? Let us know your thoughts about your worries about making a will in the comments section below!

Parenting From Beyond The Grave. Teaching Children Finances For When You’re Not Around


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Becoming a parent is a huge responsibility. That responsibility doesn’t end, even from beyond the grave. Every parent takes steps to ensure their children would be okay should anything happen. Discussing when you won’t be around anymore isn’t nice, but it’s necessary. It can be reassuring to have relatives who could take care of things. Even so, it’s important to talk things through with your children so they know what would happen. Don’t hide this from your kids, especially as they get older. How can they learn if you don’t teach them? Here are some things you should take time to explain.


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If you don’t have a will, you should write one. If you do have a will, it’s important to discuss the document with your children. Setting up a will is the best way to help them figure things out after you’ve gone. Bear in mind that it won’t be any good to them if they don’t understand it, or don’t know it exists. Talk them through the contents of your will and make sure they know where it’s kept. Keeping them in the loop will give them much greater understanding of things. Ensure they’re prepared for the worst. Thorough explanation helps avoid confusion or arguments when the time comes. It’s also worth discussing who will be taking care of them should anything happen. No one wants to have such a sombre conversation, but it’s necessary. It will put all your minds at ease.


Explaining the value of insurance to your children will help them understand the need for insurance when they get older. It’s essential that they know how important these added policies are. While you’re explaining insurance to them, it may be worth mentioning life insurance. It’s crucial that your children are aware of any life insurance policies you have. That way, they’ll know what they’re owed when it comes time. This will also help them set up their own life insurance policy later in life. Our reference to our life insurance policies can make a real difference later down the line. Learn what your children will receive from your policy after your death so that you can explain it to them. Make sure they know what you pay in and why you do it. Show them phone numbers and who to contact should they need it in the future.


There are often fees involved in death. Maybe you’ve got savings, or it’s just taxes on your estate that would need paying. It’s important to discuss this with your children too. Make sure they know what they would have to pay, and how to pay it. This knowledge is crucial. Make sure to explain it in terms your children would understand. This conversation may be best left until your kids are a little older and have some understanding of the tax world. Be realistic in how much your kids are going to understand at any given age.


The 7 Money Mistakes That Parents Make

parent's money mistakesWhen it comes to teaching your children about money, there is no single right way. There are, however, things you can do to guide them along a path and empower them to learn good financial habits. Below are 7 common mistakes that parents make when teaching good financial skills and habits to their children.

Money Mistake 1 – Pocket Money.
A danger with automatically giving pocket money is that it can create an entitlement mentality.

A young person having money of their own however is an important rite of passage and can form the basis of excellent financial education in budgeting, saving and spending.

One of my favourite money experts, Loral Langemeier is emphatic on the subject:
She argues that the best investment you can give your child is to teach them the value of entrepreneurship and the way that every economy in the world works. So instead of paying pocket money every week, design exercises and activities that are truly focused on basic finance.
Martin Lewis founder of Money Saving Expert is a fan of both pocket money and financial education – and he recommends encouraging children to work for their financial rewards, in order to embed a principle that will serve them well throughout life.

Money Mistake 2 – Not Talking About Money
Stay silent about money and you risk leaving your children open to the pitches of TV adverts and peer pressure.
Parents are the main source of money information for children, but 74% of parents are reluctant to discuss family finances with their kids, according to the 2014 T. Rowe Price Parents, Kids, and Money Survey.
Even if money is tight, don’t stress about it in silence.
When parents are worried about money but are not communicating their financial situation, children pick up on the anxiety and associate it broadly with finances. Rather than learning money lessons from their parent’s mistakes or situation, children instead learn that money is ‘stressful’ and ‘bad’.

Money Mistake 3 – Magical Credit Cards
Studies have shown that people spend 30% more when they use cards instead of cash. When you’re using plastic, it’s easier to ignore how much money you’re really burning through.
Credit cards not only wreak havoc on our budget, but also set a bad example for our children. Kids seeing cards being swiped and in the child’s eyes, you haven’t exchanged anything for your purchases.
Children need to understand that when we buy something, the money we’ve spent is actually gone. There are alternatives; using cash everyday instead will give your child a more realistic picture of how money works. Or when you spend using a card take some time to explain that that creates either a bill, which has to be paid, or is taking the money from your bank account as in the case of a debit card.

Money Mistake 4 – Setting a Bad Example
How can we expect our children to save money for the future when we don’t do it ourselves?
It’s very important that not only is saving a habit but a highly visible one.
This can include a savings jar prominent in the home, labelled with the holiday, event or purpose that it’s for. If your kids at whatever age see you putting your spare change in the jar on a regular basis they may get the bug and start saving themselves.

Money Mistake 5 – Saying Yes for an Easy Life
Many parents are actively teaching their kids about money – but their children are learning all the wrong lessons.
David Bach author of the Automatic Millionaire believes that the biggest mistakes that parents make is not saying ‘no’.
“I will go to someone’s home that is $30,000 in debt and their children have piles and piles of toys. This creates children who don’t know how to hear the word ‘no’ and they become adults who want instant gratification and live beyond their means. Plus, they miss crucial lessons like budgeting, prioritising desires and saving for something valuable”.
Never forget your great influence as a parent.

Money Mistake 6 – Not letting them fail
How often do we rescue our kids when they make a financial blunder? No-one wants to see their child fall down, literally or metaphorically but by always bailing them out we rob them of the chance to learn from their mistakes.
Fast forward to the teenage years and you may become accustomed to paying off mobile phone bills, covering car insurance or in one case I heard of re-mortgaging your home to pay off a child’s payday loan debts.

Money Mistake 7 – Mind your Language
Children make many requests every day. Parents will often deflect another purchase request by saying “I don’t have enough money on me” or “we can’t afford that”.
The language used to explain this to a child is very important.
An honest dialogue with positive language will get you positive results. Explaining why you’re not making the purchase gets kids thinking about prioritising their wants and teaches them to be more aware shoppers in general.
Rather than saying we can’t afford it try how can we afford it? This gets the young person thinking about ways in which they can take charge of the situation rather than being a victim of circumstance.

This article is an extract from Daniel Britton’s book The “7 Money Mistakes That Parents Make”  available from Amazon.com

Think and Grow Up Rich

Has there ever been a more important time to teach children about money?

Think and Grow Up Rich is the title of the forthcoming book from Financial Fairy Tales creator Daniel Britton.

Think and Grow Up Rich is aimed at parents, grandparents and teachers to enable them to share the financial values and tools with the children they care about.

The book is entered in the Next Top Self Help Author contest. Please watch the short video below and support us by following the link to vote