Do This 1 Thing To Get Clarity and Purpose In Life

Do you know 1 thing that can give clarity and purpose in life?

A will, how ironic. For to write a will, you first need to assess your life in entirety: assets, possessions, people you care about and causes you hold dear. Only then can you decide what to do, who to give to, how much and arrange the care of your dependents.

Clarity

Clarity and purpose is invaluable to navigate life. It helps set priorities, increases focus and leads to better decision-making. Say for example, you would like your family to continue enjoying the holiday home after your demise, without having to worry about the mortgage.

Based on this intent, there a few options you can take: pay off the loan more aggressively if financial situation allows, increase life insurance to cover this debt or consider renting it out when vacant to generate extra income to pay it off sooner.

Another example: you wish a favourite aunt to assume guardianship of your young children should the unthinkable happen. You will need to maintain a good relationship with this aunt through frequent contact or outings. It also means keeping her updated of your children’s activities and development. 

See how writing a will provides clarity and purpose to your plans and actions? It crystallises the vision and direction in life. 

Beyond Self

I say this from first hand experience. Before having a will, my goals and ambitions were all about what I want while alive: what I wish to achieve, financial and career aspirations, new experiences. To think beyond my existence was not in my consciousness…until I decided to write my will. 

Having to think about what will happen to loved ones, assets, possessions (including pets) and causes I care about brought a deeper aspect and meaning to life. It addresses the highest of Maslow’s Hierarchy, that of self actualisation. 

Being married, I decided to incorporate the wishes of my husband into my will. This is because in many countries, when a husband and wife perish together, the older of the 2 is deemed to have died first. We travel a fair bit and if I have not done so, our combined assets and possession would be distributed solely based on my will, nullifying his wishes.

Executor

A will cements relationships, singling out important people for their role beyond your existence.

1 such person is the Executor, who has the joyless task of jumping through hoops and loops to administer a will, which can take up much time and effort. For this reason, the Executor should be the main beneficiary or at least 1 of the beneficiaries where possible. 

The Executor needs to know where the will is kept, though the content need not be divulged. A will should never be kept in a bank vault as the Executor needs it to proof his role. Keep it in a safe, accessible place at home or use a paid service at a legal/notary firm. 

While on this subject, appoint a 2nd or even 3rd Executor as back-up in case the main Executor passes on before you. Otherwise, it will be left to a court-appointed Executor, which may not be the best person to manage your estate distribution. If you have no suitable contacts in your personal network, a professional Executor (lawyer/notary) can be appointed, for a small fee. 

Clean-Up

A will works as a constant reminder to clean-up your assets and possessions. Where significant assets are owned overseas, it is best to write separate wills. Real property tend to fall under local tax and inheritance laws, regardless of the nationality of the decedent or beneficiaries. It is more practical for an Executor familiar with local rules and regulations to manage the distribution of such assets. Otherwise, consider divesting to simplify your will. 

This was 1 of the motivations my husband and I decided to clean-up our portfolio. It would be a challenge and unfair for our Executors to have to deal with assets spread over several countries.

Not only property, clean-up should also extend to possessions like jewellery, watches, classic cars etc. Coming from personal experience of my late mother-in-law and my husband’s uncle who just turned 96, we now make a conscious effort to declutter and dispose our physical possessions regularly. Everything we own that is of financial or sentimental value is updated in a Schedule of Assets. 

Schedule of Assets

The Schedule of Assets is a separate document to be attached to the will. Digital assets such as e-wallet, e-trading or cryptocurrency accounts should be included too, especially since such digital assets tend to be ‘hidden’, not being apparent to others.

Same goes for social media accounts like TikTok, Twitter, Instagram. Access information should be listed in the Schedule so sentimental content can be retrieved by loved ones. Unbeknownst to most, social media content is owned by platform providers. Once a social media account is memorialised, access will cease. Follow these pointers to manage your digital assets and assign designated access.

This Schedule is to be updated whenever there are changes to assets and possessions, to be attached tp the latest version to your will. For this reason, never include this schedule in your will as it is impractical, and costly, to keep updating your will.               

A Living Document

Although activated through death, a will is a living document. It needs to be reviewed periodically to reflect personal circumstance: parenthood, divorce, immigration, starting a business… 

A will captures and reflects the most important aspects and concerns of our lives, beyond our existence. It is a tool of final communication to those we hold dear.

To die intestate – as in the cases of Prince and Aretha Franklin – can lead to stress, hassle, delay and contention amongst loved ones.

Never Too Young or Old

One is never too young or too old to make a will. As long as one is an adult, has assets, is married (with or without kids), owns a business, has dependents (including pets) or wants to support favourite relatives, friends or causes, then a will is needed.

Besides clarity and purpose, a will empowers rejection of what you do not want, resulting in razor-sharp focus on priorities and relationships that matter. It gives impetus and urgency to goals, as well as crystallises new plans and actions.

So whenever I feel de-motivated or confused about life, I take a moment to reflect on my will. Doing so puts into perspective why I do what I’m doing, and what I need to start doing. Now, don’t we all want clarity and purpose in life?

 

To life’s clarity,

Savvy Maverick

(Main image: Mohit Khatri, Unsplash)

 

Disclaimer: The views expressed here are drawn from personal experiences and do not constitute financial advice in any way whatsoever. Nothing published here constitutes an investment recommendation, nor should any data or content be relied upon for investment activities. Please seek independent and thorough research before making any financial decisions, including consulting qualified professionals. Data and information cited from sources will not be updated after publication.