Will you live forever?
Will you live forever? The answer is NO.
So have you planned for the day you are no longer here?
The answer again is NO.
It’s simple; people are not made aware of the processes that happen we you die. Have you got children? If yes, have you spoken to your family and your children about who would look after them if you were no longer around? Is this in your will as a Guardianship clause? Has the health of these people or the finances of these people changed? Are you still happy for them to look after the children?
What about your STUFF (Your estate)?
Who will claim everything on your behalf (executors): close accounts, pay your bills and sell your assets? Have these changed? Have you drafted this in your will as an executor and trustee? Is the value of things you are leaving behind enough to pay off all your debts: mortgage, loans, overdrafts, credit cards and does it leave enough for your surviving family to survive as you would want them to?
What about practical things?
Breaking in to your home to turn off gas and water? Going through your stuff to make sure they can deal with all your affairs? Is all your paperwork in one place and orderly? Could you go home today and close down everything in your own life easily? Probably not, as it takes quite lot of thinking about.
What about your wishes?
Funeral: cremation or burial, notes and thoughts to loved ones?
It’s not straightforward is it?
Simply talking through this does not make you morbid. You certainly won’t die because you have made the right plans for your loved ones. What it will do is give you “peace of mind“. You can mentally say, okay if the worse happened I have done all I can for everyone. Call it your legacy planning if you will.
Planning for the inevitable should be done as soon as you can. Having an independent estate planner talk through the legal process post death, will help shape your thinking. Contact Assured Wealth today to book a FREE estate planning review.