Do you know how your family would cope after your death? It’s not an easy question to answer, or a nice subject to think about, but you could help to make their lives easier by setting up a Whole of Life plan, getting your finances in order and making a detailed will. No one wants to meet the grim reaper but it’s easier on those left behind if you’re prepared.
Whole of Life plans
A Whole of Life plan will provide your loved ones with a financial lump sum when you die; the size of the payment will depend on your policy. On some policies you’ll pay monthly or annual premiums until your death, whereas others allow you to stop paying at a certain age – although this could impact the amount of money your loved ones will receive.
While the payout from a Whole of Life plan can help reduce or remove financial strain at a time of emotional stress, there are a number of other things you should consider putting in place to help your loved ones:
Accounts, bills and policies
Make a list of your accounts, bills and policies to help those left behind understand your financial situation. This is important in case there are outstanding debts attracting interest that could
be settled. Remember to include things like:
- Current / Savings Accounts
- Investments / Pensions
- Credit Cards / Loan agreements
- Insurance Policies
Review your will, or create a new one
A will allows you to choose what happens to your estate on your death, for instance, how your property, money and possessions will be distributed. If you die without a will the rules of intestacy will determine this for you and could leave your loved ones unintentionally left out.
Having a valid, up-to-date will is also important because it can set out your wishes for the guardianship and any future financial support of your children.
It might sound morbid but you could also prepare your own funeral plans and discuss them with your loved ones to make sure you get ‘the right send-off’. Whether you’d prefer a humanist cremation or a church ceremony and burial, it might help to discuss the options and plan in advance. If you’d prefer to avoid the subject altogether you might find it easier to include your funeral wishes in your will.
There are also options available to set aside money to cover the cost of your funeral. With this option you must check the terms of the policy as it might not provide you with any of the added extras you might expect.
If you’d like more information on Whole of Life plans, wills, or estate planning in general, please get in touch.
The will writing service promoted here is not part of the Openwork offering and is offered in our own right. Openwork Limited accept no responsibility for this aspect of our business. Will writing is not regulated by the Financial Conduct Authority.