“Family” isn’t defined only by last name or by blood; it’s defined by commitment and by love. It means showing up when they need it most. It means having each other’s backs. It means choosing to love each other even on those days when you struggle to like each other. It means never giving up on each other! – Dave Willis
Unfortunately, planning to protect our families when they need it most is a necessity, however unpleasant thoughts of mortality and sickness may be. It is a sad truth that most of us will know somebody whose life has been effected by cancer, or an accident, or who has been taken from us far too young.
Whilst the emotional impact of these events are instant, and thoughts turn to caring either for family members or friends, the financial impacts of death or sickness can be just as devastating and can be far longer lasting. Sometimes we can’t just wave a wand and fix things, or put things back the way they were before. You already know this, and by spending some time thinking about the consequences, you can at least consider taking away any financial burden that may remain. Spend a moment asking yourself these questions…
If my income was no longer being received, could my family still maintain the lifestyle that I would want them to have? Would my spouse need to change jobs or go back to work to pay bills? Who would look after or pick up my children from school? Could we afford that? What will my family live on if my employer’s life cover repays my mortgage? Would school fees be covered? Who are the guardians for my children if both parents are lost? Does my spouse know what policies I hold and who to contact? Is a Will in place? How are my pensions treated? Who can access my investments if I lose capacity to make decisions myself? Who makes financial decisions if I can’t? What do I want my legacy to them to be?
We can help you answer the above questions and make sure that your family is looked after no matter what the circumstance. Whether it be to co-ordinate, document and simplify your legal and financial affairs post death, establish a relationship with a trusted adviser that you know your family will be comfortable with, or insuring against certain risks such as death or illness, we can help. Looking ahead, and focusing on what can be, means that you can be there for your family no matter what comes your way.