What would you do if you knew you were going to die tomorrow?
Not able to watch the video today? Why not read the transcript below instead:
We are going to be starting right at the end by looking at ‘Death’. Essentially, this is a subject that I talk a great deal about with clients because it is a key to the way in which we plan our finances.
Benjamin Franklin said “The only thing that’s certain in life is death and taxes” and of course, to an extent, he is right!
Death is an emotional subject - I have my own experiences around this and all I can offer you is just some very simple basic ideas on what you should be thinking about around death.
Remember, by looking at this subject you are setting things up for your dependants, for your spouse and for your children and I’m sure you’ll agree, there can be nothing more important than that!
So what are the issues that we need to consider? Clearly you need a Will, as well as needing to think about (quite carefully!) whom you would appoint as Executors. If you have assets in excess of £500k (and most of us have these days the way in which house prices have increased) then you need to be thinking about a Trust. You’ll need to give some thought to protecting your assets from potential nursing care costs in the future. And if you have grandchildren, you might want to think about making gifts to them and therefore hopping over a generation.
There really is quite a lot to think about, and some important decisions to be made!
The real issue is getting our heads around this difficult subject; the worst thing you can actually do is bury your head in the sand and not directly deal with it.
Just think, none of us have go to this Baby Boomer age without having experienced death in our own lives. Think of the effect and the emotions around your experiences and think of how you want so much to help your children and your dependents at that very difficult time.
So, let’s have the conversations now, let's take the actions we need to take now, ideally with the guidance of a caring financial planning practitioner. Then we can get on and enjoy the 'best years of our lives' with the peace of mind of knowing we've done the right thing.