Last month I wrote about the importance of leaving your affairs in order following the recent death of someone close to me. This was a difficult experience, but one that reinforced just how important planning ahead can be. While many people think of estate planning as simply having a Will and Powers of Attorney in place, there is much more to consider.
One thing that struck me was how quickly a funeral has to be arranged. Weddings are often planned over many months, sometimes years, yet funerals are usually organised within just two or three weeks. The people making those decisions are often dealing with shock, grief and a seemingly endless list of practical tasks.
Would your family know whether you wanted a burial or cremation? Would they know the type of service you would like, any music you would want played, or even who should be invited? These may seem like small details today, but at a time when emotions are running high, having guidance from a loved one can provide enormous comfort and remove a significant burden.
It’s not just funeral wishes that matter. Would your executors know where to find details of your bank accounts, investments, pensions and insurance policies? Do they know where your Will is stored, who your solicitor is, or who to contact for financial advice? Many people spend years building up their finances but leave very little information behind to help those who need to administer their estate.
Taking the time to create a simple record of your assets, key contacts and personal wishes can make a world of difference. It doesn’t need to be complicated, but it can save your family a great deal of stress, time and uncertainty when they need support the most.
If you would like to chat more about these steps and how to organise your finances why not pick up the phone today and book a free without obligation consultation.