I have received some very sad news with regard to both clients and friends and this has brought home the importance of making sure you have everything in order in case anything happens to you. It is probably too early to know all the knock-on affects from the pandemic and if this is a factor. So, what should be your starting point? Have you ever thought of doing a risk assessment on yourself to see the consequences if you died or if you are unable to work due to sickness?
Firstly, I think you need to look at who will be affected, such as a young family, a business, a partner or even a combination of these. Then sit down with a blank piece of paper and consider how each one would be affected if you were to suddenly die or become seriously ill. This should include who would be responsible for your dependents on death or, if you were unable to work, how you would manage financially. In turn this will answer the question as to whether you need additional life or sickness cover. At the same time you should make sure you have a will and that this is up to date, making sure that your responsibilities and funds go to the individual(s) you have chosen, rather than being chosen for you. Also, if you have Pension funds you need to make sure that you have completed an ‘Expression of wishes’, to nominate who you wish the funds to go to, and ensure that this is up to date.
Then I think you need to look at how easily they would be able to access the necessary funds, remembering that following a death any account in the sole name of the deceased could only be accessed once probate is granted. You also need to make sure that you have a power of attorney in place to act on your behalf if you were to lose mental capacity.
There are many considerations if either event were to happen to you, and as I have said before, I see one of my main functions as being a sounding board, so if, once you have done the risk assessment you would like to go through it with someone, why not pick up a phone today and book your free without obligation consultation.