Not the most exciting heading is it but I do hope it got your attention. No one wants to talk about their mortality. It is depressing and a reminder that we won’t live forever. It is for this reason, though, that we need to talk about it, we are not going to be around forever.
Can you say for certain that your children will be looked after properly if you die today?
I am not only talking about financially looked after. Have you set up a will that adequately provides for your children and will ensure they are looked after if you are not here.
- Try to make the will as simple as possible. If it is going to get complicated, get professional help to make sure that your wishes are clearly stated and documented.
- Set up a trust rather than leaving any money to a single person.
- Nominate a guardian for all of your children. Make sure when you update your will to add any new children that you confirm with your chosen guardian. Being responsible for one child is very different to being responsible for 4 children.
- Make sure your legacy is protected if you have a business. This can get complicated so it is best to involve someone who is qualified in dealing with this.
- Update it at least once a year, if anything changes dramatically before that (ie the birth of a child) make sure you update it sooner.
- Ensure it is a legal document and has been signed and witnessed correctly.
- Send a copy to your child’s guardian or a trusted person.
My advice would be to get someone to do this for you. If you have a financial planner they should be able to assist with the setting up of your will. This is not one of those things that you want to try and DIY or outsource to just anyone.
It is not a happy topic but it is so important to be prepared for those “just in case” moments that happen in the blink of an eye!
Do you have a will? Is it up to date?
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