Check out these 20+ crucial checks to minimise financial trauma!
Death can cause financial tragedies as well as grief. Yet planning for the end isn't about being morbid. It's about making crucial financial preparations to lessen the impact when it happens.
This checklist includes tips on wills, inheritance tax, funerals and setting up a power of attorney, plus how to do the 'unpleasant issues' chat.
Have the unpleasant issues chat
Sort your will
Arrnage who would look after your dependants
Plan early to save on inheritance tax
Take time to ensure your partner, kids, parents or flatmates have the practical skills they need to look after the household
Plan your funeral
Plan ahead in case you loose your faculties
Remember, you can't take cash with you
Get round to doing things and seeing places you've always wanted to visit - aka... a bucket list!
Beware of listing your passwords
Consider saving a life after you're gone
Weigh up whether an over-50s plan is worth it
Consider making a 'living will' - to refuse treatment
Note down how you'd like to be cared for
Ensure pets are provided for
Don't leave life insurance until it's too late
Do debts die with you?
Tell your Next of Kin where your will is kept
Think carefully about releasing the equity in your home
Get extra help and support - If you're planning for the end of life, don't shoulder the worry alone – help is available and you make sure you seek it out.
We hope you found this article helpful!
Newlife Wills team.