How to ensure your family is taken care of financially in the event of your death

Some relatives will be extremely concerned when you die about the financial toll it may press on. If you and your spouse tend to be the one who manages the household money,you might be concerned about what would happen to your spouse if you die. Will they be able to afford it after you die? When you die,will they be able to afford it? Because your loved ones know what to do when you die,right? Will you leave money to your children as a gift? These are all normal concerns and questions that we must ask ourselves in order to properly prepare ourselves financially for our loved ones in case you pass away. We at Engarde Financial Group can help you manage the stress that comes with planning for your death. In this article,we will discuss some of the things you should consider when you are planning on passing.

Recognize your role 

It is logical to think about retirement planning,but there are many things you may not have thought of. What will happen to the income of your family during your absence? But the information above may be misleading. If you have a pension plan,what will you receive? Check if your pension agreement provides that your surviving spouse will be provided with income for life. Also check if you are receiving pension income in the form of an Annuity or a Final Salary pension. Get a look at your situation to see where you stand if you are both 67 or if only you are 67 and your partner is a surviving spouse. Generally,surviving spouses do not immediately get their deceased partner’s State Pension,contrary to popular belief. You could still receive nothing from the State Pension. This is not the case,and you may not receive any money whatsoever from the state.

Insurance 

If one of you dies before your family gets everything it needs,you will find that getting life insurance protects all your assets,including your retirement funds. You might need to talk to an insurance company,like Engarde Financial Group,if you want to protect your assets,or pay off a mortgage. You may want to get life insurance,or you may be curious about buying other types of insurance. Talking to an insurance broker or even consulting with a financial planner is very helpful. Together,we can help care for all your family members.

Put your Will in order

When was the last time you went through your Will? Check to see if your Will is in a place that is accessible to everyone,and whether your wishes are still expressed in it. Pay attention to the people appointed by your Will,because they will be responsible for managing and distributing your assets when you pass away. Will they act promptly and favorably toward your spouse? Also,if you are unable to do that yourself,set up Lasting Powers of Attorney for you and your spouse. If you become unable to manage your finances on your own,you can name a trusted third party to manage your affairs.

Organize your investments and pensions

You may be managing multiple investments and pensions with various providers,using a variety of different strategies. Do you have all your finances in order that your partner can help when you pass away? Now,all your financial needs can be managed from one centralized platform,reducing administrative costs and increasing efficiency.

Simple is best

We at Engarde Financial Group look at every situation differently. When it comes to protecting your family,there is no such thing as one size that will cover everything. Insurance is a huge factor to consider when it comes to preparing for the unexpected. The right policy can make all the difference in ensuring that your loved ones are taken care of when you die. Also,make sure to get advice from an investment advisor and a lawyer regarding your Will and your investments.