How would your spouse and children manage if you died or were incapacitated tomorrow?
Beyond taking the obvious step of ensuring you have adequate insurance cover, with life assurance written into trust for your spouse or children to ensure quick access to funds, you need to make a Will. Despite repeated campaigns, it is believed that three-quarters of adults still do not have an up-to-date Will. If you die without a Will, the law determines who receives your estate.
We would also strongly recommend that you:
- Make a living Will – so you can make clear your wishes in the event that, for example, you are pronounced clinically dead following an accident, and;
- Execute a lasting power of attorney – so that if, whether as a result of an accident or illness, you become incapable of managing your affairs, you can be reassured that responsibility will pass to someone you choose and trust.
Of course all this also applies for your spouse, and to those who are in civil partnerships. You should also consider the possibility that both parents may be simultaneously killed or incapacitated.