Friday, 13 March 2015

Difficult Conversations we all need to have - How Much Am I Worth If I Die

2. What is everything and is it enough?

Empty WalletWe all have pensions, insurances, bank accounts, ISA’s and many more places where money is kept. We also have commitments that need to be met.  Our second difficult conversation focuses on what we are worth if we die and whether it will meet the commitments that you leave to your survivors.

The starting point is your pension – do you have one or several from various jobs down the years, do they pay out a lump sum on death or a survivor’s pension and if they  do who do they pay it to. Once you know the answers you will be on the way to knowing if your income will allow your family to live comfortably.

Next are your insurance policies – will they pay off specific debts (your mortgage for instance) or will they create an income or lump sum for investment. The answers are important not just for the standard of living but for tax planning purposes.

Your bank accounts and investments, are they joint – if they are it is likely that they will pass automatically to the survivor, if not they will be frozen through the probate process – will you family survive without access to your funds for several months.


For advice on resolving these and many more questions about making or updating your Wills, protecting your family and your standard of living call us on 01778 382723. Or take a look at our website