Life is comic in texture and tragic in structure. Nobody likes to think about the certainty of our own demise. Nobody likes to think about estate planning and mortality. It goes against millions of years of evolution to consider not being around. In truth, however, as social beings, our worlds extend beyond ourselves. Those we care about, form a part of our world that persists after we die.
Ask yourself, which is more a part of you, your loved ones or your little finger, then ask yourself which would you rather lose.
In planning for end of life, you are taking an altruistic step for those you care about. I want here to consider some of the matters that you might open up for discussion.
- Wills. In the absence of a well drafted will, there’s: i) a high chance of confusion and insecurity amongst those you love; ii) a decent chance of your estate’s ultimately being lost to care fees or a future spouse of your current partner and iii) a material chance of catastrophic intra-familial conflict.
- Funerals. The one people hate to think about. Where no discussion on how your funeral might be conducted, has taken place, those you love will be faced with a significant organisational burden, under real time pressure, whilst newly bereaved. They are likely to seek outlet for their feelings of loss ,in ceremony and over spend around the funeral.
- Lasting power of attorney. Documents which appoint those you trust to manage your affairs should you lose mental capacity. Only 2% of people have them. Those that don’t risk a freezing of shared assets; lengthy and hugely costly pursuit of court orders; inability to consent or reject medical treatments and loss of decision-making power around residential care.
- Insurances. Life, critical illness, mortgage cover. In a sense, the only reason anyone works is to provide some certainty in the future for those they love. Catastrophic loss can be protected against, and I urge you to take seriously the notion of having enough insurance in place.
I don’t want to quote actuarial statistics in this article, though as one in the will industry, I will say that I ask every client that I engage the question: “does any medical reason make preparation of the will urgent in the order of 14 days?”. Those who answer yes to this, number less than 2%. Notwithstanding, I find myself attending hospital beds (more recently car parks) to obtain signatures, with frightening regularity.
Act now, it’s later than you think!
You don’t need to do anything more at this point, than make an enquiry, have the initial conversation, begin! Speak to our client advice team on 0121 202 4714 or click here and we’ll call you.