Choosing the Best Family Plan

September 25th, 2020 by admin Leave a reply »

So you have a partner, and children (of any age) and at the moment you are both fit and healthy. It’s highly likely that your main priorities are earning a living and providing for your family.

It seems that all you have time to think about is child care, nursery, babysitters and school catchment areas. You’ve probably been asked many times before – quite often when you purchase or move house or when you review your life insurance – have you made a will?

The first thing that goes through your mind is “We’re young!” we don’t need to think about this yet, only old people should plan. After all we are fit and healthy so we’re not going to die are we?

Wrong. It happens to people of all ages, every single day.

If you have any children, especially minor (under the age of majority) children, the time to do your estate planning is today. Right now.

Estate planning is essential if you want to have control over who will care for your children, decide who your property will go to, want to know who will be in charge of winding up your affairs and distributing your assets and who will look after the property you leave to your children until they are old enough to do it for themselves.

Still think you don’t need to do this? Consider the following:

Why Haven’t You done It Already?

For many families especially those with young children, just making ends meet each month can be difficult enough, let alone the cost of actually sitting down with an Estate Planner. When you’re trying to pay the mortgage, life insurances, gas & electric bills, an estate plan may seem like an unnecessary expense you can put off until a later time. But what happens if (when) something does happen to you and/or your partner/spouse. Who would look after your children? If you don’t make a decision about who will take care of your children and document it in your will, then the court will. Depending on the circumstances that may mean Social Services stepping in and your children being fostered.

Some people hold off on doing estate planning because death is a difficult subject and they don’t want to think about it. Or they don’t know who they want involved, or a previous bad family experience of what happens. If this sounds all too familiar, take the time to sit down and discuss it with your spouse/partner and really get to the bottom of your feelings. Once you’ve been able to face how you feel about these issues, you will have a much better idea on how to plan your estate and the peace of mind that comes from knowing that your children, partner and your property have been properly catered for.

Be Realistic

Once your happy that you’ve got to grips with your feelings about estate planning, it’s time for a little dose of common sense. Be very realistic about what you have and how it’ll be used. If you want your estate to be used for your children’s education, you need to also think about how they will be supported during childhood until they are old enough to go on to further education. The first and initially only priority is a roof over their head and food on the table.

Planning Tomorrow May Be Too Late

Estate Planning tends to be one of those things that people “will get around to”, when? well maybe next week, or next month, or next year. The trouble with that is that events will overtake you and then it’s to late. Do you need to see a professional? Well, you can get some do it yourself forms, but they won’t ensure that your children are properly protected. It’s highly unlikely that they will protect your Estate from the ravages of the tax man either. Imagine how your family would feel if the Family Estate was lost and they became homeless because you “never got around to it”.

Before you meet with your Estate Planner take the time to sit down and make a list of the property you own, what it is realistically worth on the open market and how much you owe on it (if anything). Go and find all of your life insurance policies – don’t forget any employer benefits. Don’t just think about now but what your family might need in the years to come.

Don’t forget that your will will need to be changed as the years go by – your needs will change, your children will become adults, health problems may lie in the future. Your will needs to be reviewed every couple of years, if it was last checked over a few years before your death, the odds are it isn’t going to be adequate. An inadequate will can in some circumstances be worse than not having one at all.

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