Protecting your family
1 May 2008
Here are a few things which could affect your family's financial security after you die. You might find it helpful to print this off.
1. How much money would your dependants need to live on after you die - will they be able to access 'everyday' cash for the first few months?
2. Are you legally married?
3. Do you have step children? Have you made proper provision for them in your Will? Without a Will or any financial planning they may not get any of your property at all.
4. How long will they need to be supported after your death? It could be longer than you think.
5. How will their needs change as they, and you, get older? From child care to university fees and everything in between.
6. Can you list what you own - assets?
7. Have you a record of all your outstanding commitments (liabilities) like mortgages, loans and credit card debts?
8. Do you have life assurance to protect your family should you die?
9. Will it cover your living expenses as well as mortgage and debts?
10. Do you have Critical Illness cover in case you are ill and unable to work?
11. Do you have enough savings for short term emergencies?
12. Have you worked out your monthly cash flow - money coming in compared to money going out?
13. Are any of your life assurances written under a trust?
14. Do any of your pensions provide for your dependents?
15. Do any of your pension policies provide life insurance cover?
16. What insurances do you have on your property - buildings and contents?
17. Will Inheritance Tax (IHT) will be payable on your estate?
18. When and how will your dependents pay it?
19. What are your plans for a comfortable old age?
20. Have you got an independent financial adviser (IFA)? www.nsandi.com
21. Have you got a clear personal financial plan? Take a financial health check www.moneymadeclear.fsa.gov.uk
22. Have you put your plan into action? Act on the advice, don’t sit on it - and review regularly.
