Even though your loved ones are financially supported, they will also be terribly affected by your passing. If you have children and you handle the money that your spouse inherits from you, you may be concerned about what would happen to that money if you die. Will they be able to afford it after you die? Because your loved ones know what to do when you die, right? Will you be able to give your children money? Do you want them to have money when you die? These are normal concerns and questions we should ask ourselves in order to prepare ourselves properly to provide for our loved ones. Engarde Financial Group can help you get your financial affairs in order before you pass away. We will discuss some things that you need to do when it comes to planning for your passing.

Recognize your role 

You probably start from where you are, but there are some things that you haven’t considered. What will happen to the income of your family during your absence? What pension plans do you have? Check if your pension agreement provides that your surviving spouse will be provided with income for life. Also check if you are receiving pension income in the form of an Annuity or a Final Salary pension. Get a forecast of where you will stand financially if you have not yet started collecting your State Pension. Generally, surviving spouses do not immediately get their deceased partner’s State Pension, contrary to popular belief. You could still receive nothing from the State Pension. The surviving spouse does not automatically receive their spouse’s State Pension, contrary to popular belief. It is possible that you and the other person both receive nothing at all.

Insurance 

If one of you dies before your family gets everything it needs, you will find that getting life insurance protects all your assets, including your retirement funds. You might need to talk to an insurance company, like Engarde Financial Group, if you want to protect your assets, or pay off a mortgage. You may want to get life insurance, or you may be curious about buying other types of insurance. Talking to an insurance agent can help. Together, we can help care for all your family members.

Put your Will in order

When was the last time you went through your Will? Check to see if your Will is in a place that is accessible to everyone, and whether your wishes are still expressed in it. Pay attention to people who are named as Executors in your Will, because they will be in charge of managing, distributing, and caring for your assets after you die. Will they act promptly and favorably toward your spouse? Also, if you haven’t already done that, you should create Lasting Powers of Attorney for yourself and your spouse. If you become unable to manage your finances on your own, you can name a trusted third party to manage your affairs.

Organize your investments and pensions

Many people have different types of investments and pensions with several different providers, using various different methods. Will your partner still be there for you when you die? Eventually, it may be useful to consolidate everything into one place, making things more efficient and reducing bureaucracy.

Simple is best

We at Engarde Financial Group look at every situation differently. When it comes to protecting your family, there is no such thing as one size that will cover everything. Insurance is a huge factor to consider when it comes to preparing for the unexpected. The right policy can make all the difference in ensuring that your loved ones are taken care of when you die. Also, make sure to get advice from an investment advisor and a lawyer regarding your Will and your investments.