Planning For Your Family's Future
Thinking about our own mortality whilst never cheerful, does enable us to prioritise the things that matter most to us. When considering our finances this is more important than ever.
Indeed, it is true to say that most people do not want to think about what would happen if they were to die, but death just like taxes is one of the few certainties in life, and with a family or dependants to support it is important to take time to plan ahead.
When you consider that it literally could happen at any time to any one of us, this seems strange. People usually think little about what their dependants will inherit.
If you’re reading this and you have children, I’m sure you’re aware of the effect they have on any major decision. Having children changes everything – you commit to a life where you’re no longer the most important thing. The love you feel for your children hopefully takes the edge off the difficulty of having to place their priorities over yours.
At work, the thought that you may need to fund your children’s expensive university education, as well as ensuring that they have an enjoyable childhood, is probably what motivates you to work so hard.
There’s another thing that should be on your agenda – making sure that you have a financial safety net in place in case you die. By this I mean some kind of buffer that means your loved ones have some kind of provision for their future, should you die unexpectedly.
Make sure you have a generous life insurance policy that will cover your mortgage and any other debts as well as the level of income your family would need in the event of your death.
Beyond this, the size of financial legacy you choose to leave behind depends on your current financial situation and the trajectory your earnings take in the future. Financially planning with your children’s future inheritance in mind is essential.
Taking into account how much your children will need to have to have a bright and unconstrained future, at whatever age you die, should be a vital part of your financial planning strategy.
If you or your clients would like further information please contact Scott Robinson, on 01548 856444 or email email@example.com .
Sabre Financial is a trading title of Sabre Financial Planning Ltd. Sabre Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.
By Sabre Financial | Thursday, December 13, 2018