No-one wants to think about what happens once they’re gone. It’s quite depressing, time consuming, and let’s face it, pretty confusing.
But not putting proper measures in place may result in a lot more hassle for your family and even an unwanted financial burden. As dedicated financial planners in Joondalup, we’d like to share some ways that you can help to protect your family financially after you’ve gone.
Have A Valid Will
A valid and up to date will is absolutely essential for everyone. No matter if you’re single, married, in a de facto partnership, divorced, widowed or anything in between, you need to have a will. If you have children this is even more urgent as you need to know that your child or children will be looked after if you’re no longer around to do so.
Remember to keep your will up to date as well. Your circumstances may change along the way and you need to make sure that your wishes are current.
Check Your Superannuation
Your superannuation will become part of your estate when you pass away and you are able to nominate someone (or more than one person) to receive the balance in your super fund. Check if your current beneficiary is a binding or non-binding nomination. A binding nomination means that the specified person/people must receive the funds, but a non-binding nomination means that the people you specify are just a guide for the fund administrators and they may choose to pay the funds to someone else. Speak to our superannuation advisor in Perth today for guidance on your superannuation.
Get Life Insurance
Life insurance policies are a great way to ensure your family is taken care of financially after you’re gone. Knowing that they will receive a lump sum amount that will help them survive without your income. A lump sum can be used to pay off your mortgage (if you still have one) or any other debts, put towards your children’s education costs, or simply go towards day to day living expenses. Our financial planners in Joondalup can help assess whether you have enough life insurance in place.
Keep Your Documents Safe
If you have everything in place, make sure you keep all your documents in a safe and secure location. You also need to make sure that your family knows where they are, so there is no confusion about where to find them when needed. Your estate planner should keep a copy in a secure location and you could do the same, either at home in a fire proof safe or in a safe deposit box at your local bank. The quicker your family can access your will and policy details, the less stressful the whole process will be for them.
If you want to ensure your family is protected after you’re gone, talk to our Joondalup financial planners today at LUDA Financial Solutions. We can help put things in place that means that your family will be able to survive financially after you’re gone.