FAMILIES AND "THAT CONVERSATION"
Are you ready for the unexpected?
Death and taxes are the two great certainties in life. The Family Building Society has wide experience of the difficulties that are faced by loved ones when there’s a death in the family. Although it is likely to be the last thing on their mind, money is important and if we all put a little planning in place, it could be made much less of a worry. It could also make for much less friction between family members.
Some key questions for us all
• Have you got an up to date Will?
• Does your family know where it is kept?
• Who are the executors and do they know what may be involved?
• Do you have an end of life care plan that the executors can follow?
• Have divorcées who remarry made the right arrangements for children of previous marriages?
• Do you need a solicitor, or is a specialist legal services firm more appropriate?
• Are you the only person who can access your bank account?
• Where are the deeds to your house?
• What are the details of your insurance policies?
• Is it easy to identify shares you own in companies?
• Is your digital life easy to find and close down?
• What happens to your social media accounts?
• Does your family know how to register a death?
• What are your preferred funeral arrangements?
All these are vital questions and take time for your family to find out when you’re not there.
Shouldn’t we share with our families what should happen when we’re gone? Let’s get over our natural reticence to talk about our finances, so when it really matters, it’s all very clear and as easy as possible.
The Family Building Society “Finance for Families”
Our checklist allows you to record easily all the financial details that your family will need to help resolve your estate and more than that.
Set out in clear language, the spreadsheet identifies all the main components of your financial life. All you have to do is get the papers out of the files and copy in the relevant details.
And, as we’re all different, there’s scope to build in items that may be specific to you.
Download your Record of Finances for your executor here.
Can you help us to make this idea even more useful?
If you find that there are important things that we have not covered, please tell us and we will add them to the list.
Read about some 'Real Life' scenarios.