This doesn’t just have to mean money and finances either. There are many different ways to plan for your future, most of which are relatively simple, so there is no reason for you to avoid doing it.
Make A Will
Whether you have loved ones or not, it’s always best to have your affairs in order, should the worst ever ha
Despite a will being seen as one of the most important assets to planning your future, it’s shocking that more than 60% of UK residents haven’t actually written one. A will is an incredibly powerful and legal document, that is absolutely essential if you have any assets or family. If anything happened to you now, there is no automatic right for your unmarried partner to inherit any money or assets from you, which will only add to their distress and grief. Visiting a probate solicitors and planning your will makes much more sense than have your finances decided for you, as this has the potential to miss out important people in your life. Writing a will also means that you can avoid unnecessary amounts of inheritance tax and save money. If you’re a single parent, you can also state in your will where you want your children to live when you pass.
Power of Attorney
Unfortunately, “the worst” could mean a range of different things, with your death being just one of them. There are many diseases, such as Alzheimer’s and dementia which can leave you unable to make financial and welfare decisions for yourself. Many people believe that this right automatically passes to your partner or family, but that isn’t always the case. You should always register a power of attorney, to ensure that this is what happens. If you don’t think ahead and make some solid plans, then you will have no say in who help with your finances and welfare, which could potentially be very distressing for your family.
Pre-paid Funeral Plans
A funeral can be incredibly expensive but is worth it to give you the best possible send-off. Whether you have family or not, a pre-paid funeral plan is always a sensible idea, as it ensures that you definitely get the send-off you are hoping for. Different funeral plans include different extras, such as a headstone, a wake, or flowers, but most will include all of the essentials like your coffin and your transport. Any extras will need to be paid for by a family member or a friend. This money could also be accounted for in your will; You’d simply need to leave someone in charge of it.
Thinking about the future can be scary, but it’s a lot easier if you know that everything is already arranged and in order. Whether you have family or not, there will always be someone that cares for you, be that a friend or even a neighbour, so it’s always best to have everything planned, to save them having to worry about anything. You never know what the future may bring, so start the ball rolling now to make sure that everything happens as you want it to.