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Losing somebody you love is one of the most horrendous things to experience. Recent events in our family circle has opened my eyes to the minefield that can happen if you are not prepared for this life changing event. Death has a huge emotional effect on close family members but it can also alter the way you live financially if there is no will available.
Lately I have been worrying about what would happen should this occur to me and/or my husband, we did not have a will and I don’t think I really understood how important it was. Once I started researching I wanted to make sure that Gee would be cared for should this event happen unexpectedly.
My first thoughts were not of money but who would look after and care for Gee. We talked about this and felt we needed somebody young who loved her as we do and who can support her through school, college or university and provide her with the emotional and physical support should this happen. Gee has four older brothers who are all close by, but only two of them at present could offer her the security she would no doubt need. With this in mind, we had numerous conversations about appointing a guardian who would have the parental rights should anything happened to us both.
Obviously, the thought of losing us, at this present moment, is high in Gee’s thoughts due to her cousin losing his Daddy. So, it was quite clear from Gee that she would like to live with her elder brother and we wanted to take into account what she was telling us, after all it would be her future and we would want her to feel as happy and as settled as she could.
When we started thinking about money we didn’t think we had much to leave anyone but looking deeper, we both have pensions and insurance policies which would pay out in the event of our death, these could offer a substantial amount for the person caring for our daughter. Unions also offer free insurance cover that may have been taken out, it is worth asking if you know your loved one was in any Union. All which without a will, would be held intestate and administrators would be selected by the Probate Registry.
Of course, the important item in any will, is the family home. Would you want your next of kin living in it? If you are not married this could prove difficult for your partner especially if you have children which could be entitled to a share in the home.
Not only do you have to think about children and money, many of us will have jewellery, ornaments and items which have been passed down from generation to generation holding years of memories. If you wanted to leave them to somebody close who is not a family member, then without a will nobody would know the importance of this and that person would miss out on your wishes.
If like me it is something you have put off because you are young, don’t think you have anything to leave, or you think it may be expensive, it is worth exploring for yourself. Net Lawman have some great advice around wills which we found really useful.
This is a collaborative post.