Don't die without doing these three things

Don't die without doing these three things
Have you made plans to make finances easier for your family when you die? The answer is probably no, with a new report showing close to three in five UK adults have yet to make a will.

Not having one can put a huge amount of financial and emotional stress on your family at what will already be an incredibly difficult time. A similar number don't have a funeral plan or a list of different financial providers, bank accounts and arrangements.

The Family Finances report from insurers Aviva also found just under half of parents have a plan for childcare should they both die. However only 14% have it written down and 13% haven't even discussed them with anyone.

To help make things easier for your loved ones when you're gone, there are three simple things you can do.

Make a will

A will sets out exactly how you want your money, property and possessions to be distributed when you die. Without one, the law decides who gets what.

That can mean your unmarried partner might not get anything, or could even be forced out of the family home and struggle to support your children.

If you're married, all your assets will automatically go to your partner but that doesn't mean you shouldn't also have a will. Having one will make it easier for everyone to sort everything out, and can stop different parts of your family feeling left out.

If you have children it's even more important as you can include your plans for their upbringing and future financial support.

Write a list of all your accounts, bills and policies

From bank accounts to borrowing it's easy for you to build up a number of different financial products over your lifetime. To help those left behind know if you've left behind any savings or debts make a list of them all.

Don't forget to include:

  • Current accounts
  • Savings accounts
  • Any investments
  • Pensions
  • Credit cards
  • Loan agreements
  • Mortgage
  • Insurance policies
  • Bills

Talk about your funeral

The Aviva report also found two thirds consider the subject of death off the table, so we don't speak about what we want when we die.

Yet, being clear about your wishes, particularly around your funeral will help everyone to know what you want. So if you don't want a big burial let your family know. You can also put this information in your will.

There are also funeral plans where you put money aside now to avoid rather than your family having to pay for it with the money you leave them.

This article is provided by the Money Advice Service.

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