WHAT HAPPENS IF…
OUR WORST FEARS COME TO PASS?
None of us like to consider those possibilities. But life happens. And so does death and cancer. And when those we love are trying to come to terms with the shock of that, they don’t need to be worrying about money too.
The best gift you can give your family upon your death is a well written, up to date will, enough free cash to live off whilst the estate is wound up (work on 2 years), and the cash to pay off the debts, taxes and fees that come with death. And that just deals with the time straight after the death. Thereafter, enough money to keep them secure is ideal.
In order to give that gift, you need a well thought out plan. One that looks at the needs described above, and the assets available. An Estate Plan will consider this in light of Capital Gains Tax that will be paid (you are deemed to have sold your assets the minute before you die) and Estate Duty (or death taxes) as well as the executor’s fees (up to 3.99% of your estate). And then work out how much Life Insurance you will need.
In addition, we consider situations that may also impact your income – such as becoming disabled or getting a critical illness such as cancer.