This post follows up on our previous post entitled “Have a Plan B”.
Now there is nothing sexy about paperwork.
But in any responsible and effective stressbusting™ strategy, some degree of planning for the future is essential.
In this respect, we find having peace of mind that loved ones as well as our wishes are adequately catered for in a worst case scenario is paramount.
There are a number of possible ways to achieve this.
Firstly, the drafting of a properly executed will can ensure that post bereavement intentions are properly observed and expenses are available to settle debts of the Estate.
It may also reduce the chances of your estate being disputed by family after the event, which can have devastating financial and emotional effects.
See our post entitled "The Dangers of Litigation to Stressbusting™" for related risks.
Secondly, having a degree of insurance in place is a sound policy.
Such insurance could take the form of pure life insurance (which pays out to loved ones registered as trustees in the event of death), or illness and medical expense cover (which pays out in the event that one cannot work for any medical reasons) or terminal illness cover (which as its name suggests provides cover in the event one is diagnosed with a terminal illness).
A policy could also comprise a combination of the above protections.
A real time example of the vital importance of early coverage placement is contained in our post entitled "Stressbusting™ during & after Cancer".
Thirdly, we need to be mindful that in the event anything happens to us that prevents us making informed financial decisions (such as a serious stroke) then our assets (including bank accounts) could be frozen unless a power of attorney is put in place in advance of that event enabling a trusted loved one to make decisions and have access to those assets for deployment in your favour in such an eventuality.
And finally, as we age the risk of our assets being used to fund our long term care becomes greater.
The legitimate need for the creation of some form of trust in favour of loved ones could mitigate the impact of this, but only to the extent that it is put in place sufficiently in advance of any actual or prospective infirmity so as not to be deemed as a payment avoidance strategy or have that as its creation’s sole or main purpose.
These are important issues, so do not be put off dealing with them simply because they involve unsavoury contemplations.
Get specialist advice, as they are, quite simply, critical to stressbusting™ in the long term.
If you have been adversely affected by anything contained in this post, please see, for example, our posts entitled "Learn to Expect (and Accept) the Unexpected to Stressbust™ More Effectively", "Stressbusting™ Techniques to Manage & Calm Overwhelm", "5 Key Steps to Stressbusting™ Decision Making", "Coping through a Managed Bereavement Process" and "The Dangers of Denial to StressBusting™" for further pointers, depending upon specific circumstances.
And please consult our Legal Notices section for further important information.
Big Love,
LouLoU&MikeyM™😍💙❤💚xxxxx