You might be completely happy and healthy right now, and perfectly able to look after your loved ones and provide for them financially and emotionally, but this doesn't mean you should rest on your laurels and presume that it always will be that way. Caring for your family in the here and now alone just isn't enough if you really want to make sure that your loved ones are safe and looked after, and while it may be a grim topic to think about it's crucial that you also consider how you are going to protect your family after you're gone - and the same goes for anyone else you know.
One way to do this is of course with life insurance, and if you aren't already paying life insurance but you have financial dependents this is something you should start doing right away. Life insurance pays out after you pass away, ensuring that your loved ones have financial support when you're no longer there to win the bread, and ensuring that they can continue to live the quality of life to which they have become accustomed.
At the same time though you should also look into setting up a will to ensure that they also get the money that you leave behind for them, and that this money goes to the right people, and you should encourage your family to do the same.
If you do not manager to set up a will properly, then several things can happen. One is that you completely lose the money and that it ends up being reclaimed by the state meaning that all your hard work goes to waste. The other might be that your family ends up bickering and fighting over the money you've left behind and this can then result in a rift forming when really your departure should have brought the remaining members of your family closer together.
The same is true if you have any members in your family who have not written a will, so it's crucial that you encourage them to write one. This is particularly true for elderly or unwell members of your family, but really anyone should have a will as you never know when tragedy is going to strike.
To set up a will that will stand it's important to involve a lawyer in its creation. Likewise when it comes to discussing a will that isn't clear or that isn't legally valid, you should make sure that you involve lawyers to try and get it settled in a satisfactory manner. Involving a lawyer and doing things properly can help to take the responsibility off of your shoulders and avoid arguments.
If you find that you are still squabbling about the will then there are a few things to follow. The first is to honour the wishes of the deceased - it is their money and it's up to them how they spend it. Don't feel guilty if they left more to you than to someone else. The other is that you can always spend the money in a way that benefits everyone - distribute it among your children, or use it for a family holiday.
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For more on settling and writing wills, visit Snodgrass Legal. Our family lawyers MT Eliza can help you come to a satisfactory resolution in line with the law.
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