What should you know?
Much of our work is focused on helping our clients to live their best lives, on their own terms. However, we must also acknowledge and plan for the unexpected.
One of the key questions we need to prepare for is “What happens to your assets when you die?”.
With planning and forethought, this can be simple and straightforward. Unfortunately, many people choose to ignore the topic until it’s too late, creating what can be an incredibly complex and costly situation for the loved ones they leave behind.
Thinking about your own demise is unpleasant and can feel irrelevant if you are fairly young and healthy. After all, none of us are planning to die anytime soon!
However, it is an essential part of any sensible financial plan. Taking some simple steps can save big headaches and large unnecessary costs in the future.
Here are some important considerations:
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- Tax: Where you choose to hold your money, and the type of accounts you use, can greatly impact the amount of tax due if you die. Get this right and you could save your beneficiaries a fortune.
- Your Wishes: Make sure you have control over where your assets will go if you pass away. Without prior planning, the fate of your assets, and ultimately your loved ones, may be decided by attorneys and courts.
- Claiming Assets: Have you ever considered how your beneficiaries will claim access to your assets after your death? It’s much harder than you think, especially if you hold assets in numerous countries. With considered planning, this can be quick and simple. If left to chance, the process can be long, painful, and expensive.
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Putting intentional thought into protecting your assets can reap huge benefits. It will give you peace of mind knowing that everything is taken care of so that you can concentrate on enjoying living!
