A few colleagues passed away recently – 2020 continues to be something else. Besides being very sad for their families, it was disheartening to realize that they did not really put things in place. Everything that would assist their family came solely from company benefits. They did not have their own personal arrangements in place. Estate planning is uncomfortable for many people but the loss of my colleagues reminded me once again how important this is. It is a tough subject to talk about but we have to consider how our family will survive if we are not here. It isn’t prudent to solely rely on company benefits to look after your family; they are never sufficient. When you retire from the organization those benefits usually disappear. What then?
While I am obviously not a professional estate planner, being a Human Resources professional in Compensation and Benefits exposes me on a daily basis to situations where employees or retirees did not name beneficiaries. Or the beneficiary named is a common law wife, but the employee or retiree was legally married and separated so the common law wife isn’t entitled to the benefits – the wife is. These are just a few examples which show that people generally do not prepare for the inevitable. Why not have your affairs in order so that if you suddenly pass away, your family is looked after? While no amount of money can compensate for a loss, it can certainly help with dealing with the final expenses and cover debts. The video below gives a great summary of what an estate plan should comprise. While it is an American video, it can still be useful to help you get things started:
It is a lot to take in and a lot to consider, but it is important to have things in order for the future. Your family relies on you now. Their needs do not disappear if you suddenly pass away, get sick or get injured. In the interim, I have always been a believer in insurance. Life insurance, critical illness insurance and income protector policies are some of the products that can provide for your family in case of any unexpected life events. If you need a financial advisor, you can check out my husband’s page here.
Sorry for the somewhat depressing post, but it is just a reality we have to face. Hoping that you take the opportunity to review your own estate plan or to put together something to achieve your personal goals for the future.
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