No one likes to think about a time when they won’t be around anymore, however, it is a sad fact of life that only death is certain. It is important therefore to be prepared for yourself and for those that you leave behind to make the painful process as easy as possible from a practical point of view. After all it is bound to be easier to talk about and plan these things now when you are fit and well, rather than when you are old, frail or ill and could be swayed by your own emotions or external pressures.
So what can you do now to prepare for the future?
In Your Twenties
In your twenties, retirement seems so far away and yet this is the foundation stage for preparing for your future. If you don’t pay into a pension account consider how you are going to live when you can no longer work. Have you got other savings, a property portfolio, stocks and shares or finances tied up in a business? It is essential that you start thinking about how you are going to provide for yourself when you aren’t earning anymore.
To find out more about pensions look at this informative page by Age UK, which has expert advice from a number of sources on financial planning for the future that you want.
In Your Thirties
Once you hit your mid thirties it is likely that most people, if they are planning to, have settled down with a partner, had children and potentially bought or be looking at buying a house. It is essential as soon as you own property, particularly if it is a joint venture, that you both have life insurance to protect your partner if the worst should happen and a will that clearly states what should happen to any joint assets. It can be hard thinking about these things when you feel like you are just starting to ‘make it’ in life but it is so important to protect your family.
To find out more about drawing up a will or trust get in touch with Quick Move Conveyancing who are specialists in this area and can tell you more about the legalities of the process.
Forties and Beyond
Life may not unfold exactly how you planned it, perhaps the breakup of a marriage or the joyous birth of an unexpected grandchild? In any event it is vital that you keep your will up to date to reflect your current situation and those who are important to you.