When did you last do “house- keeping” on your policies? When was the last time you checked your beneficiary statements on your life assurance and retirement funds? Has anything changed in your life? Do you still want your ex-husband, wife, boyfriend or girlfriend to benefit from your policies if you die? Have you made your child your beneficiary?
Minor children under the age of 18 years old cannot be nominated as your beneficiary. If you would like your children to be your beneficiary, make sure you have nominated your child/children in your Will and that you have requested a trust to be set up on your death to oversee your child’s money until they are 18 years old or older. If you don’t do this your children’s money will either go into the Guardians fund (government run) or to your child’s Co-Guardian (this could be your ex-spouse!)
If either thought leaves you horrified then change your beneficiary and update your Will immediately. Whilst you are thinking about this, make a note to review your Will – when was the last time you did this? Does your current Will reflect your wishes? Is it clear? Do you understand it? If you don’t – why did you sign it? If you don’t have a will? Get one immediately.
If you need help with your Will, please email me at firstname.lastname@example.org or phone us at 031 2663313 where we will gladly assist.
We will discuss your policies shortly.