Death planning guide: shared responsibility
Money Savings Expert Martin Lewis has compiled a checklist of 20 things you need to consider when planning for the financial well-being of your family (it’s on his website). The check-list includes tips on wills, inheritance tax, funerals and setting up power of attorney. Our last post covered inheritance tax planning. This post covers the need for others in the family to understand the financial running of the household.
It's likely you make a good share of your household's financial decisions. Yet if you died, would your loved ones know which date the rent's due, when your car insurance runs out and where the stopcock is?
The MSE poll showed that out of those in a relationship, an average 49% of users said they usually control all the family finance in their household.
So as well as making a financial factsheet, take time to ensure your partner, kids, parents or flatmates have the practical skills they need to look after the household.
Whether you usually keep the car maintained, sort the savings or pay the milkman, make sure those who rely on you know how to do it for themselves too.