How would my family cope financially should I die suddenly?
It’s not a question we like to ask ourselves or enjoy thinking about, but it is a question that should ultimately not be ignored.
After the painful loss of a loved one, a family can be left with the realisation that they may struggle with their ongoing financial liabilities. Mortgage payments need to be covered. Monthly income could be less than required. Child care requirements may change. It is, however, possible to plan for such circumstances. Adam Maynard (pictured) from Spencer Maynard Wealth Management explains: “One of the most valuable services we provide our clients in terms of peace of mind is advice on financial protection.”
“We provide solutions and advice ranging from ensuring your mortgage is covered in the event of your death to implementing sophisticated trust arrangements which can protect your wealth over generations.”
“Modern arrangements can be tailored to provide cover in the event of death, diagnosis of an illness, short term sickness as well as long term sickness and unemployment.”
Of course, everyone has different circumstances, different needs, different family responsibilities and different levels of affordability. It is therefore important that any arrangements made complement you without adding unnecessary stress to your lifestyle.
Adam continues: “It is possible to customise the type of cover required so it fits your circumstances and budget. “Arrangements can be a lot more affordable than most people think especially with the option to pay premiums monthly.”
We all hope that we never have to use the arrangements we make, but if such a life-changing situation occurs, the peace of mind that comes from having put plans in place for the financial wellbeing of our loved ones can prove invaluable.
Spencer Maynard Wealth Management is a firm of Financial Advisors based in Battle. To speak to Adam for more information call 01424 777994 or visit www.spencermaynardwm.co.uk