As Churchill once said, there are only 2 certainties in life – death and taxes. As an adult we don’t have much choice but to deal with taxes – there are heavy penalties and possible prison sentence for not doing so. However, there is no such incentive for planning ahead for your own death. Its not surprising therefore that most of us do not deal with the consequences of our own death. Instead we allow our attitude to be irrational and emotional.

Having gone through various stages of emotional irrationality, I now see death not only as inevitable but also ultimately as a showcase of our own legacy, however modest or grand. I have a simple theory – if I live my life in line with my simple values and principles, then I can look back on my life with pride and I should be ready to go whenever my time comes. And if I don’t hurt people, I am kind, and I touch people lives in a positive way then I don’t leave behind a bank of angry grief and aggrieved acquaintances or family and friend.

As a financial planner, I often ask my clients three simple questions :

1. imagine you have gone to your doctor and been told you have just 24 hours to live, how would you live the last hours of your life.
2. now imagine its your funeral, who do you think would be there and what would be they be saying about you? 
3. Now think about who you would like to attend your funeral and what would you like them to say about you? 

These may be seem easy but if you give some thought and answer them truthfully, they do help to solidify your values and what and who is important to us. It is so much easier then to live your life in line with who and what is most important to you.

This little exercise also helps to deal our death and although we may not be able to plan for when and how, we can plan ahead for dealing with the fallout. And there is always a fallout even if we live to a ripe old age. Having faced sudden death in the family and seen first hand the consequences of no planning (no wills and little insurance), I have little time for people who refuse to face reality and do not even make a will leaving the people they profess to love with an administration mess as well as their grief.

So having done my preaching, here is a short and simple guide to planning your own legacy:

1.  make a will – unless you specify how you want to distribute your estate, the Government will determine what will happen to it. You can now also make a “living” will outlining how you want to be treated if you are no longer able to communicate your wishes.
2. keep a schedule of your assets with details of bank accounts, investments etc as well as contact details and details of where you keep important documents such as marriage certificate, policy documents, your will etc. Make sure your nearest and dearest know where this is kept. 
3. make financial provision for your dependants – for most of us this usually involves some form of life assurance. As a minimum you should look to ensure you liabilities are covered in case of your untimely death. Life assurance need not be expensive – term assurance is pretty inexpensive and family income benefit (FIB) is also pretty cost effective. 
4. if you have children, then decide who should look after them – between couples this is often one of the most difficult thing to sort out but it needs to be done and some arrangements are better than nothing. 
5. clarify your wishes for your funeral – it might feel strange but it does give you control from beyond the grave. 

So however unpalatable and painful it might seem, I can assure that planning for your own death is good for the soul and it can also be a relief allowing you to get on with life.

Addidi provides a cost efficient, no nonsense will writing service for women in partnership with GSC Solicitors. Contact us for more information or call 0207 0606 0700.


This service is provided by Addidi Wealth Ltd who is authorised and regulated by the Financial Services Authority