By Wouter Fourie
CERTIFIED FINANCIAL PLANNER® (CFP®)
Protecting your Household
At Ascor® we have often consulted to women who have lost their husband, only to realise that they had no idea of which policies he had, how to claim them or what is stated in his will.
Looking after your household also applies to non-financial considerations, such as custody of children if both partners pass away or the creation of a trust that can hold the family wealth until children are old enough to be good custodians of the money.
To prevent the unexpected from catching you and your family off guard, consider the following steps:
1. Have the conversation with your husband or partner
It is important to discuss your personal and shared finances regularly. This may be difficult at first, but it will become easier as you regularly return to the conversation and you keep in mind that it is in the best interest of the family.
2. Have the conversation with a wealth planner
A CERTIFIED FINANCIAL PLANNER® (CFP®) is trained to assess your personal and family’s financial situation and provide the best advice on how to plan and invest for the future. Look for a truly independent advisor who is not beholden to a specific financial service provider and who will then try to force your individual needs into the available products from that provider.
3. Create a will and review it on occasion
Both partners should have their own will and it should consider your assets and your personal wishes. Review this at least annually, because circumstances and your needs will change over time.
4. Consider creating an estate directory
If you or your husband or partner passes away, you will invariably find yourself in a lot of emotional turmoil. An estate directory records all your partner’s details, including some often overlooked items such as their mail password, social media accounts and best friends’ contact details. This lightens the burden if you ever find yourself in this emotionally trying time.
5. Invest for yourself
Many families combine all their finances and often only invest in the husband’s name. While this is not wrong, it is not always sufficient should the husband pass away. Consider creating your own financial portfolio, however small.