Thinking about how your family would manage if you weren’t around may seem a little morbid. But it makes good financial sense and means you can rest assured that your family will be better prepared – both practically and financially – if the worst were to happen.
Make a plan to pay for your funeral
Funerals these days are surprisingly costly – the average cost in 2020 was £3,837, according to the Royal London National Funeral Cost Index. Making a plan to pay for your funeral will mean your family won’t have to find several thousand pounds at a difficult time. There are different ways of doing this – you could take out an Over 50s policy, a funeral plan (where you choose and pay for your funeral in advance) or put money away in a savings account.
Think about organ donation
Decide if you want to be an organ donor and make sure your family knows your decision. Even better, register your decision with the organ donation register for your country:
- Organ donation register in England
- Organ donation register in Scotland
- Organ donation register in Wales
- Organ donation register in Northern Ireland
In England and Wales everyone is automatically opted in to organ donation so you only need to register if you don’t want to be a donor or if you want to specify which organs you’re happy to donate. Scotland changed to a similar opt-in system in March 2021 for those aged 16 and over. Northern Ireland is consulting on the introduction of one.
Talk to your family about money
In many families, tasks are divided up and it’s often the case that one person oversees the finances. If this is the situation in your family, try to set aside time to make sure that another person starts to learn about the family finances. Show them where the important documents are kept, make sure they know what accounts you have – especially online accounts for which there might not be any paper work - and start to involve them in some of the regular tasks such as paying bills and budgeting.
Think about care of children
If you have children it’s important to decide on guardians – people who could look after them if you and your partner were no longer around. Think about who you would want to step into this role and ask them if they’d be happy to do so. Then make sure you appoint them as guardians in your will. You can also use your will to make sure there will be money to look after your children.
More articles you might like
When I'm gone list
A simple way to record your funeral wishes and your personal and financial details in one place.
Power of Attorney
Power of Attorney isn't just for older, wealthier people. Anyone can benefit from having one. Our guide explains the different types and where to find out more.
Making a will
A will is a legal document that sets out who will get what when you die. Find out why you should have a will, how to change it and more in our money guide.