Financial Planning for the Inevitable: “Nothing is certain but Death and Taxes” – commonly attributed to Benjamin Franklin, the famous quote was actually written by author Daniel Defoe 63 years previous to the famous U.S. president.
This week I received a random postal leaflet about insurance for funeral costs. I’m in my forties! But it got me thinking. So, rather than pay an insurance company – with probable small print specifying one can only die in a certain way on a Thursday - I set up a dormant account with a standing order between now and retirement. God willing I’ll have longer than that.
Then my beautiful children will not have to pay for my funeral. I don’t find this kind of financial planning depressing. Far from it, it’s kind of great knowing I’m setting in place one less thing for my children to worry about – like I can still be sorting a few things out for them even when I’m no longer here.
After writing this piece this article appeared in the news today (7/7/17) "Thousands may be let down by funeral plans" report commissioned by Dignity, one of the biggest providers.
I’ve often said that financial planning is like going ahead through time and blessing your future self. There are financial decisions I made almost 20 years ago that are still blessing me today.
It also clearly blesses those we love too. A few years ago, my parents showed me a folder on the desktop entitled “For When We Die.” In it are all the instructions we need. Love plans.
If we’re not computer minded a normal folder will do. In fact, I highly recommend it, in addition to online records. We have what’s known as a “Grab Folder” – an A4 file with absolutely all the information we need to run out the house and start life over somewhere else. It’s a worthwhile exercise, for peace of mind.
Part of that folder should include your receipts for your Physical Gold and Silver or at the very least a list of what you own and where it’s stored. If you’ve lost copies, it may be worth contacting the company from which you purchased, to see if they’ll re-issue?
People to Tell about your Gold and Silver
We highly recommend keeping your purchases of your Gold and Silver from Bleyer on a strictly need-to-know basis. Common sense dictates no pub chat. But who needs to know?
Family: Who are the intended beneficiaries of your Gold and Silver? On the one hand, it is nice to keep surprises. But on the other, what would happen if they never found it?
Executors: As importantly, they will need to know how and where to access your physical Gold and Silver, including safe access codes or details of your allocated account, if in secure storage – including account signing rights.
Friends: Are there beneficiaries who are not actually related? I have a handful of friends who are like family.
Professionals: So, it’s worth giving your solicitor a sealed envelope of instructions also, just to keep it smooth for all involved after we’ve left.
Insurance Company: Not all planning is for after that time. If you are storing at home, it’s worth keeping an eye on the rising value of your Physical Gold and Silver over the years. As the price goes up, are you still covered to keep it at home? If notifying your insurance company makes you uncomfortable it might be time to consider secure vault storage. Bleyer can arrange this for you; for more information click here.
To discuss how Bleyer can help you in your financial planning, both in the near future and further ahead, contact either our C.E.O. Caroline Peers or one of the team on 01769 618618. To purchase Gold and Silver bars and coins visit Bleyer’s website, call or email [email protected].