Our Debt Free Family

Commit. Plan. Take action.

  • ABOUT
  • CONTACT
  • FREE FB GROUP
  • FREE DEBT REDUCTION TOOLS
  • GET OUT OF DEBT
  • Privacy Policy
You are here: Home / Family / 5 Top Ways to Protect Your Family’s Wealth

5 Top Ways to Protect Your Family’s Wealth

February 16, 2021 | Leave a Comment

When we start a family of our own, one negative side effect that is shared unanimously around the globe is an anxiety over our loved one’s futures when we are no longer around to care for and protect them.

While this is entirely natural, and cannot be eradicated from late night bouts of insomnia entirely, there are practical steps we can take to make certain that our family’s wealth remains intact, even in our absence, and that they are always safe and provided for. Read more below.

  • Create a Will to Ensure Your Assets Are Distributed According to Your Wishes

Dying without a will represents a significant risk. The only way you can feel confident about your family’s future is by creating a will that is valid, comprehensive, and up to date.

Without it, you could be leaving the future of your estate in the hands of laws of intestacy, which stipulate that only certain, close family members stand to inherit anything from your estate. The rules preclude non-married partners, even those who have been cohabiting for many years, from inheriting, which can put your family’s future in jeopardy.

  • Look into Trusts and How They Can Help to Protect Your Family’s Finances

Trusts are utilised by many people to ensure that their assets are protected during their lifetime, and after their eventual passing. They can be used to ensure that the finances are safeguarded against tax and a wide array of other issues that may interrupt your wishes from being realised.

  • Protect Your Business Assets

It is easy, when looking into ways to protect your family’s wealth, to overlook any business interests or concerns, and to see them as entirely separate. When you are a business owner or shareholder, for instance, ensuring that measures are put into place that ensure the continuity of business as usual will mean that both your business and your family do not run into difficulties in your absence.

One of the most common and effective ways of ensuring this is by appointing LPA, or Lasting Power of Attorney, to someone you trust to continue making importance business decisions on your behalf.

  • Ensure Your Will and Legal Documents are Kept Up to Date

Not only is creating a will essential to protecting your family’s future, but ensuring that it is kept up to date and reflective of your most recent wishes will prove just as vital to your own peace of mind over your family’s future.

For instance, if you and your spouse make the decision to enact an informal separation, then they still stand to inherit from your estate under the rules of intestacy, or under an outdated version of your will.

You cannot feel certain about your family’s future, and the dispensation of your wealth, unless you routinely revisit and make amendments to your will.

  • Don’t Forget Your Digital Legacy

Just a few short decades ago, creating a will meant considering assets that were far easier to keep track of, such as your estate and bank accounts. Nowadays, our estate is also being spread increasingly thin across the digital sphere. The term ‘digital assets’ comprises things as diverse as our digital photo albums, social media accounts, and, in recent years, virtual currencies and e-wallets.

Forgetting this means overlooking a significant portion of your estate – a portion which may be lost or forgotten about entirely. It is equally as important as property and savings accounts, and must be acknowledged fully within a valid will.

Filed Under: Family

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Facebook
  • Pinterest
  • RSS
  • Twitter

 


Five Steps To Debt Freedom

Here are five simple guidlines that will help you pay off debt.  

1) Get an emergency fund so you don’t take on debt when something comes up.

2) List your debts. This way you know where you stand.

3) Use the debt snowball. Pay your debts from smallest to largest, or most expensive to least expensive.

4) Avoid new debt. No new credit cards or loans. Period.

5) Go all cash. After everything is paid off, switch to all cash.

Helpful Resources

The Free Checklist for a Strong Financial Plan

U of Tennesse Debt Repayment Plan Basics

Vertex 42's Debt Payoff Calculator

Savingadvice's Helpful Debt Forums

Jackie Becks Debt Blog

Our Most Popular Articles

How Alice and Scott Paid off $200,000 in Student Loans

Learn How Christine Paid off $500,000

Use the Debt Snowball to Create a Payoff Plan

Do Nothing and Save Money with the Paribus App

Thanks To Our Advertisers

Get the tools to start living debt free! Learn more…

Need a title loan in Jacksonville, Florida? Go to 1-800 Loan Mart. Fast and easy applications.

Copyright © 2022 Runway Pro Theme by Viva la Violette