If you are a regular reader of our blogs, you will have undoubtedly heard us hammer on about the importance of having a plan. Well, this is especially so for young families. The loss of a spouse is a tragedy and not knowing where to start, who to turn to, what to do, is all the more overwhelming during a time of mourning. Although we cannot prevent death, we can plan for it and that is exactly what we aim to do when we work with families young and old.
In working alongside families, it is important to ensure that there are a few questions addressed in our meetings. The first is whether there is an up to date will in place; many may have drafted up a will years prior, but have perhaps since had more children, etc. It is essential to ensure that the will is properly set up and regularly updated as circumstances dictate. Another consideration is whether some form of life insurance could be relevant, even if it is just term life insurance. If you have dependents and there is one primary breadwinner, there needs to be a plan in place for getting an income stream and term life insurance could be a viable option for many families.
Another important element not to be overlooked is the importance of establishing professional relationships early on. I always highly encourage both spouses to be present at client meetings when possible, one of the reasons being so that either spouse can at least put a face to a name and know who to call in the event of an emergency. This can sometimes be a source of comfort when one is going through difficult circumstances.
Dealing with loss is unavoidable. The good news is that having a plan in place will help to protect your financial interests in the case of such a loss. We are here to help clients every step of the way, in good seasons and bad.
Janet Kim Sing, Portfolio Manager
Capstone Private Wealth