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Are you certain you know what happens to your money when you pass away?

There are certain things in life that just doesn’t bare thinking about. We try to push it to the back of our minds and forget about it. But, more often than not, pushing away problems doesn’t mean they go away. Thinking about death and leaving behind loved ones is a painful thought.

Planning what happens to your money when you die is not easy. It is not simple but planning and knowing what to expect when you pass on your assets to people, charities and causes that matter the most, will help put your mind at rest.

We know estate planning is a big decision, but Reeves Independent are here to help you. We will explain the basics and take you through a range of common scenarios as to where your money goes, giving you tips to make a plan.

Follow our useful guide which outlines everything you need to know in order to prepare you if the worst were to happen.

1. Do you have a will in place?

Intestacy is the act of dying without leaving a valid will. This can be for a range of reasons, such as being they never made one or the will wasn’t written correctly.

However, despite these rules being in place, it really can add a great deal of stress. Within these rules, your money could end up going to the Government and you will not be able to choose where your estate goes. Your family could be left without any financial support.

It adds stress, time and effort to your beneficiaries. The best thing you can do is to make sure you have a valid will in place, and you can decide where your money goes.

2. Is your mortgage paid off?

Death doesn’t mean that debts go away – they still need to be paid. These include monthly mortgage payments. In these regrettable circumstances, what happens to the property and the mortgage vary, but there are some key items you will need to consider. Speak to our team of specialists who are equipped with the knowledge and expertise to help you tackle this issue.

3. Will your family be financially protected after you are gone?

When you start earning a good and regular wage, it is so easy to start taking it for granted. But we have seen with the pandemic, that can all come crashing down and leave you with a financial nightmare.

All it takes is a serious injury or death to have a devastating impact on a family’s finances. Having an insurance policy in place will ensure you and your family have a safety net in place – giving you peace of mind.

Things to consider

Accident and sickness insurance

This will pay you a regular income, typically for a calendar year. If you want to make sure you are covered for a longer period of incapacity, you may need to consider income protection. We would always recommend building up a good emergency fund.

Family Income Benefit

What is it? – Also a type of term assurance but instead of paying a lump sum on death, regular monthly payments are made for the remainder of the term.

Why buy it? – FIB policies can be used to cover monthly expenses. An example of which could be that there’s a main earner of a family, and two children (financially dependent). Should the main earner unexpectedly die, the loss of income could be covered by having a Family Income Benefit in place.

Whole Life Insurance

What is it? – Whole of Life Assurance is a long-term product designed to pay out a cash lump sum on death, whenever that occurs.

Why buy it? – It is useful when considering Inheritance Tax Planning. If it is likely that upon death, passing on your estate will be subject to IHT, Whole of Life Assurance can be in place to cover the bill so that your beneficiaries will receive your estate in its entirety.

Critical Illness Insurance

What is it? This type of cover pays a cash lump sum following diagnosis of one of a number of specified critical. The importance of considering this type of insurance is highlighted by the fact that someone under 65 is five times more likely to suffer a critical illness than to die.

Why buy it?Critical Illness can happen to anyone. Similar to death, it is likely to cause financial hardship. CI cover provides a lump sum which could be used to pay for financial liabilities, ensuring no additional stress is applied to what is probably going to be an emotionally difficult time.

Private Healthcare

With 6.5m people on the NHS waiting list, this is becoming an increasingly popular option as there are fewer waiting times, you are seen quicker and medical issues are resolved sooner.

What is it? – Private medical insurance (PMI) provides cover against the costs of private medical treatment. PMI is mostly aimed at acute conditions.

Why buy it? – This is relevant more so than ever. Waiting lists for treatments are excessively long due to the strain the NHS has been under during the COVID-19 pandemic. Further to this, dependant on the plan, you could have the option to choose your preferred hospitals and doctors/surgeons.

Reeves Independent can help assess your needs, your family circumstances, risks involved and recommend which protection is best for you. We will then help to scan the whole of the market and find the best value, best suited product for you.


A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Estate planning not regulated by the FCA.

This article is for general information only and does not constitute advice.

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