Certainties in Life

There are not many certainties in life, but there are three that I know of. You will either:

• Live too long

• Die too soon

• Die just a little bit

These three certainties each have significant and serious implications for you, your family or your business if you do not address them and their consequences while you can.

Firstly, if you live to long, the chances are that if you have not made sufficient plans for continuing income in retirement, you will simply run out of money and eventually have to fall back on the State. The alternative to this is that you have not made any plans at all for retirement income and you have to stop work due to age or infirmity and you have to start retirement relying solely on State benefits for your income.

Secondly, you may die too soon. You may not even reach retirement age and die before any plans you have made even reach fruition or maturity. You may die still owing mortgage or other debts, and your family and dependents will then have to settle the debt if there is any value in the estate. If you die owing money, any money, and the estate has equity or value, the debts have to be repaid, in full, before probate can be granted and your estate settled.

Thirdly, you may die just a little bit. We all make our business and personal financial plans in the expectation that we will remain well enough to see them through to the end. Sadly, for a significant proportion of us, poor health will rob you of your ability to work as hard as you do, or work at all. Once again, the State will offer a measure of financial security for you, but believe me, that is not what you want, it is not what you planed, and it is certainly not what your family wants.

Although it is not possible to prevent you from geting old, becoming ill or passing away early, but it is possible, with forward planning, to help with the financial implications of any of it.

Nick Ingram