Living well vs leaving an inhertitance
Death planning guide: living well
Money Savings Expert Martin Lewis has compiled a checklist of 20 things you need to consider when planning for the financial well-being of your family (it’s on his website). The check-list includes tips on wills, inheritance tax, funerals and setting up power of attorney.
Towards the end of their lives too many people scrimp, attempting to save some money for their children’s inheritance.
You shouldn’t be one of these people. Your old age is a time when you should be able to enjoy the fruits of your earlier labour. One way to do this is to think about what income you need to be comfortable in old age and establish a pension accordingly. In the age of austerity this can be easier said than done. In which case you need to take care of your requirements in old age, ensuring that you have enough income to be warm and comfortable. Your children don’t need to be left anything, they can take care of themselves or gain access to the services that can help them achieve this.