Insurance is an important part of managing money matters. It’s a way to protect ourselves and our families against an unexpected financial loss. This might come about if something that’s precious to us is damaged or stolen. But it could also come from no longer being able to provide for our families because of illness or death. Having the right insurance in place can help bring peace of mind.
Read more on insurance in our Insurance guide, and find out more about the different types of insurances in our Insurance types guide.
Wills and insurance cover need reviewing whenever we have big life changes, like the birth of a child or separation
Enduring powers of attorney
An enduring power of attorney (EPA) is a legal document giving someone the power to act for us if, at some stage in the future, we lose the ability to make decisions ourselves. There are two types of EPA – one for money and property and the other for personal care and welfare.
Without an EPA, no one else can deal with property or financial affairs on your behalf.
Our guide on Enduring powers of attorney guide has more details on why we need them, and how to get them sorted.
A will formally sets out how our money and property should be dealt with after death. Most of us would probably rather not think about it, but we all need a will, no matter how old we are. Dying without a will can cause a lot of unnecessary stress and cost for the people we leave behind.
Our guide on Wills can show you how.
The aim of a family trust is to provide future benefits for close family members or to protect family assets. For example, many people in business use family trusts to protect their home in case their business fails.
Trusts aren’t for everyone – they can be costly and complicated. Get advice from a specialist trust lawyer or a professional trustee company.
Take a look at our Family trusts guide to find out how they work, the benefits and the risks.