Why start the conversation 

As we get older it’s important we talk to our loved ones about our money and future plans, to give us peace of mind and protect our families from any unnecessary stress after we pass away. We understand this may be difficult for some people, but the conversation doesn’t need to be scary or sad. To help you get started, we have put together three simple steps.

 

Step 1 – Tell someone where your important documents are

Make sure your loved ones know where to find your financial information and legal documentation, such as:

• Bank account details
• Passwords
• Credit agreements
• Mortgage details
• Insurance policies
• Pensions
• Will
• Power of attorney.

 

Step 2 – Tell them about what you want to happen

It can be stressful trying to figure out what someone’s preferences are when it comes to funeral arrangements, so tell them about what you want to happen. Talk to your loved ones about whether you want a simple funeral service or something specific and if you’d like a burial or cremation. You don’t need to go into a lot of detail, just enough that your loved ones aren’t left guessing when the time comes. 

 

Step 3 – Tell someone who it is that needs to be contacted

Let the people close to you know who needs to be notified in the event of an emergency. Tell them who should be contacted about your accounts, home, pensions, insurance and funeral plans.

 

Follow these three simple steps and start the conversation today, your future self and family will thank you.

 

 Further information

We have put together a short video outlining the three simple steps to follow when speaking to your loved ones about money and future plans - you can watch the video on the Money Advice Scotland TikTok channel.

You will find useful information on our website about Wills and Later Life Planning, including a wills and a power of attorney fact sheet, and details about Free Wills Month for those aged 55+. 

We also have an ‘Ask the Expert – An Introduction to Wills’ recorded webinar, which covers the key components of a will, how to make sure your final wishes are legally sound and what to include in the legal documents.