Wills, powers of attorney and the conversation most families put off

Few people enjoy talking about what happens when they are gone, or unable to make decisions. Yet a little planning now can save your family a great deal of stress and cost later.

Your will is only part of the picture

A will covers assets you own personally. Some assets, such as certain insurance policies and investments, may pass according to beneficiary nominations instead. Making sure these line up is a key part of estate planning.

Powers of attorney

A power of attorney lets someone you trust make financial or other decisions if you cannot. Without one, your family may need to apply to a tribunal or court, which can be slow and stressful.

Starting the conversation

Choose a relaxed time, explain why it matters to you, and focus on what you want for the people you love. Many families find it easier with an adviser in the room to keep things practical.

When to review

Review your plans after major life events, such as marriage, separation, a new grandchild or retirement. Planning to retire soon? Start with our five-year retirement checklist.