Most of us spend a great deal of time and energy building up our wealth. But how often do we think about making sure the people we care about will be properly looked after if something happens to us? A video on the Bloomsbury Wealth YouTube Channel.
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Transcript: Robin Powell & Chris Budd/ Financial wellbeing advocate
Robin Powell: Most of us spend a great deal of time and energy building up our wealth. But how often do we think about making sure the people we care about will be properly looked after if something happens to us? It’s not a comfortable subject. But getting your affairs in order isn’t just about protecting your family. Research suggests it can actually make you happier. Chris Budd is a financial wellbeing expert and author. He says one of the foundations of financial wellbeing is knowing that the people you leave behind will be okay.
Chris Budd: “One of the five pillars of financial well-being is having clarity and security for those that we leave behind. So that means if somebody has a life-limiting illness, they like to get their paperwork in order. That will bring them well-being and help them to feel better about things. Personally, I have a financial planner. I pay somebody to do financial planning for me. And one of the main reasons I do that is because I want to know that if something happens to me, somebody will be there, knowing where the money is, knowing where the policies and pensions are, so that my family will be looked after. So just having a financial advisor or financial planner is a really big contributor to well-being, because you know you’ve got somebody to help bring that clarity and security for those you leave behind.”
RP: Chris’s interest in financial wellbeing was partly inspired by the work of the Penny Brohn Cancer Centre. Dr Katherine Zollman, the centre’s lead medical practitioner, once told him a story that shows just how powerful even a small step can be.
CB: “ Somebody had a cancer diagnosis — a terminal one — was coming to their treatment support clinics, and he wasn’t handling it very well, understandably. And then one week he came along and he seemed much brighter and much more cheerful. And she asked him what was the change, what had happened. And he explained that he’d changed the ownership of the family car from his name to his wife’s name. That was all. But he felt better because he wasn’t leaving so many problems behind for his loved ones. Just that small change increased his well-being.”
RP: It’s a poignant story. Something as small as changing the name on a car registration brought real comfort to a man facing the worst of circumstances. The good news is, there are simple, practical steps any of us can take to make sure our loved ones aren’t left struggling.
CB: “The will is the obvious thing that everybody should have. I would talk to a financial adviser and get them to make a note of your desires and instructions. Make sure they know your children. Introduce them to your children so that the children have someone to speak to, and there can be a seamless transition of advice. Make sure that there are clear instructions for how you want pensions to be managed… Whatever it is that’s worrying you, get it out and write it down. And especially if you can write it down for a third party such as a financial advisor, you know that there’s an independent party who’s going to come back into the mix and look after people when you’re gone.”
RP: None of us likes to think about our own mortality. But taking the time to get your affairs in order — a will, life assurance, clear instructions for those you trust — can make a real difference. Not just to your family, but to your own peace of mind. If you’re not sure where to start, a financial planner can help. It’s one of the most valuable things they do — and one of the least talked about.
Disclaimer — The information in this video does not constitute advice or a recommendation, and you should not make any investment decisions on the basis of it. If you do however require advice please do not hesitate to contact Bloomsbury Wealth.
