Keeping things safe: Essential things you should do that you rarely (if ever) think about
In the crazy, hazy every day, it’s so easy to let little things slip by. You always plan on working out at night, you mean to set up that extra savings account, but then life gets in the way and those things fall to the bottom of your to-do list. But there are some things that are simply essential, even if they’re not the most fun. Since we here at Your Coffee Break want you to be your secure, safest selves, we’ve come up with a quick list of the essential things that you probably never think about:
1. Life insurance
While this isn’t the cheeriest of subjects, it’s always better to be safe than sorry. You most likely have car insurance or house insurance, but as you probably know, it’s equally important to have life insurance (after all, who do you care about more than your loved ones?). While taking out another chunk of your monthly paycheck might seem like an impossibility, just think of it as another form of investment—just this time, it’s an investment in yourself.
2. Pension scheme
We all know how important it is to save for the future. You never know when an emergency might strike and you’ll always feel better with a little “rainy day” cash stashed away for such an incident. But something that you might not think about as much is a personal pension scheme. By setting up a personal pension scheme, you can be sure that once you retire (though I know all you hard working Gen Y-ers can’t even think that far ahead!), you’ll be much better situated.
3. Setting up a will and ensuring your loved ones inherit your will
Again, while not the happiest of subjects, it’s one of the most important. No matter what age or what financial situation you are in, you want to make sure you have everything in order just in case. It may be hard to believe, but 58 percent of adults in Britain have yet to write a will.
We know these types of things can be a little difficult to figure out on your own, but that’s no reason for letting them slide. One thing you might not have considered in terms of setting up a will is setting up a Lasting Power of Attorney, or basically, a trusted friend or loved one who would act for you were you to lose mental capacity. No one wants to consider this kind of possibility, but the repercussions for not setting one up could be lengthy and costly. Another way for someone to have legal right to deal with someone’s property, money, etc. is to apply for a grant of representation, or a grant of probate. It may sound complicated (check out the links for helpful instructions and explanations!), but educating yourself on what to do for these types of situations is ultimately priceless.