Useful information

ReviewI think it is safe to say, none of us want to consider our death however it is an intrinsic part of life. Therefore, it is important that we consider the structure of our life assurance and pension investments to ensure the correct beneficiaries receive the benefit in a tax efficient manner.

At Future, we have experience of dealing with next of kin after a death and working with their legal representatives to help establish the most expedient way of claiming benefits. The most difficult aspect is trying to establish pension benefits if the deceased has changed employment during their lifetime. Everyone should keep a summary sheet outlining their current and retained pension benefits. In the event of death, this provides a roadmap of where potential benefits may be claimed.

The importance of making a Will

Death is not something people like to talk about, think about or plan for. However, a little thought, and some planning now, could ease the practical and financial issues your family, friends and dependants will face when you die.

Unless you have a will in place, the law may decide who inherits your estate. Recent research indicates that:

  • 70% of adults do not have a will.
  • 53% of parents do not have a will.
  • Women (60%) are more diligent than men (53%) in updating their will.
  • Nearly half (48%) of married couples or those living together have not updated their will in the last 2 to 5 years.
  • Married, separated, divorced or widowed people (56%) are much more likely to have a will in place as opposed to their single counterparts (86%). (Irish Life research, 2010)

If you do not have a will in place yet, or have not updated an existing will – now is the time to start thinking about it.

While making a will is normally straightforward, it is recommended that you take professional legal advice.

Next Steps
Contact Future to discuss the structure of  your financial and pension investments.
If you have not made a will, you should make an appointment with a solicitor without delay.

For information on Making a Will Click Here – Making a will booklet

Family Law and Pensions
If you go through a separation or divorce, a court application for a pension adjustment order (for the retirement or death benefits payable under your plan) may be made. You can get more information on how a pension adjustment order works from your solicitor or the Pensions Board. If a pension adjustment order has been granted on your plan, you must let the scheme administrator and trustee know. You can get more information on how a pension adjustment order works from the Pensions Board.