There is an important aspect to Financial Planning we would like to highlight which is the potential risk associated with an illness, injury, or major trauma event occurring to a member in your family ie a son, daughter, their spouse or a grandchild.
- Would you step in and help out your family in the event that one of your children, their spouses or your grandchildren were to suffer a serious illness or injury. We know the importance of family and think in most cases the answer would be yes.
- How would you feel if when you found out they had no or insufficient insurance cover to provide for their family.......how would the rest of your family feel?
The financial consequences for you could be a burden too great to bear and drastically affect your future plans and other family members.
Many parents know little or nothing of their extended family’s real financial position, this extends to not knowing how much debt they hold and ongoing financial commitments they have. In addition, most parents rarely know what insurance cover they have in place and if this is sufficient to meet the circumstance.
This is not unusual as they are adults now and responsible for their own life BUT, if something did happen and only then did you find out, you would potential have to suffer the financial consequences. This is what we call Family Risk as it affects all members of the family.
We provide a financial planning service to the adult children of our clients. We would be happy to have a discussion with you about your family and how we could provide this service to them.