WHAT if your financially savvy partner dies today? Are you ready to take over the management of your family's finances?

Death and its devastating effects apply to all of us and this is one of the aspects we have to think about.

Let's say you are running a small business and you are a Mr or Mrs I Do It All" kind of person. You may manage a few of your employees and control the bank account and password you use for your business. You are the one who pays your employees every month and have the password to your server.

You basically control all the access to your computer and files. But what happens to the business when you are no longer there?

Think about it. If your spouse dies, emotionally, you will be a wreck. You will not be able to cope with daily duties and regular life for some time. In your grief you may even wish that you had also died.

This is why it is important for couples and families to talk about money. Anyone close to you must know what is happening with family finances. One person must be able to keep his or her head above water by keeping the finances safe and sound in case of a family disaster.

Prepare for this time by asking yourselves the following questions:

Is there money for a funeral?

Do you have a life insurance policy? If so, where is it. Be aware there will be quick cash needed for the funeral. Is there cash stashed somewhere under the mattress or in a bank? If it's in the bank, what is the pin number? Do you have any burial society to cover the costs of the funeral?

Do you have a will?

No one wants to think of this until it is too late. Lack of a will or not being aware of the existence of a will can be devastating for a family. The state may take over the management of your assets and dictate where your family's money and property must go.

Do you have pre-arranged funeral details?

Some people write their own obituary, programmes and spell out how they want their exit to be conducted. If you are one of those, make sure that document is accessible.

What about bank accounts?

You need to know where all the money is and in whose name those accounts are. Is there a retirement plan? Do you know who to contact at his/her work for this?

Is there a homeowner's insurance policy?

Some homeowner's policies pay for the home in full in the event of a premature death. You need to be aware of whether or not such an agreement exists with your policy, and be prepared to transfer the ownership of the home into your name or whoever's name is mentioned in the will.

Is there debt owing?

If so, is there credit insurance on the debt? If there is, is there a document that tells you how to go about claiming for that insurance to pay off the debt?

By the way, 99% of people who take on debt and have opted for credit insurance don't claim.If you are up to date with your monthly payments, you can claim even when you lose your job. All you need is a letter from your employer stating that you have been retrenched.

Take your life and money seriously. Thedream@winniekunene.co.za

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