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Alexandra, 42

Alexandra isn’t afraid of money. Like the marathon she just finished, and the year she took off work, she understands that sometimes you just need to put the work in, take a risk, and be patient. 

My relationship with money: "Sensible"

"I think it’s about the way you’ve been brought up with money, basically. I’ve always known what money is worth. Saved from an early age. And I’m sort of careful with my money, so I think that makes a difference."


I'd love to know more about investing and pensions


With some forward planning, I took a fab year off work


Talking about money can be taboo, but it's so useful


My biggest money question...

"I don’t have any dependants so do I need life insurance? What should I do with my money after I’m gone?"

 

 

Answer by Tina Weeks, Serenity Financial Planning

Life cover is (mostly) a lump sum that is paid out on your death. It is only necessary if money will be required after your death. Often, life cover is put in place to cover debts and dependants. If no one will be financially disadvantaged by your death, you might not need life cover at all.

It is completely up to you who benefits from your estate when you die. You can choose to leave any of it to any person or any organisation or charity. Many people choose to use their money for philanthropic reasons but it really is up to you. Your wishes can only be carried out if you leave a Will reflecting them. If you die intestate (without a Will) then your estate is distributed as per the rules of intestacy.

 

Found this answer useful?

Check out Tina Weeks' advisor profile and see what else she could do.


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