As we age, the sincerity of our interdependence is reflected in those actions that nurture our deepest relationships. It’s in those small “giving” pleasures that we show we care for each other. It can be through small gestures, such as the chores and duties we do and in the giving of simple pleasures such as making tea or coffee for our loved ones as part of a morning ritual.
Relationships are unique, bound by experiences, values and confidence.
It’s not uncommon to find that the “money” side of the relationship can rest with one of the partners; it’s that confidence in each other that provides the financial glue that keeps our lives “financially enabled”. Which can lead to asking the question – what will happen when we’re no longer around? Decisions made jointly may now need to be made singularly; previously a problem shared will now be left to our partner. Our absence might cause personal financial stress for the first time and at a point when our partner might not be best equipped to deal with our loss.
While having money enables our goals, the reassurance that we have enough and the confidence to know we will be okay might now be missing. This worry drives us to think about what we can do to cement our lasting legacy to each other.
Money can be one of the leading causes of stress in a relationship, affecting the quality of the time we spend with our life partners. Thinking about money can occupy our minds so much that it can freeze our inner motivations and desires and prevent us from living our best lives.
When the added stressor of losing a life partner arrives, a financial plan can provide the reassurance that purpose and legacy wishes can be kept after a loved one’s death. The vision of a shared, enduring financial plan can survive the death of a loved one. It can provide the financial and emotional protection needed when we’re gone.
What can you do?
Engaging a financial advisor works well the closer to when you begin a relationship, particularly when combining your lives together. Creating a financial plan in preparation for a life event can also be an important stage in deciding to seek out financial planning expertise (buying a home or a business, children, arriving grandchildren). A financial advisor can be the objective sounding board and serves to keep your shared goals and purpose on track, particularly when adversity arrives. It can be the confidence that gives meaning to continue with life’s purpose.
A lasting legacy starts by ensuring each partner is financially sound by having a financial plan; a plan that allows for when we’re not here to share the morning rituals.
Damien Quirk is a Senior Financial Advisor and has worked across the finance industry including superannuation, personal advice and the banking industry for more than 30 years. He has assisted high net worth individuals with complex financial structures right through to working with mum and dad’s and their important personal financial goals. Contact Damien to discuss your legacy needs today.