Financial Moments

Why you need a Family Continuity Plan

By Vincent Heys 

As we are all housebound currently and keeping our families and loved ones safe from the corona virus, we have time to consider some key issues that might have been put aside for some time now.  One of these issues is creating a Family Continuity Plan.

Having a plan in place will ensure that there is more peace in this time, as structures are put in place to protect and take care of our loved ones.

Vincent Heys, Director of Kingsmere Financial, highlights in the video below 3 practical things you can do that will put a family continuity plan in place effectively for you as a family. These are practical measures they have put in place.

    Will and Power of Attorneys

    Most families that Kingsmere Financial Services deal with are from overseas, and their wills are still in their country of origin (in this case in South Africa). It is critical that there should be similar wills in Canada that will deal with the assets and family members here.  In Canada, there will be a will for a husband and a wife separately, as well as power of attorneys for both. 

    Ensure that the wills and power of attorneys are kept in a safe place.  Sometimes the lawyers allow you to keep these them. If they can’t do it, then buy a safe, fireproof small box safe at Walmart or alternatively keep it at your workplace in a cupboard somewhere. It is important that you notify people to know where it is. If people are not aware of where it is kept for safekeeping, it might never be found.

    Investments and policies

    Vincent and his family have printed copies of all the investment accounts and policies, placed it in a physical folder and kept it at home, as well as placed the contents onto a Google Drive, to which his wife has access. Should something happen, she would have access to it. A good idea would be to have a copy of this with another party as well.  In Vincent’s case, his brother lives in Canada.  He shared his investments and policy numbers with him, in case of an emergency. If you don’t have family members yet, it might just be important to let your family back in South Africa know or offshore know where it is or their close friend that they know exactly where and how to reach these documents.

    Passwords

    Lastly, it is important just to share your passwords with your spouse. They have used their mobile phones and making use of iNotes, which has a functionality where a password can be activated. Within that one document, they list all the passwords that are used, a copy of this is on each spouse’s phone. This is secured with a mutual password that can be accessed.

    Reach out to the Kingsmere Financial team – they are passionate about keeping you and your loved ones safe and well prepared for any challenges that might arise.

    Watch the video where Vincent takes us through his thoughts – click on the image below:

    Vincent, a qualified Actuary, started his career in South Africa in 1996. After working in the UK for two years he co-managed one of the first fund of hedge funds in South Africa. During this time, he created and implemented investment strategies for some of South Africa’s largest pension funds. During 2007, Vincent co-founded Seed Investments, a private client wealth management business and in 2013 he co-founded Seed Analytics, a fintech company that provides financial advisors with consolidated client reporting and Business Intelligence. Vincent relocated to Toronto in 2017 and co-founded Kingsmere Financial.

    He has as passion to see private clients reaching their financial goals through financial coaching and integrated software solutions. These are some of the elements that make Kingsmere Financial unique. For more information refer to www.vincentheys.com

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