February news article

Protecting your family financially isn’t the only way to help!

Often in a family situation one person will deal with the financial aspects such as savings, investments, pensions and the like. History shows (rightly or wrongly) that the male half of the relationship takes the lead. But who would your other half turn to in the event of you passing away? Would they know about your financial plans? What financial assets you have and what they are entitled to?

As a financial adviser, a lot of the work I do involves preparation financially for the event of a loved one not being around anymore, which is positive – life insurance to cover any mortgage or inheritance tax bill, arranging pensions and gifting assets. However, the emotional aspect of losing someone will be more than anyone should have to deal with, so why exacerbate it with confusion around a financial situation?

One of my purposes as an adviser is to impart the idea of sharing your situation with your family as far as you feel comfortable. What assets you have and where, for them to understand what they are doing and the reasons behind this. Done in the right way would make your family feel more comfortable discussing finances in general and give you comfort in knowing they understand.

Do get in touch with us if you would like to discuss anything from the above.