With the New Year approaching, there is no better excuse to get your finances in order and put plans in place for the future. So here is some simple, but vital advice to get you started.
Cashflow modelling is undertaken by many Financial planners these days. By using state of the art technology it allows you to take a financial trip into the future to see how your finances will be holding up once you have retired.
It will take into account your current assets and liabilities, your current and future income streams and your current and future expenditure.
Your Financial planner can then put of these items together in a plan that is bespoke to you.
To assist your Financial planner, you can sit down with a cup of tea and create a list over the Christmas break. You will need a
- Full breakdown of your assets and liabilities with end dates for loans etc.
- Breakdown of your current and future lifestyle expenditure, please be as specific as you possibly can
- Your Financial Adviser will then be able to put together a Financial plan for you.
Wills & Estates
It might be a good idea to reflect over the Christmas holidays about what should happen when you pass away especially in the event that it is premature:
- Wills – Do your current Wills accurately reflect your wishes regarding your Estate?
- Are the Executors still alive, do new Executors need to be added?
- Do you have other beneficiaries that you would like to include?
- Does your current Will(s) help minimise any potential inheritance tax liability?
If you or your partner suffered a death or critical illness, could you still live the life that you want to?
Have your circumstances changed since your protection arrangements were last reviewed? If so, you might be over or under insured.
By discussing your situation with an Independent Financial adviser like ourselves, we will be able to shed light on all of the above so that you can you can start off the New Year with the security of knowing that you have your finances in order, and more importantly that the people that you care for are protected.