Life is full of twists and turns as well as ups and downs. Whether personal or professional, you’ll go through several crucial moments in your lifetime. While some milestones will present exciting opportunities, others may be challenging, but what connects all of them is the potential impact on your financial situation and security. Getting ahead and planning financially for life events can be daunting – what to plan, when to plan, whom to consult with and how - so it’s essential to get professional financial planning advice to help you navigate these decisions.
Manage the milestones in life
Life events with a financial impact
Consider the impact of these events on your finances and how well-equipped you are to manage the financial impact.
Personal-life events
Getting married
When getting married, discussing financial goals is crucial, ensuring you and your partner are on the same page. Consider the implications of combining finances and protection arrangements and updating legal agreements, such as beneficiary designations. It may also be wise to consider estate planning to protect each other and your family.
Preparing for children
When preparing for children, consider budgeting for the increased expense of childcare and education. Review the adequacy of existing insurance coverage to ensure you and your growing family are protected. Update legal arrangements such as Wills and consider setting up savings plans to help with their education or first home.
Getting divorced
Lighten the load during a particularly stressful times and navigate the financial complexities of divorce with professional guidance. During a divorce, you must consider the fair division of assets and liabilities, rebuilding financial stability, and addressing any debts accumulated during the marriage.
Buying a new home
There's much to consider, whether it's your first home, next home, or a buy-to-let property. As well as affordability, mortgage options, and rates, you must ensure all your insurance and protection arrangements align with your repayment liabilities. You must also consider all the risks and rewards associated with property investment.
Receiving an inheritance
Receiving an inheritance comes with financial responsibilities. It can be an opportunity to review your financial planning, repay debts, invest a lump sum, and review your inheritance tax planning. Always seek professional advice to manage it wisely and consider your long-term financial goals.
Retirement and succession
Preparing for retirement involves assessing income sources and considering your needs, like long-term care. Consider the most efficient way of turning your pension into an income at retirement. To pass on wealth efficiently, create an estate plan with experts, setting up wills, trusts, and strategies to minimise tax burdens.
Get your complimentary initial consultation
Whatever stage you’re at, get a complimentary initial consultation to understand if our financial planning services are right for you.
