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Valentine’s Day Blog

14 reminders this Valentine’s Day to make sure your loved ones remain protected when your circumstances change

Love is all around this Valentine’s Day and we’re here to remind you that it’s important to make sure your loved ones are always protected, year round.

You’ll typically encounter opportunities and milestones throughout your life which will shift your priorities and circumstances, both professional and personal.

It’s vital to ensure your personal financial planning remains in sync with these changes to protect the loved ones in your life.

So, as we celebrate Valentine’s Day on the 14th February, here are 14 personal finance reminders to keep in mind as your personal circumstances evolve.

Just the two of us
Entering a marriage or civil partnership may be the ultimate gesture of love but making sure your new partner is adequately protected should be at the top of your to do list:
(1) Update your estate planning by reviewing your will and named beneficiaries or executors to reflect your new priorities.

(2) Now there are two of you to think about, insurance protection is a necessity to make sure your other half is looked after whatever life throws at you. Life Cover, Income Protection, Critical Illness and Accident Protection will provide peace of mind.

(3) As you merge households with your new spouse, you might consider purchasing a new home together, or retaining a previous property as a rental source of income. So, whether it’s a re-mortgage or buy-to-let, identify the best mortgage product on the market to fit your new combined personal and financial circumstances.
Some let to buy mortgages are not regulated by the Financial Conduct Authority

(4) Plan for the future and not just for the now. A pension pot is a tax efficient and effective way to save for retirement. This will now include another person, so review the level of income you will need to live off and how much you can afford to set aside to achieve this.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
And then there were 3…or 4 or even more…!

Starting a family means planning for the future becomes omnipresent. As images of your newborn heading off to university or getting married flit through your mind, it is never too early to put plans in place to protect them:

(5) Make informed investment decisions on tax efficient savings that grow with your children or regular savings for future school or university fees.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen

(6) Safeguard against the unthinkable by revisiting your estate planning and name guardians for any dependent minors when revising your will. Find out whether a trust can best protect your new minor beneficiaries.

(7) Your household income will inevitably change as your family does – you or your partner may change your working hours to raise children or your disposable income may reduce due to new childcare costs. Revisit your existing investment and insurance commitments and adjust these to accommodate your change in circumstances.

(8) Children invariably require more space, so whether yours is a brand-new family or two blended families, it’s likely that you’ll need to upsize the family home sooner rather than later. Seek the right mortgage product and deal based on your new circumstances.

(9) Now you have more family members who depend upon your income, it’s important to have the confidence that you’ll always be able to provide for them. As you climb the housing and corporate ladders, your financial footprint may grow. Make sure your insurance protection grows with it. This will ensure your loved ones are not only financially stable but also protected from unnecessary inheritance tax.

The path to the golden years and beyond
With retirement on the horizon and your family expanding with a younger generation, make sure your personal finances continue to enable, provide and protect your loved ones:

(10) Explore the most effective and tax efficient way to start withdrawing from your pension pot. Make sure it’s ready and accessible when you need it and properly maintained to provide the income you need.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

(11) As you approach retirement and consider downsizing to a smaller property or releasing equity for the next stage in your life, identify the right mortgage product to realise this.
You will need to take legal advice before releasing equity from your home as Lifetime Mortgages and Home Reversion plans are not right for everyone. This is a referral service.

(12) Plan your estate with expert advice to ensure your assets reach your chosen beneficiaries whilst also minimising or eliminating inheritance tax liability.

(13) When Grandchildren or even Great Grandchildren arrive, revisit your investment opportunities for a tax efficient way to provide financial support or a lifetime gift.

(14) Review your will to update it with the arrival of these exciting new additions to your family. Make sure they’ll receive the assets you choose for them; sentimental, valuable or both.

So, this Valentine’s Day whether you’re planning for a new partnership, addition to your family or step on your journey – remember these 14 reminders to keep both your personal finances and your loved ones protected.

Seeking expert and professional advice from a financial adviser as you navigate life when your personal circumstances change can ensure you maximise every penny both now and, in the future, giving you peace of mind that your loved ones will always be financially protected. Please get in touch, we’d love to help.


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