A New Year, a New You! Expert advice to help protect what matters most.

We all lead busy lives, and we often put off tasks we know we should prioritise. But the New Year is the perfect time not only to get the house back in order, but also to carry out a personal review. It only takes a moment to complete a quick and simple personal review, helping you feel prepared for the year ahead.

Ask yourself these five key questions:

Do I know what my monthly budget is?

A quick calculation of money coming in and going out can help you refocus your budget and plan how to put your income to best use. If there is likely to be any large expenditure during the year, planning ahead is essential.

Have surplus income? Consider whether it should be saved or invested, or whether it might be time to think about making tax-free gifts or placing funds into a trust.

Have my personal or financial circumstances changed?

Whenever there is a change in your personal or financial situation, it’s important to consider whether this impacts any existing investment strategies or estate planning.

Does your Will still reflect your wishes? Do finances need to be rearranged, retirement plans reviewed, or funds invested differently?

Have circumstances changed for my beneficiaries?

Changes in the personal circumstances of your beneficiaries, such as divorce or illness, should prompt a review of your Will.

Does it provide for them in the most appropriate way? Would their inheritance benefit from protection within a trust, either under your Will or through a lifetime trust?

Do I have sufficient protection in place if my finances change?

It’s important not only to review budgets, savings, and investments, but also to ensure you have adequate protection in place should you pass away unexpectedly.

Do you need to review your life insurance? Have you considered the impact of any outstanding debt on those who will inherit your estate? If you already have life insurance, is this written in trust?

When did I last review my Will?

Changes in personal or financial circumstances may require your Will to be updated. In addition, changes in legislation or inheritance tax rules may mean you are missing opportunities to take advantage of current tax reliefs.

We recommend reviewing your Will whenever there are significant changes in your life or the lives of your beneficiaries, or at least every three years.

If you don’t yet have a Will, now is the time to act. It’s vital to seek proper legal advice and avoid unregulated will-writing companies. Wills are easy to get wrong.

Do I have documents in place if I become incapacitated?

Once everything is in order, it’s important to ensure you have Lasting Powers of Attorney in place for both Health and Welfare and Property and Financial Affairs.

These documents ensure that someone you trust can step in and make decisions on your behalf if you become unable to do so. Without them, much of your careful planning could be undermined. The best time to put these documents in place is while you are in good health -don’t wait until it’s too late.

Our Private Client team is here to help with these matters. Please contact us to arrange an appointment with one of our expert advisers.

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