Make a will.
Many clients do not get around to making a will, or if they do, they often fail to keep it up to date. Will are one of the most important things you can do because they:
Ensure the assets go the people that the client wishes to benefit
They allow clients to make provision for family members by setting up suitable trust and financial arrangements
Provide for the guardianship of children if both parents were to die
Facilitate tax planning
It is also worth noting that a will is not revoked upon divorce but will be read as though the ex-spouse is no longer alive. Therefore it is important for divorces and widowers are to update their wills to reflect their new circumstances.
Keep an eye on debts.
It also makes sense to pay off debts quickly and the most sensible way of doing this is writing all of them down and pinpointing the highest interest rates first. The aim is to pay off as much as you can on those highest ones. This in turn will free up more money in the long term, as paying off the lower interest debts first will just prolong the time it takes to pay off the debts. If you want more in-depth advice on debts the Citizen Advice Bureau can help you set out a plan to tackle debts.
Talk to us at LG Embrey Financial Planning.
We can help you set and stick to some good New Year’s financial resolutions for 2021. So whatever stage you are at in your financial planning journey please give us a call on 01743 382002.