As we embark on a new year, although it’s likely to be overshadowed by uncertainty surrounding Brexit, it’s important to keep your personal financial goals in mind and ensure you continue to plan for the future.
Revisit your investment goals
It makes sense to take stock of your investment goals. Over time your priorities can change and your appetite for risk may alter too. Arranging a review will help ensure that your portfolio remains well diversified and provides a good opportunity to see if any of your holdings need rebalancing.
Plan for the future
If you made your Will a while ago, does it still reflect your wishes? You might want to review its contents to ensure that everyone you want to benefit is included. If you have concerns about what might happen if you can no longer manage your finances, you should consider putting a Lasting Power of Attorney (LPA) in place whilst you have the mental capacity to do so. Many people wrongly believe that their family could simply step in and take charge. However, they wouldn’t have the legal authority to do so, and would need to apply to the Court of Protection. An LPA gives you the opportunity to appoint in advance someone whom you trust to manage your financial affairs and / or your health and welfare on your behalf.
Think about your IHT position
Each year, more families find themselves drawn into the Inheritance Tax net. There are a number of ways that you can legitimately dispose of your estate to reduce the tax payable. Taking professional advice will help you assess your liability and put appropriate plans in place.
Don’t fall for scams
The sad fact is that scams are becoming more sophisticated every day. Many involve bogus or unauthorised investments or promise to liberate your pension savings before age 55 and are backed up by glossy brochures and authentic-looking websites. As has often been said, if it looks too good to be true, then it probably is. Many scams start with a telephone call, so be very careful and don’t give out financial or personal information to people you don’t know.
Get good advice
Before making any major financial decisions, it pays to talk to us; we are experienced and qualified to provide you with a range of solutions tailored to your individual circumstances.
Fill in the form below and one of our experts will be back to you within 24 hours.