Financial focus: How do you protect your family cost-efficiently?

You write a Will. This will protect your family on many levels once you pass away. But how will the family survive financially? Our IFA answers this very important question…Chris Moore is an Independent Financial Adviser and has himself met with a member of our private client team to discuss his Will. Below he talks about financial planning and Will planning go hand in hand.​  

_{Chris says}

“Thinking about what the world will be like after we ‘shuffle off this mortal coil’ is something that none of us like to do, but even Shakespeare thought it over and wrote a Will before he died in 1616. And for those of us with a family, there’s more to think about than just ourselves. It’s important to consider how our family and loved ones will be affected, especially if we ‘shuffle off’ sooner than expected.

_{Estate Planning}

I sat down with Jill French of Pinney Talfourd Solicitors a few years ago, along with my wife Christina, to update our Wills. It wasn’t pleasant having to think about how things would work for our family if one, or even both of us, weren’t around, but Jill supported us through the process with a patient compassion and understanding that allowed Christina and I to decide who to appoint as guardians for our children and how best to structure our assets and finances. We soon realised that we shouldn’t avoid talking about these worst-case scenarios and that actually it’s not talking about them that could create the problems.0 Advanced issues found▲   

_{Financial security}

Something else we looked at was taking out a ‘Family Income Benefit’ policy. This is a simple form of life cover that pays out if one of the lives assured (in this case, Christina or myself) were to pass away during the term of the policy. What’s different about Family Income Benefit however is that, instead of paying out a lump sum up-front, the policy pays out a regular income over a set period. This often works out far cheaper each month than other forms of life cover, with monthly premiums starting from £6 a month with most providers.

This form of policy therefore provides a steady income stream for the family whilst taking away any pressure for the family to have to administer a lump sum of money responsibly, especially given that they would be grieving at the same time and would probably find the responsibility emotionally draining.

So, after meeting with Jill to sort our Wills and then taking out our own Family Income Benefit policy, Christina and I are now able to breathe easy, knowing that if anything were to happen to us, our family will survive and continue to flourish.”​

_{Plan your own future}

If you think any of this might apply to you, the good news is we are here to help. The Private Client Department are able to provide advice and support in the writing of your Wills and Lasting Powers of Attorney, whilst Pinney Talfourd Wealth Management are able to provide financial advice and support when looking at your options.

Call the Pinney Talfourd Wealth Management office on 01708 259577 and speak to one of our advisers for some free no obligation advice. We will help review your own situation to see if there is any financial planning you could benefit from. Alternatively click here to read more about our services and contact us online.​15 Advanced issues found▲15 Advanced issues found▲15 Advanced issues found▲16 Advanced issues found▲           The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.​

This article was written by Chris Moore, Director & Independent Financial Adviser at Pinney Talfourd Wealth Management.​​

This article is considered a marketing communication and as such, does not, and should not be taken to include investment advice or a personal recommendation. The views and opinions expressed in this article may differ from those of Pinney Talfourd Wealth Management, its employees or its Directors. In writing this article, Pinney Talfourd Wealth Management has not assessed any investment objectives or financial situation in particular. Pinney Talfourd Wealth Management makes no representation and assumes no liability as to the accuracy or completeness of the content of this article, which has been prepared utilising publicly-available information. This article must not be reproduced without consent from Pinney Talfourd Wealth Management.

Monthly premiums are subject to medical underwriting and £6 is the minimum quoted by several insurance companies that we use.

Pinney Talfourd Wealth Management is an appointed representative of Watson Moore IFA Ltd which is authorised and regulated by the Financial Conduct Authority and registered under FCA number 433008.​