Lowes Magazine Issue 119

PLANNING

Decision-making when vulnerable

ONE OF THE MOST VULNERABLE TIMES FOR PEOPLE TO make decisions on their savings and investments can be after the loss of their life partner. While there are some decisions that need to be made and actions taken as soon as possible, for example around probate and being able to continue to pay bills, where wealth has been passed between partners, it can be prudent to delay making any decisions on where the money is best placed and definitely take Independent Financial Advice before making any commitments. Where a sizeable sum has come from life insurance, or there are investments and savings to be taken into account, this can change a person’s individual financial circumstances quite considerably. Sometimes people want to give money away to help out family, for example, but we always caution against making any decisions without taking a holistic view of their new circumstances. What can seem a large amount of money can quickly be diminished and once money is given away it is gone. The best advice is to take the time to plan ahead for life’s eventualities, supported by sound professional advice, which can both help relieve stress at key emotional points in our lives, as well as ensure the right decisions are made in respect of financial futures.

Is your Will up-to-date? Having an up-to-date Will in place can ensure your assets are distributed as you would wish – the alternative is dying intestate, which then involves the authorities in distributing your wealth. Having a Will also makes things very much easier for those left behind who have to manage your estate. Lowes does not have a Will writing service but we can can put you in touch with a professional firm that can help. If you want help in putting in place the right plan for your circumstances, or you know someone who would benefit from advice, we can arrange for a free consultation with one of our Consultants. Call 0191 281 8811 to find out more.

Call 0191 281 8811 if you would like further information in this respect.

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