Family
Protection
Prior to retirement, protecting your family in the event of ill health and death is a high priority.
Your financial plan will review any existing personal arrangements along with those provided by an employer to identify any shortfalls you may have within your protection requirements.
Life Assurance
Life assurance can provide a lump sum or a regular source of tax-free income for a pre-determined period in the event of death, or in some cases serious illness.
This can cover any liabilities you may have such as a mortgage, school fees or to replace the lost income to the household.
Some providers allow the option of a lump sum to be paid in the event that you suffer a ‘critical illness’, this can be in conjunction with life cover or as a standalone policy.
Income Protection
In the event of you being unable to work, an income protection policy can provide up to 75% of your gross income, tax free from when your employers sick pay ceases, until you are able to return to work or your stated retirement age.
Private Medical Insurance
Private Medical Insurance is designed to fully / partially meet the costs of private medical treatment for you and your family. This can reduce treatment waiting times and potentially give you access to more specialist treatments.
To discuss your protection options with one of our Chartered Planners click here, or please feel free to see the other areas of advice we provide to our Clients below.
Retirement Planning
Your financial plan will provide a projection of your income at your desired retirement age based on your existing arrangements and projected state pension.
This will highlight any shortfall that you may have along with considerations on how this can be addressed.
This could include increasing contributions within your agreed budget, taking advantage of employer incentives, switching contributions to a more tax efficient vehicle or switching out of a poorly performing fund.
Personal Pensions are a tax incentivised savings vehicle for retirement. Some individuals prefer the accessibility of an Investment ISA, though accessibility can be a downside!
It is important to have your savings working as hard as possible for you, it is therefore imperative that you review not only the contract but the investment fund(s) you use. Billions of pounds remain in underperforming funds, where a simple fund switch to an alternative fund would potentially provide a higher return. At HW we provide a range of risk focused actively managed investment portfolios designed to assist our clients to achieve their objectives.
To discuss your retirement planning options with one of our Chartered Planners click here, or please feel free to see the other areas of advice we provide to our Clients below.
Estate Planning
Prior to retirement, estate planning is usually focused on ensuring that your assets are directed to your chosen beneficiaries in the event of your death. (This is achieved by the use of Wills, Expression of Wish Forms, Trusts and Powers of Attorney)
Wills
A Will is the recommended starting point for most of our clients, who incorrectly believe that their spouse or next of kin will automatically inherit the whole of their estate in the event of their death. As part of your plan we review any existing Wills that you have in place and recommend any alterations and amendments if needed. If a new Will is required, our team of fully qualified Will writers are here to help you.
Expression of Wish forms
Expression of wish forms are important documents which are often overlooked and many do not understand that pension schemes are rarely governed by a Will. Therefore, it is vitally important that scheme trustees are given an indication as to your personal wishes in the event of your death.
Employers often provide additional in service benefits such as death in service schemes. These also require the completion of an expression of wish form.
As part of your financial plan we will review your existing wishes and make amendments if required.
Powers of Attorney
Howard Wright would recommend that individuals consider undertaking Lasting Powers of Attorney (both Health and Financial). These documents allow your nominated attorney to manage your affairs in the unfortunate event that you lose mental capacity or simply do not feel able to manage your own affairs anymore.
Howard Wright can assist in the completion of these forms.
The Financial Conduct Authority does not regulate Tax Advice, Will Writing, Estate Planning and Trusts.
Trust Forms
We would recommend completing Trust Forms in conjunction with any life assurance policies / products. In the event of death, with a trust form in place the proceeds of any policies can be paid directly to the trust beneficiaries without the need for probate. This ensures ease of payment to your nominated beneficiaries at a difficult time and this could also mean the proceeds are exempt from inheritance tax.
What to do next?
To discuss your estate planning, or any of the other areas mentioned above. You can call us on 0345 688 4939 or fill in our enquiry form below, it only takes 20 seconds to complete.
Once you have done this one of our Chartered Financial Planners will then contact you as soon as possible, to discuss our Retirement planning process and how we can help you achieve your goals and objectives.
“I have been looked after by Howard Wright for many years now and would say without any hesitation they have been excellent. Now retired, the advice I receive from Gareth Robinson in his updates and annual visits are invaluable. I would recommend them 100% without any doubt whatsoever”
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