Professional Will Writing Made Easy

In your 40s?

Is your financial situation balanced? Get regular health checks to make sure you are on-track. You can use this Wheel to score how effective your finances are in each area - zero is the lowest rating and ten shows that your financial planning are strong in this area. Click on the image to the right to download a copy of the diagram.
 
Asset protection becomes a priority. How ‘at risk’ is your family’s inheritance, and will they actually get it? Have your own parents protected their estate for your benefit?
 
Your forties are a crucial time, you may still have young children and the drain on resources can be very taxing (excuse the pun). Your financial and estate planning needs will change with your circumstances, so try and stay on top of things. How would you rate yourself on the financial planning wheel below; this will help you to focus clearly on your weaker areas.
 
As your capital and savings build up, e.g. the equity in your house, or you may have received an inheritance from a close friend or relative. Protecting and preserving your assets will become a higher priority and you will need to be aware of the 6 basic problems we all face in today’s money grabbing society.
 
So what about the Will then? Consider changing the way you own your home from joint tenants to tenants in common. Include ‘life interest trust clauses’ in your Wills (as a couple) to protect half the house on first death for the benefit of your children. The trust allows the surviving spouse to exercise some control over the half ‘in trust’ and is a very cost effective way of helping to protect your biggest asset, your home.
 
If you have business assets (sole trader, partnership or a limited company) talk to us about maintaining the value of your business if you are no longer around to manage it.