In your 40s

Photograph by Martin Neeves Photography www.martinneeves.com

Is your financial situation balanced? Get regular health checks to make sure you are on-track. 

Asset protection becomes a priority. How ‘at risk’ is your family’s inheritance, will they actually get it, or will it get eroded in some way? We are talking about your estate and that of your parents. Have your own parents looked at protecting their estate for your benefit? It is ‘family money’ so take a keen interest.

Your forties are a crucial/busy 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.

As your capital and savings begin to build, 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) for the future.

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.