When it comes to wealth, many of us want to build more than just personal financial security, we want to create a legacy for our families.
By planning ahead and making smart financial decisions, you can ensure that your family’s future is secure for generations to come. As we near the new financial year, here’s our simple 10-step financial checklist to help you get started.
Your Financial To-Do List
- Set Your Goals – Think about your financial plans in both the short and long term. Are you saving for a holiday, a wedding, or planning for retirement?
- Know What You Own – Make a list of all your assets, including pension pots, investments, savings accounts, and property.
- Build an Emergency Fund – Keep an easily accessible cash reserve to cover at least six months of expenses in case of unexpected events.
- Protect Your Family and Assets – Insurance policies can safeguard your family’s home and lifestyle in case something happens to you.
- Teach Good Money Habits – Help your children understand the importance of saving and budgeting from an early age.
- Plan Your Legacy – Consider the impact you want to have on your family’s future and take small steps now to make a difference later.
- Make a Will – Ensure your assets are distributed according to your wishes by drafting a legally binding Will, especially if you have children.
- Set Up a Power of Attorney – A trusted individual can make financial or welfare decisions on your behalf if you become unable to do so.
- Define Your Family Values – Understanding what matters most to you can help shape financial decisions that align with your long-term goals.
- Talk to Your Family – Open conversations about money can prevent misunderstandings and create a shared vision for the future.
Creating a Family Financial Plan
Families often have different financial needs, and wealth isn’t always evenly distributed among family members, but there are ways to move money efficiently to help everyone.
Talking about money isn’t always easy, and financial disagreements are often less about having too little money and more about not knowing how to make financial decisions together.
Avoiding these conversations can lead to rushed decisions during stressful times. Having a financial adviser involved can help create a safe and open space for these discussions.
To begin those important conversations, contact Chris Auld at H&H Wealth Management on 01228 936975 or email him in complete confidence - email here
Notes:
Will writing and Powers of Attorney involve the referral to a service that is separate and distinct to those offered by St. James’s Place and are not regulated by the Financial Conduct Authority.
Sage Wealth Management Ltd is an Appointed Representative of and represents only St. James's Place Wealth Management plc.
H&H Insurance Brokers introduces to St. James’s Place Wealth Management plc which is authorised and regulated by the Financial Conduct Authority, for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products