"I believe in giving my kids enough so they can do anything, but not so much that they can do nothing."
Warren Buffett
World Renowned Investor
Family wealth
Raising a family is a marathon effort, as costly as it is rewarding. But financial planning for your family is easier than it sounds, because you know what the key milestones will be. We look into how to plan effectively for each one: from the birth of your first, to your youngest leaving home – and beyond.
Here To Help
Inevitably all families come with ups and downs. Legal advice can be incredibly helpful when it comes to family matters, from getting married to retirement plans. Family wealth can be about managing current cashflow, but also about keeping some aside for the next generation.
Across all the pages in this section, we provide a series of guides to help you find what you should be looking for, particularly when it comes to managing family wealth, so when that time comes, we can help you…
CHOOSE THE ADVISER WHO UNDERSTANDS YOUR NEEDS.
Starting a career
You might be stepping onto the career ladder for the first time or deciding to switch careers. Either way you’re facing some big decisions and challenges. There are many ways to find your way to your perfect career and insure you get the income you need to support you and your family. You can read more about how to manage this change in our “Make career steps” guide.
Starting a family
A big trigger for making or updating your will is having children. With the help of a will, when you pass away your children will remain looked after as you wished. This may not happen instantly, intestacy law is a little confusing. However they should eventually be able to have access to any assets left in their name. Continue to update your will as your family grows.
If your children are adopted, you may need to consult a specialist adoption law solicitor as the rules may be slightly different than with biological children.
Managing your family’s finances
The idea of managing your finances doesn’t exactly sound like the most exciting recreational activity. However, it is important to discuss as a family where your money is going and where you can save. (PULL TOGETHER A GUIDE?)
Get your children saving
Children have one advantage on their side when it comes to saving; that is time. Getting them a Junior ISA as soon as possible is a good idea and keep paying into it as regularly as possible. With the help of compound interest, they could have a nice little nest egg by the time they are ready to step out into the big wide world.
You can get Cash and Stocks & Shares JISAs. Cash is seen as safer, but inflation affects it much more than Stocks & Shares. These can grow over a longer period of time, which may well benefit them in the long run. Find out more about child savings in our handy guide.
Saving for education
School stages are fixed milestones that give you a good savings aim for your child’s education. Even state-funded education can be costly, so it makes sense to start an education fund as soon as possible. If they choose it, you may also find that you will have to fund your child’s higher education. If you have the funds, one way to help may be to pay for their student accommodation. Find out more about saving for education. Your child may like to have a look at “Leaving Home” guide.
What to do if your family is growing?
Growing a family is guaranteed to cost you. You are bound to need more space in your home as your family expands, so make sure you consider your long-term plans. If these include several children, the location of your property is important for catchment areas and an environment that suits you. Is it where you want your children to grow up?
If you love the home you’re in and don’t want to leave, why not consider extending it to make way for the growing family. If you need more funds to be able to do this, consider remortgaging to help free up some money.
Advice cutting costs
Could a financial adviser play the same role as a marriage counsellor? Would getting an independent view bring some perspective into your family?
Money doesn’t necessarily buy you happiness, but without it, many families find they are not enjoying the little things. Money stress is a common reason for many divorces, but before you reach for a marriage counsellor, check whether there’s nothing a financial adviser may be able to do to bring some clarity to your money and in turn, your relationship.
Your little birds are flying the nest
As a parent, you want the best for your child and for them to find their feet in the world. Helping them to set up a home for themselves is a goal for many. In this day and age, the only way most young people will be able to get on the ladder is with The Bank of Mum and Dad.
However, parents don’t always have to simply hand over large sums to help their children out; there may be lots of other ways available to provide them with some guidance. Talk to a mortgage broker and read our guide “Funding Education” to find out more.
Family inheritance
When you enter later life, it’s a good idea to start detailing your inheritance planning, whether within your existing will or in a new one.
You will need to keep an eye out for inheritance tax to ensure your loved ones aren’t paying more than they need to after you’ve gone. Find out more about later life planning and will writing.
Abacus Associates manages the personal wealth of many people across the UK and over £1 billion of investments, providing clients with financial advice and access to investment products and services.
We do not charge for initial consultation meetings. If you would like a face-to-face meeting, feel free to pop over to our office or we can always can come to you.
Give us a call today on 01432 343322 and ask to speak with one of our advisers,
or email [email protected]
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Abacus Associates is a trading style of Saltus Partnership Limited which is authorised and regulated by the Financial Conduct Authority. FCA reference number: 554381
Registered office: Solent Business Park, 4500 Parkway, Whiteley, Fareham PO15 7AZ. Registered number: 07586042
Will writing and some aspects of tax planning are not regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on a mortgage.
Capital is at risk and you may get back less than you invest.
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