Be Financially Ready For Unforeseen Circumstances
What if? If something happened to you tomorrow, how easily could your partner access and understand the state of your financial organisation?
It’s been five years since the pandemic turned the world upside down. The experience provided lessons in many aspects of life, not least its potential fragility. During the lockdowns, many people became suddenly aware that they had no will or, if they did, it was woefully out of date. The realisation came at a time when making an appointment with a solicitor or will-writer was nearly impossible because of the restrictions imposed on movement and meeting.
Half a decade later, were a new pandemic to arrive, such as a mutant bird flu, are you sure that your will is up to date? If you cannot answer yes, then you know, for your family’s sake, what you need to do. However, whether or not you have made sure your will is up to date, it is best thought of as a starting point rather than the end of the matter.
To be able to follow your will’s instructions, for all but the smallest estates, the people you have chosen as your executors must first obtain a grant of probate (confirmation in Scotland). In turn, this will require them to calculate the net value of your estate. This is often the point at which executors begin to realise the task they have taken on.
Estate Valuation Challenges
Imagine your estate needing valuation: how straightforward would it be for your executors to compile a list of assets and liabilities? Initially, they might seek information from a surviving spouse or partner, but often encounter responses like, “I left all financial matters to them.”
Ideal Executor Resources
Ideally, executors would find a current, comprehensive list of investments, bank accounts, pensions, and other assets, including outstanding debts like credit cards, loans, and mortgages. Crucially, this list should include relevant account and customer numbers, along with contact details.
Benefits of Financial Organisation
Without such a document, whether on paper or in accessible digital format, both executors and you (especially as you age) face significant financial management challenges. Organising your financial affairs now is a valuable legacy for your loved ones.
The Financial Conduct Authority does not regulate wills and will writing.
Tailored Advice for Organised Finances
Do you want greater clarity in your financial organisation, and how it relates to your personal affairs? If you’re also concerned about your investment strategy’s performance relative to others, Chartwell can assist. Our experts provide tailored advice on portfolio diversification, risk assessment, and informed investment choices. Reach out today for a consultation and gain control of your financial future
