We all know that planning for the future is important, but it’s especially crucial when it comes to helping secure our family’s financial future.
While the end of financial year gives everyone the opportunity to review their 2019 tax year and business owners the chance to look at their business structures going forward, it’s also the perfect time to ensure your future financial plans are solid in order to protect your assets.
Succession planning is vital in both the personal and business arenas to ensure your family’s future is secure. While it’s not the most joyous thing to think about, having a current will and making sure your personal insurances are up to date are the best ways to protect your family in the event of your death.
Having a solid succession plan means your money and assets will ultimately end up with the people you want to receive them.
What many people may not realise is that without sufficient insurance and a current will, any remaining debts could be left for family members to deal with and estate assets can be lost or given to unintended beneficiaries.
Reviewing wills and insurances are best done once a year, especially at the start of a new financial year. There are many variables that can bring about the necessity to update your existing will and insurance policies such as the birth of a new child, taking on additional debt, a relationship breakdown, acquisition of new assets or any other significant events.
There is no doubt that expert advice and insight from accountants, business advisers, solicitors and financial planners are vital to ensuring your financial objectives for the future are met. That’s why turning to our professional team at Halpin Partners to assist you is a smart move. Working with you, we will help you work out your succession plan along with suitable solicitors and financial planners to ensure your assets are safe and protected for the future.