If there is one rule that we have to abide by in life, it is to expect the unexpected. While this may seem counter-intuitive, it is well known that life is full of surprises and capable to taking sudden, unforeseen shifts.
Not all of these surprises are created equal, of course, as while some gain an inheritance or sell a successful business, others lose their partner or go through the rigours of divorce.
You need to prepare for these events, as you look to make financial plans that provide genuine peace of mind in the long-term. Here is a brief guide on how to achieve this objective:
- Consider Your Circumstances
Let’s start with the basics; as you cannot make viable financial plans for the future without first understanding your precise circumstances.
This enables you to pre-empt the most likely events to impact on your finances in the future, and tailor your plans accordingly. Those who own a business will want to make allowances for the potential to sell in the future, for example, while anyone who is married must cultivate plans for instances such as building a family or going through a period of separation and then divorce.
Those with spouses should also consider taking out critical illness coverage and life insurance policies, which provide lump financial sums in the event that either partner is stricken and suddenly unable to contribute.
- Make a Will
On a similar note, estate planning also represents a crucial step if you are to successfully plan for your future. This determines precisely how your assets will be distributed in the event of your death, affording you control of your hard-earned wealth and its deployment in the future.
This is particularly important if you leave behind a partner and children, as you will most likely want to estate to be distributed equally between these beneficiaries.
Being proactive and developing a will also enables you to plan for tax levies and the cost of distributing your estate, ensuring that your wealth stretches as far as possible among your loved ones. Consulting with an elder law attorney can provide valuable insights into the legal aspects of elder law and estate planning, particularly if you have specific concerns or wishes related to aging and healthcare.
- Speak to an Expert Service Provider
In many instances, these unexpected events will catch you off-guard, or they will represent the first juncture in your life when you have ever gone through such a trauma.
This can make it difficult to think clinically and make informed financial decisions, which is why you may need to seek council from an established industry expert such as Tilney.
This type of firm deals with such instances on a daily basis, while they can provide logical and professional guidance that makes perfect financial sense. This means that you can focus on dealing with your emotions and managing the other aspects of your daily life, without compromising on your financial future or security.
