It's November, and goodness doesn't it fee like it! Crisp cool air, and darker evenings give us more time at home, perhaps more time to ponder our finances?
Some of us may be able to look back on the unforeseen circumstances of 2020/2021 and feel quietly confident about the savings we've amassed, but what if your finances took a battering this year and last?
We're here to help with your financial queries, including 'is now a good time to remortgage?' or 'Which income protection product is right for me and my family?'
Get in touch for a chat today (& don't forget to wrap up warm)
While writing a will is not necessarily complicated, there are some easy mistakes that can be made that can create a messy and invalid will, so take a look at this selection of helpful tips in creating your will, to ensure your loved ones and your estate are taken care of after you’re gone.
1. Be Prepared
Before creating your will, ensure you know the value of your estate. This includes:
- your property
- car
- personal possessions
- money, minus all your debts (including mortgages, loans, overdrafts and credit or extended purchase agreements).
2. Decide who gets what.
Divvying up the pie that is your estate needs careful consideration. Who gets what slice, and how big of a slice are they getting? Leaving your assets and money to friends and loved ones is common place, but you can also leave amounts to charities if you wish. Charities take a large sum of their donated income through legacy donations, so even small amounts can be worthwhile.
3. Talk to the family
Your estate is yours to do with as you wish, but communicating that to your nearest and dearest before you’re gone can remove any need for unpleasantness afterwards. Again, if you wish to leave money to charity, explain your desire to do so to your family and be proud of your choice.
4. Who’s taking care of the children?
Often, we assume will writing is just for the older generation so why consider children? When in fact having children can be the kickstart to organising a will for many (as it should be.)
Considering who you would ask to take care of your children if you were gone is a crucial consideration. Ensure you discuss it with the intended guardian first.
Another consideration is to appoint executors- those who will deal with your estate in the event of your death. You could choose adult children, friends, family or even professional advisers.
5. Delegate your digital
It may sound strange, but many of us have a whole digital life these days. From social media log ins, to cloud stored photos, it’s an important asset to consider. Delegate those details to a trusted loved one in your will so you know that element of your legacy won’t be lost to the ether, or made complicated to handle following your death.
Get in touch today to see if we could help you organise your will.
Wills are not regulated by the FCA
With the likes of Greta Thunberg, Sir David Attenborough and even Prince Charles making recurrent pleas for us to save our planet, it is difficult to ignore the crisis our natural world faces. It can often be thought that ‘going green’ can be more costly but we’ve got a few handy tips to saving both the planet and your money with just a few adjustments.
Water saving
Cutting water usage is obviously good for the planet and good for your bank balance too, especially if you’re on a meter. Cutting water usage can often reduce your energy costs too, as if you’re using less water, you’re often heating less too.
There are so many free water saving gizmos and gadgets out there available from water firms depending on where you live, take a look at this list >>
Recycle, recycle, recycle
We don’t mean ensure your cardboard is in the recycling bin to save £££s, but why not recycle old clothes, make up and more. Many companies now offer rewards and incentives for doing so, so not only will you recoup some of the money, but you’ll also ensure your unwanted items are getting a second lease of life or a new purpose!
Saving the planet, 1 Coffee at a time!
Many coffee chains now offer discounts on your coffee/hot drink if you bring your own reusable cup. So, invest £1 to save yourself money on your favourite beverage and also help to reduce unnecessary waste and production of disposable cups.
Water refills – for free
Single use plastics are a problem, so make them multi use, or avoid them all together and invest in a reusable water bottle and use this handy app to find out where to refill your water bottle for free!
Pop your headphones in and plant a tree
This one is quite fun! Every time this short song is played via Spotify, the profits raised are used to plant a tree via the Eden Reforestation Project. Have a listen to “This Song Plants Trees” now >>
Recycle your phone
Just because you’ve upgraded, your old phone doesn’t suddenly become worthless. Not only that, but if you pop it in a drawer and let is ‘decay’ it will start to become noxious. So the best thing to do is recycle via a phone recycling scheme, or sell it on. You could even continue to use an old phone after your contract has ended and buy into a sim only plan, saving yourself money.
Many phone companies will automatically offer you a trade in option, saving you money on your upgrade fees or the upfront phone costs.
Time is running out on remortgage opportunity!
While remortgaging is going to be an ongoing option for your finances, warnings are circling already on the impending rate rises. We have been enjoying significantly lower rates, with some rates as low as 0.84%* meaning that now is a great time to consider if remortgaging is an option for you. But time is ticking on securing these lower rates.
Rates are expected to rise after Christmas in line with inflation, and while not certain is does mean now may be a good time to speak to your mortgage broker to see if they can secure you a good deal.
Get in touch with us today to see if we can secure a good deal for you
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
When talking to your mortgage broker to secure your mortgage, you may well have discussed the option of “Income Protection”, but what is it, and why would you want it?
Formerly known as permanent health insurance, income protection is an insurance policy that pays out if you're unable to work because of injury or illness. Income protection usually pays out until retirement, death or your return to work, although short-term income protection policies, which last for one or two years, are also available at a lower cost. Neither income protection or short-term income protection pays out if you're made redundant - but they will often provide 'back to work' help if you're off sick. Income protection is different from critical illness insurance, which pays out a lump sum if you fall seriously ill.
Why do I need Income Protection?
Many employers do not offer support financially if you are off sick for longer than a year and with living expenses stacking up and benefits not likely to pay out a significant enough amount to cover those expenses, being out of work with no income could leave you struggling and having to make difficult decisions about your finances.
Many of us secure other forms of ‘protection’ such as critical illness cover, or Private Medical Insurance, but not all of these policies will be applicable where we are off sick for an extended period of time and struggling to fund our expenses that are usually drawn from our incomes.
Many factors need to be considered when securing the right cover for your situation, and we all know that costs is usually the foremost factor in deciding if it’s for you.
It is best to speak to an adviser who can look at your situation and advise the most suitable policy for you. But factors such as whether or not you are a smoker, your job type (i.e. office work, or manual labour) and the level of cover needed will all affect what you pay, but it may be more affordable than you think- and important too!
Speak to us to find out what Income Protection we can sort for you
www.home-finance.co.uk
0330 912 1808
enquiries@home-finance.co.uk
