There are some money matters that are easily put off, thinking ‘we’ll get to it someday’, ‘there’s no pressing need today’, or ‘I’ve too many other money worries on my mind’. But a lot of these financial tools may be needed at a time we don’t expect. So, whilst we’re getting organised, why not put these things in place too…

Updating (or creating) your will

A Will is the only way to ensure that, should something happen to you, that your property, finances and all living possessions – as well as any particular funeral wishes, are managed and carried out in a way that you would want.

The National Trust have partnered with a number of legal firms to offer free Wills! Also, during October, it’s Free Wills Month; if you’re 55 or over, or know someone that is, this is well worth a look. If you need or want to consult professional services regarding estate planning, or have a complex estate to manage, you can access these services for as little as £100. 

Updating (or taking out) your life insurance

When setting up a life insurance policy, you generally do so for a fixed term. However, things change and what you set up years ago may no longer be suitable. As and when you have a change in circumstance, be it financially, such as a change in the value or cost of your home or debts, or a change in health, it’s worth reviewing your policy. This is to ensure you’re getting the best price and that the insurer will pay out if and when required!

Don’t have an insurance policy in place? Check out our guide to the types of insurances to see if/when you may get one organised.

It may also be worth considering organising Income Protection Insurance. Income Protection can pay up to 70% of your regular income should you be unable to work because of illness or injury. For example, should you need to go through cancer treatment, but expect to make a recovery, such a policy would pay alleviate some of the financial pressures.

These financial planning tasks are designed to protect and secure your future. By the nature of them, it’s to help you prepare for the unexpected, you never know when you may need them.

Plan for the future

Be it for your retirement, a home renovation or move, or just to plan for some exciting adventures, it all takes money to execute. Now is the time to start thinking about what you want for your future and creating a plan to make it happen:

Pension

With the financial markets the way they are, it’s a good idea to review your pension goals at least annually. Why not make the Autumn season the perfect time to do it!

It can be helpful to start with a pension calculator to determine how much you can expect to receive in retirement. If it isn’t what you hope, you can take steps to increase your pension value on retirement.

Savings and investments

Depending on the time frames for your other goals- and you can have multiple pots for multiple goals – it’s worth spending the time to research the different savings and investment schemes available. Not only can it make your money more secure – and go only to these particular projects, but you’re likely to get a better interest rate when putting your money away for a longer-term project.

If you’re looking for resources to help get you started, there are plenty over on the AGL website! Start with: Financial Facts and Tips Every Woman Should Know.

Set up your power of attorney

A power of attorney is a legal document that gives power of your health and/or finances (separate authorisations) to your attorney (your nominated person/s, or legal representatives) in a circumstance where you lose the mental and/or physical capacity to make your own decisions. Contrary to belief, should something happen, the right does not automatically fall to your family, only a power of attorney can ensure that decisions by loved ones can be made on your behalf

You can complete the documentation yourself at a cost of £82 per application, however you may also wish to consult a legal professional to ensure all parties are aware of the implications to having a lasting power of attorney in place and the responsibilities this holds. Additionally, you may set out some wishes as to how you expect your affairs to be managed, should you not be able to communicate those decisions for yourself, with a solicitor in place.

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