Blogs

A client of ours had their will written for them by a solicitor. All was well, until a member of the family had to go and live in a care home.

Now the local authority is trying to put a charge over their property – which means when the house is sold, they’ll be wanting a cut.

The solicitor is working on their behalf in negotiation with the local authority – and the bill for that work is in excess of £4,000.

Not every solicitor will do this, but if you end up needing their support for something like this it’s well known that the cost can take a toll.

A massive pensions reform coming into place this year will have a huge impact on just about anyone working for a company, large or small.

Auto-enrolment will see eligible staff working for companies in the UK automatically enrolled into a pension scheme by their employers.

It has been introduced to try and counter the shortfall between the contributions we’re all making – and the longer lives we’re living. Too many people are not saving for retirement at all, and those who are saving don’t put enough away before they receive their gold watch.

Auto-enrolment simply means automatically enrolling people onto a pension scheme, into which both workers and employers contribute.

What does it mean to you to be prepared for the future?

Cutting back on spending, paying off your debts and making sure you’re getting the best deals possible on your mortgage and banking? While you’re at it, you’re probably saving carefully for a family holiday and planning to check that your energy supplier’s prices are competitive.

Research recently showed we’re more likely to be doing this than buying life insurance. It also showed how uncomfortable people feel about discussing debts, borrowing or their Will with close family members.

Many people don’t have a Will because they don’t feel they have anything to leave. However, leaving a Will is about much more than your possessions and your estate. Furthermore, you probably have more than you realise.

A job for life with one company is long-gone now – but the way we traditionally approach pensions has not automatically caught up.

If you have worked for several different employers over the course of your career, you quite possibly have several pensions frozen in different pensions schemes. You might even have your own personal pensions seperate from your employer. There are benefits to bringing your pensions together into one well-chosen scheme.

Now you’ve got Christmas out of the way – is it time you took a look at your finances?

If you made some financial New Year’s resolutions last year – how did it go? Did you achieve your financial goals? What kinds of financial New Year’s resolutions would you like to make this year?

While you’re full of good intentions about 2012 and maybe a bit uneasy about the Christmas credit card bill, it’s a great time for financial stock-taking – and you don’t have to do it alone. If you’re worried you spent too much at Christmas, or you have some New Year goals and dreams that need some financing, My IFM can help.

The world of personal and business finance is changing all the time – and there are a few changes coming in 2012 that we recommend you watch out for.

Self assessment deadline – January 31

The deadline for paper returns has long gone, and if you are filling out your tax return online, your deadline both for filling it in and paying any outstanding tax for the 2010-11tax year is January 31. If your tax return is still outstanding now is the time to get on with it – especially if you’ve still got to get your paperwork together and your records up to date. HMRC has lots of help available for self-assessment online.

Looking after loved ones is a priority in life. Life insurance helps you continue that support and care after you’re gone.

The surprising thing about life insurance is that it can be very affordable – less than the cost of a good cable TV package! A good independent financial adviser can give you a specific price – peace of mind for you and your loved ones could be more affordable than you realised.