Family Financial Planning
As your family grows, so do the demands on your money. From your children’s education to a larger home and your children’s future, it’s more important than ever to optimise your wealth.
Is your wealth keeping pace with your family’s future?
The early years of family life can be financially demanding, making longer-term planning easy to postpone.
But the sooner you begin saving and investing, the more time your money has to grow and the less pressure there may be later.
We help you balance today’s costs with tomorrow’s priorities, bringing together investments, tax-efficient savings and financial protection in one practical plan. As your circumstances change, your plan can change with you, helping you build lasting financial security for your family.
Watch Husband and wife Ben Phelps and Lucy Nelson, both Pinnacle Financial Advisers talk about the challenges and urgency of financial planning for families with young children.
Frequently asked questions
Do we need to make or update our wills after having children?
Having children is an important time to review your wills. As well as setting out how you would like your assets to be distributed, a will can record your wishes about who you would want to act as guardian for your children if both parents died. You should also review existing beneficiary arrangements and consider whether trusts may be appropriate for your circumstances. Lasting Power of Attorney paperwork should be in place as early as possible to avoid additional upset should there be ill health or death within the family.
Is it worth starting to save or invest for our children while they’re young?
Starting early can give you more time to build towards future costs such as university, a first home or simply giving your children a financial head start. There are different ways to save and invest for children, and the right approach will depend on when you want them to have access to the money, how much control you want to retain and your attitude to investment risk. The combination starting investing in a child’s early years plus compound interest can help create far greater returns than simply saving.
What happens to our family’s finances if one of us can’t work?
This is an important question to answer before it happens. Consider how long your employer’s sick pay would last, what protection you already have through work, how much you have in emergency savings and whether the household could continue to meet its commitments on one income. Income protection and other forms of cover can help fill potential gaps.
