Major life events can have a significant impact on your finances. Getting married, having children, receiving an inheritance, selling a business, getting divorced or losing a partner can all change your financial position and the decisions you need to make.
Financial planning around these events can help you understand what has changed, what decisions need to be made and how your money should be managed to support your new circumstances and long-term objectives.
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Receiving an Inheritance
Receiving a large inheritance can transform your financial position, but it can also create difficult decisions.
Before investing the money, it can be sensible to consider your existing finances and what you want the inheritance to achieve. You might use some to repay debt, increase pension contributions, invest for the future, help your children or simply improve your lifestyle.
A financial planner can model different options to show how much you could spend or give away while still retaining sufficient assets for your own future.
Selling a Business
Selling a business can result in a large proportion of your wealth moving from a company into your personal finances.
This can require a completely different approach to managing money. Instead of relying on your business to provide an income, you may need to create an investment portfolio capable of supporting your lifestyle for decades.
Planning before the sale can also be important because decisions around pensions, investments and tax may need to be considered well before the transaction completes.
Marriage and Starting a Family
Marriage and having children can change your financial priorities considerably.
You may need to consider buying a larger home, childcare and education costs, investing for your children and increasing pension contributions.
Financial protection also becomes increasingly important. Life insurance, critical illness cover and income protection can help protect your family’s finances if you die, become seriously ill or are unable to work.
You should also review your will and beneficiaries following significant changes to your family circumstances.
Divorce and Separation
Divorce can involve dividing property, investments, pensions and other assets while establishing two financially independent households.
Financial planning can help you understand what your settlement could mean for your longer-term finances.
Cashflow modelling can be particularly useful because it can demonstrate whether your assets and income are likely to support your required lifestyle and how different settlement options could affect your future financial security.
Bereavement
Losing a spouse or partner can create significant financial responsibilities at an already difficult time.
As well as dealing with an estate, you may suddenly become responsible for investments, pensions and household finances previously managed by your partner.
Financial planning can help establish your new financial position, review existing investments and pensions and determine whether changes are required to provide sufficient income and financial security.
Preparing for Retirement
Retirement is another major transition that can fundamentally change your finances.
Instead of accumulating wealth through earnings and pension contributions, you may begin drawing from pensions, investments and savings.
Planning can help determine when you can afford to retire, how much income you can sustainably take and the most appropriate way of combining pensions, ISAs, investments and the State Pension.
How Can Financial Planners Help With Life-Changing Events?
Financial planners like Saltus provide financial planning for people experiencing significant changes in their personal or financial circumstances.
Saltus identifies events including receiving an inheritance, selling a business, divorce, bereavement, career changes and retirement as situations where professional financial advice can be particularly valuable. Its advisers can help clients understand their new financial position and how the decisions they make today could affect their future.
One of the tools Saltus can use is cashflow modelling. This allows an adviser to model different scenarios and demonstrate how decisions such as retiring earlier, giving money to children or changing investment strategies could affect your finances over time.
For people experiencing a major financial change, the objective is not simply to decide where to invest money. It is to reassess your overall financial position and create a plan that reflects your new circumstances, priorities and long-term goals.