Neil Homer Stafford IFA – When to involve your family in financial planning

Friday 23 December, 2016

Neil Homer, independent financial adviser and part of our Stafford financial planning team considers when to involve your children in financial planning

During the next 30 years the United Kingdom will experience a large transfer of wealth between generations.  One of our main roles as independent financial advisers is to assist clients with their estate planning and encourage clients to consider financial planning on a family-wide basis. 

When we discuss financial planning with our retired clients one of their main financial priorities is to plan tax efficiently so their beneficiaries inherit as much of their estate as possible.  We work closely with our clients' solicitors and accountants to ensure their financial, legal and tax planning is all joined up.

Neil Homer, independent financial adviser Stafford said:'

We often recommend that retired clients involve their children in financial planning, either by bringing their children along to a financial planning meeting, or ensuring that their family are aware of their financial circumstances. We always recommend that our clients set up a will and if they are retired set up lasting power of attorney.  It gives some of our clients peace of mind when they discuss the contents of their will with their children, or make their children aware who their will executors are and which solicitor acts for them.  

Neil Homer, Independent financial adviser Stafford said:

'People generally find speaking about money difficult. Every family is different and it is a difficult decision to know when it’s the right time to involve your children in financial planning. We have found when clients have taken our advice and spoken to children it can help the family formulate a cohesive financial plan to benefit everyone. Our clients often tell us how grateful they are for encouraging them to discuss their finances with their children, and they feel a sense of relief that everyone knows and understands their financial priorities.'

Read more about estate planning and view our estate planning video

Tax and estate planning is not regulated by the Financial Conduct Authority.

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