Refresh your New Year resolutions

It is that time of year again, so what financial resolutions should you be making?

New Year resolutions have a tendency not to last very long. By the time the festive season ends and the decorations are put away, the eat less/drink less/exercise more resolutions have often also disappeared. For 2018, try adopting a different type of resolution – a financial one. Here are four possibilities:

1. I will review my will  Ensuring your will is up to date is one way to make sure your assets are dealt with in the way that you want when you are not around. If – as many people do – you have no will and assume the laws of intestacy will resolve everything, you could be seriously mistaken. Intestacy does not always mean everything passes to a surviving spouse or civil partner, which is especially hazardous if you are in an informal relationship.
2. I will complete a Lasting Power of Attorney  In many respects no will is complete without a matching pair of Lasting Powers of Attorney (LPAs) or the equivalents in Scotland or Northern Ireland. LPAs allow you to appoint one or more people to make decisions for you if your health – mental and/or physical – prevents you from doing so.
3. We will review our ownership of investments  The past few years have seen a steady flow of changes to the tax treatment of investment income, such as the introduction of the personal savings allowance and the reform of dividend taxation. It is now more important than ever for couples to review who owns which investment.
4. I will obtain an estimate of my current pension benefits  The recent changes to pension rules, across both state and private pension provision, could well have altered your retirement income, how you can draw benefits and even when you will receive some of your pension .

In personal financial planning, as in many other aspects of life, putting things off is seldom wise. All the resolutions listed here don’t require regular commitment, so why not call us now and start 2018 the right way?

The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax, will writing, trust advice and some forms of estate planning.