Family

 

 

Protection

Prior to retirement, protecting your family in the event of ill health and death is a high priority.

Your financial plan will review any existing personal arrangements along with those provided by an employer to identify any shortfalls you may have within your protection requirements.

 

Life Assurance

Life assurance can provide a lump sum or a regular source of tax-free income for a pre-determined period in the event of death, or in some cases serious illness.

This can cover any liabilities you may have such as a mortgage, school fees or to replace the lost income to the household.

Some providers allow the option of a lump sum to be paid in the event that you suffer a ‘critical illness’, this can be in conjunction with life cover or as a standalone policy.

 

Income Protection

In the event of you being unable to work, an income protection policy can provide up to 75% of your gross income, tax free from when your employers sick pay ceases, until you are able to return to work or your stated retirement age.

 

Private Medical Insurance

Private Medical Insurance is designed to fully / partially meet the costs of private medical treatment for you and your family. This can reduce treatment waiting times and potentially give you access to more specialist treatments.

Mortgages

Whether you are a first time buyer, expanding, looking for a more cost effective approach or even an investment property, we can assist you.

Our mortgage sourcing software scans the available market rates, whether these are direct to the customer or intermediary exclusives.

Howard Wright will be remunerated from the mortgage provider which is usually 0.3% of the loan amount. For example, a Mortgage of £150,000 would result in a fee of £450 from the lender. The costs will be confirmed to you before any business is transacted.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Our Advice

We will offer advice on the most suitable products to meet your requirements, whether fixed, variable, capped or discounted. Other features such as offset accounts will also be considered.

Retirement Planning

Your financial plan will provide a projection of your income at your desired retirement age, based on your existing arrangements and projected State Pension.

This will highlight any shortfalls that you may have along with considerations on how these can be addressed. This could include increasing contributions within your agreed budget, taking advantage of employer incentives, switching contributions to a more tax efficient vehicle or switching out of a poorly performing fund.

 

 

 

 

Personal Pensions

Personal Pensions are a tax incentivised savings vehicle, designed for retirement. Tax relief on any contributions can give them an advantage over ISA’s, however the lack of accessibility is an issue for some of our clients.

ISA’s

ISA’s are a tax incentivised savings vehicle free from income and Capital Gains Tax. Unlike pensions they do not attract tax relief on contributions, but the fact that they are accessible prior to retirement is seen as a plus for some clients.

Investment Portfolio

It is important to have your savings working as hard as possible for you, it is therefore imperative that you review not only the contract but also the investment fund(s) utilised within your contracts.

Our Portfolios

At Howard Wright we provide a range of risk focused actively managed investment portfolios, these are designed to assist our clients in achieving their investment objectives by constantly reviewing the underlying investment performance.
The value of investments and the income derived from them can fall as well as rise. You may not get back what you invest.

Retirement Planning

Your financial plan will provide a projection of your income at your desired retirement age based on your existing arrangements and projected state pension.

This will highlight any shortfall that you may have along with considerations on how this can be addressed.
This could include increasing contributions within your agreed budget, taking advantage of employer incentives, switching contributions to a more tax efficient vehicle or switching out of a poorly performing fund.

Personal Pensions are a tax incentivised savings vehicle for retirement. Some individuals prefer the accessibility of an Investment ISA, though accessibility can be a downside!

It is important to have your savings working as hard as possible for you, it is therefore imperative that you review not only the contract but the investment fund(s) you use. Billions of pounds remain in underperforming funds, where a simple fund switch to an alternative fund would potentially provide a higher return. At HW we provide a range of risk focused actively managed investment portfolios designed to assist our clients to achieve their objectives.

Estate Planning

Prior to retirement, estate planning is usually focused on ensuring that your assets are directed to your chosen beneficiaries in the event of your death. (This is achieved by the use of Wills, Expression of Wish Forms, Trusts and Powers of Attorney)

Wills

A Will is the recommended starting point for most of our clients, who incorrectly believe that their spouse or next of kin will automatically inherit the whole of their estate in the event of their death. As part of your plan we review any existing Wills that you have in place and recommend any alterations and amendments if needed. If a new Will is required, our team of fully qualified Will writers are here to help you.

Expression of Wish forms

Expression of wish forms are important documents which are often overlooked and many do not understand that pension schemes are rarely governed by a Will. Therefore, it is vitally important that scheme trustees are given an indication as to your personal wishes in the event of your death.

Employers often provide additional in service benefits such as death in service schemes. These also require the completion of an expression of wish form.

As part of your financial plan we will review your existing wishes and make amendments if required.

 

Trust Forms

We would recommend completing Trust Forms in conjunction with any life assurance policies / products. In the event of death, with a trust form in place the proceeds of any policies can be paid directly to the trust beneficiaries without the need for probate. This ensures ease of payment to your nominated beneficiaries at a difficult time and this could also mean the proceeds are exempt from inheritance tax.

Powers of Attorney

Howard Wright would recommend that individuals consider undertaking Lasting Powers of Attorney (both Health and Financial). These documents allow your nominated attorney to manage your affairs in the unfortunate event that you lose mental capacity or simply do not feel able to manage your own affairs anymore.
Howard Wright can assist in the completion of these forms.

The Financial Conduct Authority does not regulate Tax Advice, Will Writing, Estate Planning and Trusts.

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Oaktree Rise
Codsall
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