Spring clean of your financial planning

01 May 2016

We have always been an advocate of a regular review of individuals' financial planning. An annual review (usually as a minimum) is worthwhile to check that the plans that you have in place still meet your changing needs and requirements. This is not limited just to individuals, but also applies to businesses as well. 2016 has seen many changes in legislation and allowances and these alone may take some focus to ensure that tax efficient value is being extracted where prudent and available. We have recently detailed this in our Spring Newsletter and if you would like a copy then please let us know.

We are asked frequently if various types of financial paperwork from years gone by can be destroyed and many will know that we are reluctant to sanction this without checking what's involved. Obviously, if anything is to be destroyed, it should be shredded carefully and thoroughly.

Holding on to original policy documents is important and checking that these policies still meet your needs is worthwhile. Many older type policies, such as Critical Illness plans, sometimes have protection definitions that are usually more favourable than newer style plans and this could increase their real value in the event of a claim.

Along with policies and investments, it is also worth looking at other important documents, such as existing Wills and Powers of Attorney to ensure they reflect your loved ones' current circumstances. An example might be a Will which does not feature grandchildren who are now on the scene.

Many will be receiving a notification from HMRC at this time of year that it's time to prepare their tax returns and start gathering together tax certificates for bank/deposit interest and investment income. Always a great time to check through all of your arrangements. You may want to check with your accountant about what is needed.

The team at Chapters Financial can help you with a review of your financial planning as we move into spring of 2016. Please contact the team at either our Guildford or Woking offices. No individual advice is offered in the course of this blog.

Keith Churchouse FPFS
Chartered Financial Planner
CFP Chartered FCSI
ISO22222 Certified

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.