Life can occasionally deliver some potentially catastrophic blows, such as death, serious illness or incapacity due to sickness or accident.

At times when the worst has happened, worrying about finances and money can be the last thing that you, your family or your business needs and can add more stress to an already devastating and emotionally fraught situation.  Indeed, for the majority of people we meet, financial worry is often the most important consideration.

Questions such as “How I am going to cope?” or “How will my family be looked after?” or if you have a business, “How will the business survive?”, “Who will take over?”, “How will they manage?” and “How can I make sure my loved ones benefit?” are likely to be raised

The good news is that with good planning, you can ensure that if the worst does happen, at least the financial side is taken care of and you, your family and your business is protected properly to ensure that money is not one of the things you need to worry about.

So, here are the issues we think it is important to consider:

On death:

  • Ensuring that loans and debts are repaid promptly
  • Ensuring monies/assets pass to the people you want them to
  • Ensuring loved ones have access to the funds they need as quickly as possible
  • Ensuring that your family can continue to live comfortably and fulfil their dreams and aspirations
  • If you have a business, ensuring that this can pass to the most appropriate people and that your family can benefit
  • Ensuring that you, your estate or your business does not have to pay any more tax than it needs to

On Serious Illness

  • Ensuring that loans and debts are repaid promptly
  • Ensuring that you and your family can continue to live comfortably and fulfil your dreams and aspirations
  • If you have a business, ensuring that this can continue if you can’t and that you can benefit from any value built up with the minimum amount of impact or stress

Incapacity due to Illness or Accident

  • Ensuring that as much income as possible continues to come in for as long as it is needed, even if you are not able to earn
  • Enabling you to have as normal a living as possible
  • If you have a business, ensuring that this continues to be financially viable and can still be managed for as long as it needs to, even if you are not able to work within in it
  • To allow you time to make important decisions without financial pressure

There are a number of planning options to consider such as:

For individuals and families:

  • Life protection (including protection for mortgages, loans and debts)
  • Critical Illness protection
  • Income Protection
  • Wills and Lasting Powers of Attorney

For businesses:

  • Key person protection
  • Shareholder protection
  • Partnership protection
  • Business loan protection
  • Business expenses protection
  • Lasting Powers of Attorney for business

It is important to consider your current situation and ask the question “What if…?” when deciding what your protection needs are.

As Independent Financial advisers with a wealth of experience and access to solutions across the whole of market, G+E Wealth Management can help you to answer this “What if…?” question and put you in a position of informed choice, so you know what you need to consider, can decide on a course of action best for you and can have the peace of mind that if the worst does happen, financially at least, things are taken care of.

For more information, or to find out how we can help you please contact us on hello@garbutt-elliott.co.uk