Protecting your family financially

One of the most daunting things that can happen is some bad news unexpectedly - being made redundant, or even more seriously losing the capacity to work through health problems and other unexpected things happening in your life.

Now, you will need to plan for these as soon as you have dependents, and if you don't have dependents then the risk is more one that you will have to decide personally what is an acceptable level of risk to take on board for you personally.

Now, financial planning can help you with not having to worry so much about the financial side of things, or at least minimise risks.

One specialist area is with regard to protecting against loss. For instance if you were to die and you have dependents then you will want very much to ensure that your dependents are protected as much as possible financially if something dreadful were to happen to you. Financial planning in this area can help this happen.

Then there is the future - the great unknown that, well, we know nothing about!

One important thing to think about in the future is tax and what the tax burden will be on your estate in the future.

By planning in a tax efficient manner you can ensure that everything you have goes as far as it possibly can, and there are experts out there in your bank who will be able to help you plan and introduce measures that will ensure that your inheritance tax liability is reduced as much as possible for you and your circumstances within the rules.

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