Wealth management in Nottingham and UK: Discussion in families gives opportunities to learn, increase wealth and share knowledge.

What is the meaning of wealth management? 

Let me explain, wealth management in Nottingham is the strategy solving or enhancing client’s financial situation.

From the Independent financial advisor’s perspective, wealth management is a consultative process with clients offering them a range of financial services and products that meet their requirements.

Wealth Management in Nottingham: Why you need to know about it

In my free consultation sessions with my clients, they often express an interest to learn more about estate planning and inheritance tax planning.

After consultations with my clients and their families, they protect their property, assets, and their businesses. The financial planning service is available to clients in the East Midlands and other parts of the UK.

Wealth management in Nottingham tip #1: Family discussions on estate planning with young people often get best results

In my experience as an estate planning consultant in Nottingham, I’ve seen the benefits when parents involve all members of their family in estate planning decisions.

Succession planning for their business, distribution of their estate and other sensitive matters when made clear, help reduce tension and confusion. Family meetings are useful and provide clarity and agreement on important issues like:

  • Who make decisions if your parents or you are incapacitated due to mental illness or an accident that leads to chronic disability
  • Who make decisions for the running of the business when business owners are not available or in the unfortunate event of their death who would run the business
  • Who manages conflict and tension between partners and shareholders in the business?
  • Would they consider protection of the property rather than none?
  • Do they want to avoid probate fees on the estate?
  • Do they want to save money on future estate administration costs?
  • Do they want to know how to release money from the estate?
  • Do they want to fix funeral arrangement costs, save money and take the burden away from family?
  • Do they want to make savings on administration costs of the estate and ensure distribution of assets to the beneficiaries is done correctly?

As you can see, these are few important questions discussed in meetings. When were you invited in these types of meetings? Can you see how much you could be missing out on not knowing what is happening in your family?

So let me ask you a few questions. When one of your parents pass, would you receive your inheritance from the estate? If one of your parents is remarried or has a civil partnership. What happens then?

Have you asked your parents while they are fit and well soul-searching, heart-wrenching questions? It’s not that you’re being disrespectful, you just want to know the truth. Ask them to invite you to a meeting.

Wealth management in Nottingham tip #2: Find out if you’ll inherit your share of the estate.

When my mother died and my father remarried, I was unintentionally sideways disinherited from my family legacy. What this means is, they didn’t protect their wealth for me to inherit.

So let’s talk about your family. If you haven’t asked them already what happens when they lose their mental capacity or when they pass, ask them these questions while they are fit and well and still with you.

Your views matter, but unless you share them, who’ll know what’s on your mind and what you have to say? You may be surprised and could inherit more than you realise or you may not inherit anything!

My son and daughter asked me about their inheritance and I said to them, my inheritance will go to my wife and then to my him and his sister when I pass. So here’s my question to you, do you know what financial provision is in place for you?

If you don’t know the answer to the question, ask your parents. If you have no inheritance, again we can help give free information to you and your family how to protect the estate. Talk to your parents and get the answers.

Wealth management in Nottingham tip #3: Your views matter; share it with your family

What do we know about you so far? Well, you are important and a special person and your family need your contribution. What you say do matter in your family. What you need to do is make sure you are seen and your voice is heard.

You don’t know what your parents know until you engage in a discussion with them about their plans for your future! I mean, they are your parents or carers right?

So, what you need to consider is, find the right time and environment to ask them about inheritance planning and where you fit into their plans.

If you have difficulties in your relationship with your parent’s, you may want to reflect on your communication skills and ask for help to improve this.

Develop effective ways to say how you feel and what’s on your mind. If necessary, ask for help and support from sibling or family to help you do this. Could it be your parents don’t know or have effective wealth management strategies to protect their wealth?

The thing is, they may not know about wealth management and need help. My parents are no longer with me. If I could have another day with them that would be great, I would take it, but it’s not possible.

We did talk about inheritance planning, but the thing is they didn’t protect their estate. While you have the time and opportunity, spend time with them. Get to know your parents, enjoy and create happy memories with them while they are with you before they pass.

If you feel there is a “generation gap” and they don’t understand you, you can make the difference. Ask to be invited to meetings – talk to them.

Wealth management in Nottingham tip #4: Ensure your family involves you in the consultation and decision making process.

Would you rather know now what your financial future looks like now, rather than hope it will be safe and secure? Imagine if you were intentionally or unintentionally disinherited from your legacy but you didn’t know?

Would you prefer to know today and deal with it now, or wait until your parent pass and later realise you have no inheritance? Which one would you choose?

It’s your decision, only you can decide when it the right time to talk to your family about these important issues. The key point is, it is better to be proactive, rather than reactive and try to fix things later.

Remember, if you don’t inherit your family inheritance – your children and grandchildren also lose out as well!

Wealth management in Nottingham tip #5: Election 2017 shows it does makes a difference when young voters and under 40’s have their say

I sense a shift in the way the “young generation “address issues of leadership and decision-making in UK. The 2017 election politics showed that young people from 18 -24 and under 40’s had their views heard on issues that are important to them.

They had their say in forums on issues of finance, health, education, and Brexit. They are looking at ways to express their feelings and gave their input on ways to make a difference in the UK.

The younger generation is creating a better future for themselves and their family. Hope, stability, and certainty are words used to highlight the need for change.

When this happens, it will give them financial security they need and peace of mind and security. They became problem-solving orientated, giving suggestions on how to make the UK a better place to live.

Let’s stop and think for a moment what would have happened when all young people voted? It could have closed the generation gap, make history, and may have change politics in the UK.

Now let’s turn this around, can you imagine the difference that could be made when discussion inheritance planning happens in families? The impact would be HUGH! My mission is to help educate the younger generation to have their say.

You help me do this when you talk with your family and friends why they should consider engaging in discussion with their family on wealth creation and asset protection of their estate.

Wealth management In Nottingham tip #6: Tell others what you’ve learned.

Here’s a message I would like you to share. It will be interesting to see what response you receive once you’ve sent it. Here’s the message:

“YOUNG PEOPLE SHOULD KNOW IF THEY WILL RECEIVE AN INHERITANCE FROM THEIR FAMILY ESTATE! Ask your parents – I’m sure they’ll let you know. Please spread the word.

Wealth management in Nottingham tip #7: Enjoy your wealth and leave an inheritance to your loved ones 

After reading about wealth management in Nottingham and the other parts of the UK, you may have family or friends who may also want to join in the discussion. Please feel free to share this information with them.

My aim is to give the information to every young person, under 40’s and their families in the UK who wants to know about wealth management.

I believe young people’s view matters and I look forward to hearing from you. For more information on wealth management in Nottingham and other parts of the UK and your free consultation session, call us today on 03332 12 20 51 or email mw@michaelwilliamsestateplanning.co.uk

Get your free consultation here 

Disclaimer

The information in this blog has been prepared for general information purposes only. Views recorded are subject to change. It does not constitute any form of legal or financial advice.

No liability is accepted for decisions or actions you take reading the information on this blog. It is recommended that specific professional advice is obtained for your particular situation.

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