Is there a right age to get your financial affairs in order? 

Well, I believe there is never a right time. That said, having a plan in place at any age, especially if you have a family, will mean that if anything did ever happen, your loved ones won’t have that additional burden of sorting out all of your financial affairs. 

It can take anywhere between 9-12 months to sort out a person's financial affairs and that may not be because of a death, but after an accident or perhaps a care need. Preparing early enough and having everything in order will keep that time frame as tight as possible. 

 

My career has been about good financial management of my client's personal financial affairs and this has to include having discussions about what you would want to happen with your estate if you died. There are some basic things you must do that will ensure your money goes to the right people and you minimise how much you pay in inheritance tax. Right money, right hands, right time is the phrase. 

 

I always ask if a client has an up-to-date will, that is the first essential part of good financial planning. Once that has been clarified, is there a life insurance policy and has it been written in trust. If it has then the money will go directly to your chosen beneficiaries. If not, it will go into your estate and be paid out once probate has been completed. 

 

I would suggest having a spreadsheet with all the relevant information, including mortgages, insurance, bank accounts, pensions etc. This along with details of who to contact first (ideally your financial adviser I would suggest). This again will help the process move on and save time and stress for those who are left to sort things out. 

 

It is also worth considering in this digital age, how a family member may access those assets, such as online bank account, PayPal or even crypto dare I say. Also, social media account access, so your friends and contacts can be advised of arrangements, such as a funeral. 

 

You wont jinx yourself by putting all this together and the right age is how old you are right now. Now is always the best time to get these things in place. I believe more people die without a Will (intestate) than do. By that measure, the odds seem to be in your favour by writing one!