Talk to my family about money? I would rather poke out my eyes with a blunt stick!
Keith Littlewood from Blacktower Financial Management in Murcia shares the importance of financial planning and having a will, for the good of your family after you die...
Discussing finances with loved ones is a subject that crops up time after time when I have meetings with my clients. It is not unusual for a client to disclose to me details about their personal life as well as their finances; I frequently hear about hobbies, interests and even embarrassing encounters at the hospital – often described in gory detail that leaves me choking on the delicious cake served up to me with my cuppa.
When I broach the subject of whether they would like me to discuss their investments or my recommendations with their children or relatives, quite often I am met with a look of horror, as though it was the worst possible thing I could have mentioned. That same client will gladly give their family details to put on beneficiary forms for when they pass away, but under no circumstances must the relatives know about any of the details whilst they are still alive.
The above is really quite a serious issue: if you do not want your assets to be lost after your death then it is important to at least share the location of the relevant paperwork with your family (wills, policy documents, deeds etc.). We have all seen the TV programmes depicting the heir hunters looking for a slice of the action, whilst billions of pounds or euros sit in dormant accounts never being claimed or accounted for.
I always encourage my clients to give their family my contact details so they have someone to contact in the event of death. I am also happy to discuss any aspects of my clients plans with their family (important if my client is single or elderly) which can reassure them that their relative is dealing with someone reputable.
In today’s financial climate it is essential you do everything you can to ensure that your money is safe and that your wishes concerning your assets after your death can be fulfilled. Planning ahead can help give both you and your family peace of mind.
Should you wish to find out more, you can contact me using the details below.
The local Blacktower office address is: 120 Avenida Dr. Artero Guirao 2C. San Pedro Del Pinatar, 30740, Murcia, Spain. Our office suite is easy to find on the main N332 through road of San Pedro del Pinatar with easy parking.To make an appointment call or WhatsApp me direct on 657684094 or email keith.littlewood@blacktowerfm.com
Blacktower group of companies are licenced in the jurisdictions in which they operate. For more information, please visit our website: www.blacktowerfm.com
This communication is based on our understanding of current legislation and practices which is subject to change and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity.
Financial Advice Issues for Expats in Spain
I have been a Qualified Financial Adviser for almost 35 years now. 25 years in the UK for major institutions such as Natwest, RBS and Royal London. I have been in Spain giving expats financial advice now for 10 years and it is quite remarkable the different approaches as well as advice that are required for an expat now living in Spain. Blacktower is a company that has specialised in providing the best solutions for its clients living outside the UK for 30 years also.
The currency issue is always high on the agenda and a discussion for the long-term future has to be taken onto account. Questions like What will happen if one partner dies? Will the other remain in Spain? What about other family members? What Inheritance tax provisions do you have in place? The list goes on and on.
Existing portfolios and investments that were the mainstay of portfolios in the UK may now be obsolete. An example of this is quite often tax efficient products in the UK like ISA’s and previously held TESSA’s: PEP’s actually have low growth rates and provide no tax advantage to a Spanish fiscal resident.
Existing pension holdings either paid by the state or private pensions built up through working lifetimes are topics that have to be covered. Many expats have lots of small pensions from many ex employers and can be confused by the communications and administration in dealing with them. At Blacktower we specialise in advising on how to consolidate and bring all these pensions together in one place.
Bank accounts and investments in Spain always bring up lots of questions too. Quite often the small print associated with financial products in Spain is in Spanish this can make it very difficult even if you have a good grasp of the language. Understanding Jargon in English is sometime difficult enough. I provide clear easy to understand letters and documents in English so that you fully understand any terms and conditions before making a decision.
Advice on tax efficiency is just as important and offering good returns. There are products available exclusively for Spanish expats that can provide invaluable benefits. Having a good base knowledge of the tax implications both now and in the future is an essential ingredient to making a sound decision.
Click for more information about Keith Littlewood.
The above information was correct at the time of preparation and does not constitute investment advice and you should seek advice from a professional adviser before embarking on any financial planning activity.
This communication is for information purposes only and it does not constitute advice or a recommendation. The value of investments can go up as well as down, and investors may not get back the full amount invested. The Blacktower group of companies operates across multiple jurisdictions, each authorized under its respective regulatory license. For further information, please refer to the relevant regulatory page.
