Mr & Mrs P Client were in their early 30s and had recently had their first child, so wanted to ensure that the family would be protected in the event that either of them died. They had not considered the impact on the family should either of them be unable to work through ill health. They did not have a will but as they were married, did not believe that this was important.
We enabled the clients to understand the impact that ill health would have on the family finances as well as sudden death. Taking into account their current debts, lifestyle and childcare costs, we calculated a level of cover required not only for death but also for ill health. We recommended protection plans that were suitable for their needs, not just to pay a lump sum but also to provide a monthly income to live on. We ensured that the policies were established in a tax efficient manner in order to mitigate inheritance tax on death.
We demonstrated what the effect of one of them dying without a valid will would have on the finances of the surviving spouse, whilst also discussing who should care for their son should they both die together. As they did not know any solicitors, we were able to recommend a suitable solicitor to draw up their will based on their needs and how they wanted to protect the family.