Your Financial Checklist For 2023

The end of the year has come around so quickly, I can’t believe it’s time to start planning for 2023 already!

I want to share a checklist to help you get financially prepared for 2023:

1.      Book a financial review

First things first, book a financial review! If you have been putting off reviewing your finances, now is the time to do it. With inflation at a 40 year high and volatile markets to boot, please take the time to give your finances an MOT and review your goals.

2.     Organise your paperwork

Does your spouse or loved one know what assets you own and where you keep them? Listing all accounts and helpful information will make life much easier should someone else ever need to access it. We have a document that can help you with this, just ask if you’d like it.

3.      Make a Will
Ensure your Will is up to date and reflects your wishes. Without a Will, your estate will be subject to the rules of Intestacy and your assets may not end up where you would like.

4.     Arrange Lasting Powers of Attorney
It’s never too early to think about arranging LPAs. Many people don’t plan to do this until faced with a situation in which capacity may already be lost. Matters must then be dealt with through the Court of Protection which can be costly and upsetting.

5.      Top up your ISA
Don’t forget, every individual can top up their ISA by £20,000 each tax year. Junior ISAs can also be topped up by £9,000 each year. ISAs are the most tax-efficient way of saving. Make sure you use your allowance by April 5th – or lose it.

6.     Make gifts
If inheritance tax is a concern of yours, use your gifting allowance to reduce the value of your estate. This may be especially useful at Christmas! Don’t forget to keep a record of the gift you have made. We have a document that can help with this too.

If you would like help with any of the above, we can assist you with everything listed and more.

To book a complimentary financial review with Richard, please get in touch by calling 0117 3636 212 or email office@haroldstephens.co.uk.