What Events Can a Financial Planner Help With And Prepare You For?
From job changes to unexpected retirements or new life and death in a family, many unpredictable events happen over the average lifespan that may seem daunting to broach in theory. Still, they can be prepared in terms of financial means. Preparing your finances in anticipation of various life events can be accomplished with the assistance of a financial planner, where valuable guidance can be procured and utilized during a number of instances. With the assistance of financial advisors, you can be guided through situations you may find challenging, and any worry can be alleviated.
Find out what events and life progressions a financial planner can help you with and prepare you for.
Marriage and divorce
Getting into a new marriage means combining two individual finances, and preparation will be needed. If you want to protect your assets and what you have garnered in your past, you'll want to get ahead of these changes, which can be done through a prenuptial agreement. Other ways to financially prepare for a new marriage include making modifications in terms of your health coverage and your beneficiaries. Further, you'll want to make revisions to your will and estate and begin to include your new spouse in these important documents, and that is when a financial planner can be hired to help.
In the case of divorce, many of these documents pertaining to your financial status will once again need to revise. Aside from removing your former spouse from these documents, a financial advisor can help you plan your future without an additional income and the funds that will need to be supplemented in case of a divorce taken to court.
A new addition to the family
When you have a new addition to the family, it is bound to be an exciting whirlwind of time. And while changes in your lifestyle will occur overnight, you'll also want to meticulously prepare for your child's future. By working with financial advisors, you can build college savings for your child, secure medical insurance, and prepare for expenses associated with a child's growth. While new additions can be expensive, you will be able to alleviate any stressors connected to having a child by developing a roadmap with your financial planner.
Whether you switch jobs or are ready quit your current job without laying the groundwork of starting another, a job change can radically shift your financial status. To ensure you're financially covered during these professional changes, you can work with a financial planner and transition into a new professional phase in your life without the worry of your insurance, benefits, and retirement plans impacting your livelihood in any substantial way.
Buying and selling property
When you're preparing to buy or sell property, you'll want to have your finances in order. When working with a financial advisor, you can make plans to eventually have enough money for a down payment on a property and home and see where your finances maybe when you need to begin to pay for a monthly mortgage. More so, financial advisors can assist with the title of the home and who should be on it.
Retirement is an exciting time for any long-term employee and indicates a period of rest and relaxation after a lifetime of hard work. But for retirement to go smoothly, preparing your finances is a must and can be accomplished with the help of a financial advisor. Before your retirement, you should begin a retirement fund that will enable you to live out this period without the stress of money weighing down on you. A financial advisor will be able to develop projections on how much you'll need to live off of.
You can never predict when you or a loved one might be inflicted with an illness that could impact your finances. Having to become a caretaker or taking leave from work will leave you stretched thin if you don't take a proper course of action to control the funds that you have saved and are on retainer, which can be helped with assistance from a financial planner. You can even seek their help before signs of illness occur and begin to prepare your accounts for such events because money is the last thing you will want to be concerned about when you or a loved one has fallen ill.