- YOU ARE IN
You don't have to be young and fancy-free to lead a single lifestyle. It could come as a result of a divorce, the death of a partner or simply as a lifestyle choice. But whatever the circumstances, you still have to think about the future as well as the present.
Where to live, for example. Would it be better to rent or buy, or have you got an existing property you may now want to let? How would your bills get paid if you couldn't work due to long term illness or injury? Who would you want to take care of your everyday affairs in such a situation or if you decide to take time out to go travelling? You might have disposable income to invest – and, remember, it's never too early to think about planning for a comfortable retirement or making a Will with loved ones or your favourite charity in mind.
Taking our 360 Lifestage Review is the best way to discover what you should be thinking about at your stage of life. Alternatively, click on any button below to find out exactly why particular services could be important to you as a single person.
- Related Documents
- Q1 Why should you make a Will?
- Having a Will in place (which you can change at any time) gives you control over all you wish to leave behind and exactly how you want it divided – whether between members of your family and other loved ones or, perhaps, to help specific charities
- A Will offers the reassurance that winding up your affairs after your death will be much more straightforward and far less expensive for your family than if you had died without one
- You can also express clear wishes about your funeral arrangements, taking a potentially difficult decision away from your family
- Q2 Who would you want to look after your affairs if you were no longer able to do so yourself?
- A Power of Attorney is a straightforward legal document that allows you to choose the person you want to look after your affairs and wellbeing in such circumstances where you can no longer do so yourself, rather than having someone appointed without your approval
- This could be particularly important to you as a single person if you decide to work abroad or spend time travelling, knowing that someone you trust will be looking after such things as paying your bills or taking care of your property while you are away
- Q3 What are the benefits of buying a property?
- In many cases, buying a property on a mortgage could work out to cost no more – or can actually be cheaper – than renting, and you'll be making a significant investment in your future
- You'll have comparative security of accommodation with the opportunity to put your own personal stamp on the property without the restrictions that normally apply to rented property
- You could make extra income by sub-letting part of the property if it is too large for you as a single person
- Q4 What are the advantages of renting a property?
- The main advantage to a single person of renting a property is its flexibility, allowing you to move on at relatively short notice compared to all the long term commitments attached to buying
- You won't have to find the substantial deposit that is sometimes required when buying a property
- Renting gives you the opportunity to try out different areas, possibly with a view to buying in the future
- Q5 Thinking about letting a property?
- Letting a property can be an ideal way to secure a steady source of income and protect your investment for the future – whether you have inherited a property that you don't wish to sell at the moment, or you want to use your property to produce an income that would at least cover the mortgage if work takes you abroad or if you decide to go travelling
- Letting your property could also be an option to consider if you experience difficulty in selling and need breathing space to think over your options
- Q6 Could you be paying too much tax?
- As a single person, you may think your tax position is simple and straightforward ... but how can you be sure? As tax is such a complicated business, it pays to get expert advice on what breaks and reliefs you could be entitled to so you can keep as much of your hard earned cash as possible
- If you are self-employed or have a second income you may require assistance with completing your tax return
- Q7 What plans have you made for a secure financial future?
- Nobody can predict the future. That's why it's so important to get the right financial advice on the measures you should be taking to make the most of your money and safeguard your financial security through all the ups and downs that might lie ahead
- This could include making sure that your money is invested in the best way to suit your particular situation – whether to provide long-term security or to deliver the best possible income if that is your main priority
- Planning your financial future should also include advice on how to minimise your tax liabilities, the most beneficial way to save for major purchases and, for complete peace of mind, how to protect your income if you were to be made redundant or could no longer work due to serious illness