Sudden wealth

How to ensure your future is secure

We helped a couple work out how a sizeable inheritance would be able to change their lives for the better.

“We contacted Woodruff Financial Planning with no clearly developed view of our investment priorities. The service we have received has been first class in every respect, Woodruff Financial Planning has explained our options clearly at every stage of the process, always offering professional yet impartial advice and guidance. We have every confidence in the quality and integrity of service provided by Woodruff Financial Planning, and would recommend them without reservation.”

Alan and Liz Lazell – Financial Planning clients

Background

An existing client received a sizeable inheritance of nearly £2 million. They needed help to manage this windfall since they had not previously had access to such wealth. They wanted to set up homes in the UK and France, and needed to know that they would have enough income to sustain this lifestyle.

Problems/Challenges

Lifestyle changes

The clients’ priorities were to pay off their existing mortgage, to renovate their existing home and to buy a holiday home in France. After this they wanted to ensure that they had enough money left over to fund their future lifestyle.

Complex tax situation

They were intending to spend a sizeable period of time living in France each year although they intended to remain UK residents. We needed to make allowance for the fact that they had a potentially complicated tax situation.

Less hassle

They were keen to take the hassle out of managing their money now and in the future so they could focus on living the retirement they had worked so hard for.

Reduced risk

They wanted to reduce risk as much as possible since they would not be accumulating significant further assets.

Our approach

Calculated how much they needed

We showed them the amount needed to secure their desired future lifestyle. We examined the implications of making all the changes to their lifestyle such as buying their second home.

Easy to understand position

Their plan meant they could easily understand their options. This allowed us to examine some scenarios and to explore ways to improve their position.

Investment plan

We created an investment plan to generate a flexible income to fund their future in a tax efficient way, whilst taking the least risk necessary to achieve this.

Outcomes and Impact

Improved lifestyle

We also helped them to realise that they had enough assets and therefore gave them the chance to improve their situation and also assist their children financially, all while taking less risk with their money.

Secure investments

We helped them to arrange low risk investments so that they could achieve income and have the flexibility to withdraw money as needed.

Continuing Support

Each year we revise their financial plan so that we can react to any changes and re-assess whether they remain on target to meet their long-term goal of security.

We also examine their investment portfolio and aim to keep it on track towards its goals while taking the least risk needed to do so.