Steps.

Re:View.

The first step is all about coming to terms with your new financial situation while you come to terms with the loss of your loved one.

The early days and weeks are particularly difficult. On top of your emotional grief there are a large number of formal, legal and financial steps which simply must be fulfilled within a certain period of time.

You may have worked with your loved one on family finances, or they may have taken charge of the family finances. This will have left a gap which now needs to be filled. This will understandably cause feelings of uncertainty or stress.

Some of the areas covered in this step:

  • Ensuring that vital utilities and other services will continue to be delivered and paid for

  • Registering the death and informing all government departments

  • Informing all financial and non-financial institutions what has happened

  • Gathering all values/balances of accounts, assets, debts, etc. and recording them in a simple structured form

  • Locating the will, identifying executors and, if relevant, finding a solicitor or equivalent to assist executors

  • Selecting and overseeing trusted advisers

  • Technical coaching, in order to increase understanding of individual or family finances and how they relate to the wider financial system

  • Pastoral coaching to discuss the different money management roles within family and how any gaps may be overcome

Re:Design.

This step is focused on planning your future, once the initial confusion and grief have subsided somewhat. When the time is right for you, and your comprehension of your situation is sufficient, we can work together to build a plan for the future.

The loss of your loved one may prompt significant financial and lifestyle change. Alternatively, you may wish for life to go on pretty much as it did before. Whatever your objective, you would be well advised to build a plan that caters for the change brought on by your changed circumstances.

Some of the areas covered in this step:

  • Cashflow modelling to determine what your financial future looks like and what changes could or should be made to achieve your goals and objectives

  • Budgeting to ensure your expenditure remains manageable

  • Estate planning

  • Tax efficiency and maximising available allowances

  • Opportunities for planning finances at a family level, rather than on an individual basis

  • Charitable giving of time and/or money

Re:Generate.

The final step is to make the plan, developed in the Re:Design phase, a reality.

The plan will be based around the benefits to you and your family and will provide sufficient detail to know what steps need to be taken to make the plan, and your future, a reality.

For many, this will be the first time they have had any responsibility for administering bank accounts, ISAs, etc. You may not have gone through the process of writing a will. Many tasks and terms will appear confusing but with support you will overcome the confusion.

You may choose to run your finances yourself in the future, with little input from others. Alternatively, you might choose to work with a chartered financial planner, lawyer and/or accountant into the future. We will cover the options and likely costs, and where relevant the selection and ongoing management of these important professionals.

Some of the areas covered in this step:

  • Overview of accounts, platforms, tax-wraps and investments

  • Opening and closing bank accounts

  • Transferring ISAs between providers

  • Transferring pensions between providers

  • Processes to track budgets and expenditure

  • Processes to estimate and track ongoing tax costs

  • (Re)making a will

  • Making, or amending, Lasting Powers of Attorney (LPAs)

Re:View - Re:Design - Re:Generate.

Every bereavement and every individual’s way of handling emotional grief are unique. Likewise, every individual and family financial situation is different.

Re:Generation Financial Coaching acknowledges and caters for these differences.

I have created a three-step process to provide a formal structure for the coaching process. These steps run in parallel with the grieving process and allow for almost infinite flexibility within each step.

I understand life will never be the same again. But by reviewing, redesigning and regenerating your financial life, I can help you live the best overall life you possibly can into the future.