When a big event approaches that's going to have a significant impact on your life, you will want to be well prepared. Often that includes retiring, selling a business or receiving an inheritance - all events that might make a change to your lifestyle and future plans.
Our three key pieces of advice if you are in this situation are:
1. Have clear priorities
It's easy when you are faced with a situation that might include lots of decisions about finances, tax or legalities to get caught up in the detail. Just take a step back, with your partner or family if appropriate, and ask yourself:
'How would I like my life to change as a result of all this? What is really important to me?'
2. Surround yourself with experts
Having a team of people around you that you can trust to explain your options and give you the right advice is vital. When you are expecting a big event, it may well be something you have never done before, so you will need experienced people on your side. Remember that you may only have one chance to get this right. Whether it's structuring a business sale, retiring from work or receiving an inheritance, there are always complexities that often can't be undone.
3. Plan ahead
Making life-changing decisions under pressure is a recipe for disaster. It can mean making mistakes, or missing out on opportunities. This is particularly true for retirement planning, when using tax reliefs and minimising taxes often comes into play. If you know that a change is likely, start getting things in order now. As a guide, we suggest planning for retirement or a business sale at least 12 months ahead of time. For inheritances, lottery wins or other settlements (like divorce or personal injury claims) we suggest contacting a financial planner as soon as you possibly can.
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