Planning for the future after tragedy strikes
Why did Louise come to use for advice?
Louise, 34, is a widow, after losing her husband, Paul, following a long illness.
Paul and Louise have two young children. Very sensibly they had previously taken out Life Cover policies so that should the worst happen, the family’s financial future would be secure.
Following Paul’s death, a large lump sum was paid out, of which £300,000 was left after the mortgage had been repaid.
We were asked to advise Louise on how to invest the lump sum.
How did we help Louise?
We met Louise at her home around a year after Paul’s death; the grief was still palpable and it was clear she was still vulnerable.
We spent the first couple of hours sitting, talking about Paul and his life. Louise was naturally keen to talk more about us too; including our knowledge and experience. After such a tragedy, it was completely understandable that Louise wanted to take her time and allow our relationship to build naturally.
We learnt that Louise has a stressful job, which she may want to change, so she could spend more time with her family. She was also especially nervous about making the wrong decisions with such a large lump sum of money, which she had because of such tragic circumstances.
Louise didn’t want to spend the money and was keen for it to be looked after carefully to secure her financial future, and that of their children.
After much discussion, we agreed that £200,000 would be invested for the long term with £100,000 left on deposit to meet emergencies and any short-term need for money the family had.
As Louise and Paul had joint life policies, Louise now had no Life Cover, which left the children vulnerable should she die. We therefore set up additional Life Cover.
We also recommended that Louise make a new will to ensure that her wishes are known should she die and that guardians for the children are nominated.
How is Louise now?
The pain of losing her husband is never far away. However, Louise has told us that the knowledge her family’s financial future is secure is reassuring.
The money will be used to benefit her children, meaning that something good will have come out of Paul’s untimely death.
How can we help you?
We hope you are never affected by similar circumstances to those Louise found herself in. However, if you do you can rely on us to advise you with empathy and compassion.
Our advice can also ensure that you and your family are prepared for the worst. If you have children it’s only sensible to ensure that if one of you die, or become ill, the financial future is secure.