Bulley Davey - your financial questions answered!


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Two people contacted us with financial queries - here are their questions and answers.

My father is 65 and is heading toward retirement, and recently brought up the subject of his will. My mother died several years ago and since then he has moved home and acquired more items, and also a couple more grandchildren! Everyone is happy for everything to be split equally between me and my two sisters with gifts for grandchildren, but my father cannot remember what happened with the previous joint will, and also cannot find it. What should our next steps be?

Mike Brooks, Hampton

A new will can be written to take into account any new wishes, including gifts for the grandchildren. Any grandchildren yet to be born can also be included to avoid the Will being re-written or amended at further cost.

The new will once signed and witnessed, will automatically revoke the previous Will so it’s not an issue that the original cannot be located.

Caroline Brearley, Corporate Benefits Adviser and Will Writer with Bulley Davey Wealth Management

Bulley Davey Photo - Wealth Management - Caroline Brearley cropped

My daughter is 17 and will be taking her A levels next year. We have been saving up for her future since she was very young and have several thousand pounds, but we are unsure what our next move should be, particularly in the current economic/jobs climate. We are anticipating that she has it either next year when she is 18, or perhaps after university.

At the moment her money is in a standard savings account which is fairly low-interest, but we are thinking of other options such as a deposit for a home or helping with life when she hits the job market. Assuming that she either takes the money next year or in 2024, what would you advise should be our next move?

Jenny, Stanground

Firstly, I would always recommend teenagers and parents sit down and discuss what short and long term needs they may have.

Your daughter may be starting a new job or university/college, and therefore she will have short term needs, and access to money may be more important during this time and as such money may best be held in deposit-based accounts.

However, buying a house may seem years away, but this may be a longer-term goal. If access to money isn’t needed, then investing in stocks and shares, may give potentially better growth than deposit-based accounts. As such, you may consider an investment ISA, Lifetime ISA or another style of investment to suit their long term goals.  

 It is important that you talk to your children about money and the balance between ‘spending and savings’ and you may be surprised by their response!

Do you have a question for our experts? Perhaps you'd like to know more about business recovery after the coronavirus crisis.

Maybe it's guidance on where to put your savings, advice on pensions, wealth management or anything else money-related - let us know and we will put your questions to them.

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