Estate & Financial Planning in Your 40s: Why You Can’t Afford to Wait

If you're in your 40s—building wealth, raising a family, or running a business—you might think estate planning is something to deal with "later." But this stage of life is exactly when proactive planning matters most.

In a recent webinar, Ian from Work to Live Financial Planning partnered with Bik-ki from Myerson Solicitors to highlight why estate and financial planning during your 40s is both urgent and often overlooked.

Key Takeaways from the Session

1. Your 40s Are Prime Time for Planning

This decade often marks a period of asset accumulation, family growth, and career maturity. Many people in their 40s are also likely to inherit wealth or start businesses. Planning now helps protect what you’re building—for your family, your future, and your peace of mind.

2. Wills: Not Just for the Elderly

Assuming everything automatically goes to your spouse is a common (and risky) myth. Without a valid will, intestacy laws decide how your estate is distributed—and it may not align with your wishes. If you have children, especially with specific needs, a well-structured will (possibly involving trusts) is essential.

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3. Guardianship Decisions Are Crucial

If both parents pass away without naming guardians, the courts decide who takes care of your children. You can avoid this uncertainty by appointing your preferred guardian(s) in your will—an emotional but vital decision, particularly for parents of young or vulnerable children.

4. Trusts Protect Vulnerable Beneficiaries

As discussed in the “Jack and Jill” example, trusts can help safeguard the inheritance of children with learning difficulties. A trust ensures assets are managed responsibly and used to support the beneficiary’s needs without risking exploitation or mismanagement.

5. Insurance Isn’t Just About Death

Many believe workplace death-in-service benefits or mortgage cover are enough. However, if you’re a high earner with dependents, broader protection is essential. Consider Relevant Life Insurance (especially for business owners) and income protection plans to maintain financial stability if the unexpected happens.

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6. Business & Inheritance Tax Planning Is Evolving

Tax rules and business structures are changing. Now more than ever, it’s important to plan strategically to manage inheritance tax and preserve business value for future generations.

Next Steps
Want to check if your estate and financial plans are on track?

• Book a free Clarity Call with Ian at Work to Live Financial Planning
• Take the 3-minute Reset Scorecard to see where you’re aligned—and where you may be drifting

Stay tuned for more webinars and resources. Or join the Work to Live Collective to continue these important conversations.

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Important Disclaimers

• Videos and webinars are for information only and do not constitute personal advice. Your circumstances may require tailored solutions.
• The Financial Conduct Authority (FCA) does not regulate all aspects of estate, tax, trust, or cash flow planning.
• HMRC rules and tax legislation can be complex and subject to change.
• Insurance policies typically have no cash value. If premiums are not maintained, cover will lapse.
• Definitions of cover and terms vary by provider and will be detailed in the policy documents.