Latest news with #IainMcLeod
The Independent
01-08-2025
- Business
- The Independent
Six tips to ensure a more financially secure 2026
Though 2026 might seem a distant prospect, the financial decisions made today are pivotal, shaping your economic well-being for years to come. Whether you aim to rebuild savings, finally venture into investments, or simply understand the monetary landscape ahead, experts agree. Even small, immediate actions yield significant long-term benefits. Here are six practical steps to foster a more robust financial outlook for 2026. 1. Get clear on your financial priorities There's no point trying to manage your money if you haven't defined what you're managing it for. One of the most impactful moves you can make in 2025 is to know what your intentions are. 'Write down your own financial priorities in life – whether it is being debt free, helping your children, or having enough money to retire – and allocate a specific amount of your disposable income to these priorities,' explains Iain McLeod, head of private clients at St. James's Place. From there, McLeod says it's worth getting expert help if you're unsure: 'Seek financial advice to ensure that these savings are working harder for you – from a taxation and investment perspective. 'The worst move is to do nothing,' he says, 'the second worst move is to follow a flow chart – everyone's circumstances are as unique as their fingerprint.' With inflation still above the Bank of England's target and interest rates holding at 4.25 per cent, it's easy to feel stuck between stockpiling cash and making big purchases before prices rise again. But timing the market or second-guessing interest rate decisions isn't the point. 'The best approach is to focus on what you can control,' says McLeod. 'Once you have balanced how much you would like to spend and how much you can afford to save, you are in a stronger position to commit savings to longer-term investments. This provides the foundation of a longer-term plan, which can be resilient against shorter-term shocks in the markets.' Or, as TrinityBridge' s financial planner James Ballinger puts it: '2025 is no different from any other time […] Generally, if you are younger in age or still haven't reached financial independence, you should be looking to maximise savings and investments – whilst still enjoying life!' If you're new to investing, don't get distracted by market noise or get-rich-quick stocks. Instead, think about what you already have in place. 'The best area to start is always with cash,' says McLeod. 'How much do you need readily available at the bank for emergencies such as house repairs, large expenditures such as holidays, or simply an amount that gives peace of mind?' From there, longer-term goals should drive your strategy. 'Start with the end in mind – how much do you realistically need to save in order to meet your retirement goals?' he explains. And whatever your level, 'diversification should be a core principle […] it is generally the safest way to achieve longer-term investment goals'. Ballinger agrees that the mechanics don't need to be complicated. ' ISAs and pensions are both tax-efficient ways to save for the future,' he says, 'more basic than that, having a separate bank account that you earmark for saving, can help to avoid overspend.' 4. Rebuilding your savings without feeling skint If you dipped into your savings recently, you're not alone – but getting back on track doesn't have to mean cutting out everything you enjoy. 'A lot of planners will talk about 'paying yourself first',' says Ballinger, referring to the habit of setting up an automatic transfer into savings the moment you're paid. 'This creates discipline and forces you to adapt to your remaining budget through the rest of the month.' Budgeting tools can help. Ebony Cropper, money-saving expert at Money Wellness, suggests using banking apps or online tools to track where your money is really going. ' People are often surprised to find they're spending hundreds a month on things they don't actually need, like forgotten subscriptions, daily coffees or impulse buys. Just cutting £5 a day could save over £1,800 a year.' 5. Don't ignore the changes coming in 2025 and beyond From tax thresholds to pension rules, the financial landscape is constantly shifting – and not necessarily in your favour. 'The 2024 autumn Budget introduced a number of changes that could impact savers in the future,' says McLeod. Capital Gains Tax has risen, and from April 2025, the Stamp Duty threshold in England and Northern Ireland dropped from £250,000 to £125,000. 'First-time buyers will also be impacted, with their stamp duty threshold dropping significantly from £425,000 to £300,000.' Even more significantly, he adds that 'unused pension funds and death benefits will be included in the value of a person's estate for Inheritance Tax from 6 April 2027.' If that affects you, it's time to speak to a financial adviser. Ballinger notes that there's likely another government Budget coming in autumn, as he says, 'we may see further changes to tax then'. 6. Make the most of what's already out there But don't let what's to come send you into a state of panic. There are still government schemes and benefits going under the radar. 'Over £23bn in benefits goes unclaimed every year,' says Cropper. Even higher earners could qualify for support depending on childcare or housing costs. 'Someone earning £30,000 with two kids and high childcare costs could be entitled to hundreds of pounds in support.' She also recommends cashback schemes and checking your tax code, noting that 'errors can cost you hundreds'. And for those with modest means, she says the Help to Save scheme is a no-brainer: 'Save £50 a month and you'll get £600 in bonus payments over two years – and £1,200 if you keep it going for four. That's a 50 per cent return, completely risk-free.' Ultimately, the financial habits you build now – from budgeting smarter to using tax wrappers wisely – will pay off not just in 2026, but well beyond. As McLeod says: 'The best time to plant a tree was 20 years ago. The second best time is now.'
The Independent
01-08-2025
- Business
- The Independent
Money decisions to make now for a better 2026
It may seem too early to be thinking about next year, but when it comes to your finances, the decisions you make today could set the tone for the rest of your life. Whether you're trying to rebuild savings, finally get investing or just make sense of what the next year might bring for your money, experts agree: a little action now goes a long way. So, here are six things you can start doing for a financially better 2026. 1. Get clear on your financial priorities There's no point trying to manage your money if you haven't defined what you're managing it for. One of the most impactful moves you can make in 2025 is to know what your intentions are. 'Write down your own financial priorities in life – whether it is being debt free, helping your children, or having enough money to retire – and allocate a specific amount of your disposable income to these priorities,' explains Iain McLeod, head of private clients at St. James's Place. From there, McLeod says it's worth getting expert help if you're unsure: 'Seek financial advice to ensure that these savings are working harder for you – from a taxation and investment perspective. 'The worst move is to do nothing,' he says, 'the second worst move is to follow a flow chart – everyone's circumstances are as unique as their fingerprint.' 2. Should you be saving, investing or spending? With inflation still above the Bank of England's target and interest rates holding at 4.25%, it's easy to feel stuck between stockpiling cash and making big purchases before prices rise again. But timing the market or second-guessing interest rate decisions isn't the point. 'The best approach is to focus on what you can control,' says McLeod. 'Once you have balanced how much you would like to spend and how much you can afford to save, you are in a stronger position to commit savings to longer-term investments. This provides the foundation of a longer-term plan, which can be resilient against shorter-term shocks in the markets.' Or, as TrinityBridge' s financial planner James Ballinger puts it: '2025 is no different from any other time […] Generally, if you are younger in age or still haven't reached financial independence, you should be looking to maximise savings and investments – whilst still enjoying life!' 3. Starting to invest? Start with what you already have If you're new to investing, don't get distracted by market noise or get-rich-quick stocks. Instead, think about what you already have in place. 'The best area to start is always with cash,' says McLeod. 'How much do you need readily available at the bank for emergencies such as house repairs, large expenditures such as holidays, or simply an amount that gives peace of mind?' From there, longer-term goals should drive your strategy. 'Start with the end in mind – how much do you realistically need to save in order to meet your retirement goals?' he explains. And whatever your level, 'diversification should be a core principle […] it is generally the safest way to achieve longer-term investment goals'. Ballinger agrees that the mechanics don't need to be complicated. 'ISAs and pensions are both tax-efficient ways to save for the future,' he says, 'more basic than that, having a separate bank account that you earmark for saving, can help to avoid overspend.' 4. Rebuilding your savings without feeling skint If you dipped into your savings recently, you're not alone – but getting back on track doesn't have to mean cutting out everything you enjoy. 'A lot of planners will talk about 'paying yourself first',' says Ballinger, referring to the habit of setting up an automatic transfer into savings the moment you're paid. 'This creates discipline and forces you to adapt to your remaining budget through the rest of the month.' Budgeting tools can help. Ebony Cropper, money-saving expert at Money Wellness, suggests using banking apps or online tools to track where your money is really going. ' People are often surprised to find they're spending hundreds a month on things they don't actually need, like forgotten subscriptions, daily coffees or impulse buys. Just cutting £5 a day could save over £1,800 a year.' 5. Don't ignore the changes coming in 2025 and beyond From tax thresholds to pension rules, the financial landscape is constantly shifting – and not necessarily in your favour. 'The 2024 autumn Budget introduced a number of changes that could impact savers in the future,' says McLeod. Capital Gains Tax has risen, and from April 2025, the Stamp Duty threshold in England and Northern Ireland dropped from £250,000 to £125,000. 'First-time buyers will also be impacted, with their stamp duty threshold dropping significantly from £425,000 to £300,000.' Even more significantly, he adds that 'unused pension funds and death benefits will be included in the value of a person's estate for Inheritance Tax from 6 April 2027.' If that affects you, it's time to speak to a financial adviser. Ballinger notes that there's likely another government Budget coming in autumn, as he says, 'we may see further changes to tax then'. 6. Make the most of what's already out there But don't let what's to come send you into a state of panic. There are still government schemes and benefits going under the radar. 'Over £23bn in benefits goes unclaimed every year,' says Cropper. Even higher earners could qualify for support depending on childcare or housing costs. 'Someone earning £30,000 with two kids and high childcare costs could be entitled to hundreds of pounds in support.' She also recommends cashback schemes and checking your tax code, noting that 'errors can cost you hundreds'. And for those with modest means, she says the Help to Save scheme is a no-brainer: 'Save £50 a month and you'll get £600 in bonus payments over two years – and £1,200 if you keep it going for four. That's a 50% return, completely risk-free.' Ultimately, the financial habits you build now – from budgeting smarter to using tax wrappers wisely – will pay off not just in 2026, but well beyond. As McLeod says: 'The best time to plant a tree was 20 years ago. The second best time is now.'
The Independent
06-06-2025
- Business
- The Independent
Experts suggest how you should deal with debt after a loved one dies
Navigating the financial complexities that arise after losing a loved one can feel like an insurmountable task when dealing with grief. Yet, understanding the immediate financial implications of debt becomes essential during such times. Two financial experts offer guidance on managing debt. This includes everything from assessing liabilities to understanding wills and identifying situations where payment may not be required. First steps: Pause, notify and organise Handling financial matters after a loved one's death can feel both overwhelming and daunting. 'In England and Wales, obtaining grant of probate or letters of administration should be the priority, as banks and lenders will normally only take instruction from an executor or administrator,' explains head of private clients at St. James's Place, Iain McLeod. Securing this legal documentation allows the estate to be managed properly – and prevents delays when dealing with financial institutions. External relations manager at Money Wellness Daniel Woodhouse echoes the need for clarity and swift communication. 'The first thing we'd suggest is letting any creditors know that the person has passed away,' he says, 'they'll usually pause the account while things are sorted, which gives you some breathing space.' He advises obtaining several official copies of the death certificate early on, as creditors may request one. Once notifications have been made, it's time to assess the full scope of the deceased's financial obligations. 'Start pulling together any paperwork that shows what debts or accounts were in their name,' says Woodhouse. Accessing a credit report is also helpful for building a complete picture of what's owed. Who owes what when it comes to a deceased person's debt is possibly the most common question. 'Debts are not inherited in the UK,' says McLeod. 'Family members can only be responsible for a deceased person's debts if it was a joint loan or agreement, or provided a loan guarantee, for example.' However, the rules are strict. 'If someone dies, their debt becomes a liability of their estate,' he explains. 'The Personal Representative of the estate will use the assets of the estate to help settle the debt. If the estate does not have sufficient funds, it becomes an insolvent estate. In that situation, there is a prescribed order for how the debts are to be repaid.' What happens to joint debts? Responsibilities are different for shared debts however. 'If you had a joint loan or shared overdraft with the person who passed away, you'll usually become responsible for the remaining balance,' says Woodhouse. 'It's really important to speak to the lender and let them know what's happened. Most will be understanding and may be able to offer more manageable repayment options.' Credit card debt, however, is more nuanced. 'With credit cards, these are only ever in one name – however, the credit provider may allow a second card for a partner or spouse to use,' says McLeod. 'The debt is the responsibility of the estate of the deceased primary cardholder. Additional card holders may consider applying for a new credit card in their own name if eligible.' But being an additional cardholder on someone's credit card isn't the same as a joint debt. 'You wouldn't normally be liable for the balance in that case,' says Woodhouse. Can inheritance be claimed by creditors? The short answer is yes, but only indirectly. 'Creditors can't go after beneficiaries directly,' says Woodhouse. 'But debts must be paid from the estate before any inheritance is passed on. 'If money is handed out too soon, there's a risk it could be claimed back to pay off outstanding debts. That's why it's so important to follow the right process.' McLeod underscores the legal implications: 'Great care should be taken in the administration of an estate which may be insolvent, and seeking legal guidance where appropriate is advised. 'Executors are strongly advised to receive written confirmation that any debts are repaid or written off before any distributions can be made to beneficiaries.' If assets have been distributed without settling all the estate's debts, McLeod warns that the executor could be personally liable. Mistakes to avoid There are common mistakes that are important to avoid when it comes to managing posthumous debt. ' One of the most common mistakes is paying debts out of your own pocket straight away, thinking you have to – when in many cases, you don't,' says Woodhouse. 'Another is putting it off completely because it all feels too overwhelming. The best thing you can do is take it one step at a time, keep a record of who you've spoken to, and get the right support early on. You don't have to go through it alone.' If you're struggling with debt after the loss of a loved one, there are support systems available. ' Charities like Cruse or Marie Curie can provide emotional support when you're grieving,' says Woodhouse. 'It's also worth checking if you're eligible for the Bereavement Support Payment, especially if you were the partner of the person who died. It's a tax-free payment that could make a real difference. You can find more information on
The Independent
06-06-2025
- Business
- The Independent
How to deal with debt after a loved one's death
After losing a loved one, the last thing on anyone's mind is financial admin. Yet for those who are in the midst of grief, the financial consequences of debt can be both immediate and emotionally charged. From understanding your liabilities to navigating a will and knowing when not to pay, two financial experts break down how to deal with debt after losing a loved one. First steps: Pause, notify and organise Handling financial matters after a loved one's death can feel both overwhelming and daunting. 'In England and Wales, obtaining grant of probate or letters of administration should be the priority, as banks and lenders will normally only take instruction from an executor or administrator,' explains head of private clients at St. James's Place, Iain McLeod. Securing this legal documentation allows the estate to be managed properly – and prevents delays when dealing with financial institutions. External relations manager at Money Wellness Daniel Woodhouse echoes the need for clarity and swift communication. 'The first thing we'd suggest is letting any creditors know that the person has passed away,' he says, 'they'll usually pause the account while things are sorted, which gives you some breathing space.' He advises obtaining several official copies of the death certificate early on, as creditors may request one. Once notifications have been made, it's time to assess the full scope of the deceased's financial obligations. 'Start pulling together any paperwork that shows what debts or accounts were in their name,' says Woodhouse. Accessing a credit report is also helpful for building a complete picture of what's owed. Who pays: The state or the family? Who owes what when it comes to a deceased person's debt is possibly the most common question. 'Debts are not inherited in the UK,' says McLeod. 'Family members can only be responsible for a deceased person's debts if it was a joint loan or agreement, or provided a loan guarantee, for example.' However, the rules are strict. 'If someone dies, their debt becomes a liability of their estate,' he explains. 'The Personal Representative of the estate will use the assets of the estate to help settle the debt. If the estate does not have sufficient funds, it becomes an insolvent estate. In that situation, there is a prescribed order for how the debts are to be repaid.' What happens to joint debts? Responsibilities are different for shared debts however. 'If you had a joint loan or shared overdraft with the person who passed away, you'll usually become responsible for the remaining balance,' says Woodhouse. 'It's really important to speak to the lender and let them know what's happened. Most will be understanding and may be able to offer more manageable repayment options.' Credit card debt, however, is more nuanced. 'With credit cards, these are only ever in one name – however, the credit provider may allow a second card for a partner or spouse to use,' says McLeod. 'The debt is the responsibility of the estate of the deceased primary cardholder. Additional card holders may consider applying for a new credit card in their own name if eligible.' But being an additional cardholder on someone's credit card isn't the same as a joint debt. 'You wouldn't normally be liable for the balance in that case,' says Woodhouse. Can inheritance be claimed by creditors? The short answer is yes, but only indirectly. 'Creditors can't go after beneficiaries directly,' says Woodhouse. 'But debts must be paid from the estate before any inheritance is passed on. 'If money is handed out too soon, there's a risk it could be claimed back to pay off outstanding debts. That's why it's so important to follow the right process.' McLeod underscores the legal implications: 'Great care should be taken in the administration of an estate which may be insolvent, and seeking legal guidance where appropriate is advised. 'Executors are strongly advised to receive written confirmation that any debts are repaid or written off before any distributions can be made to beneficiaries.' If assets have been distributed without settling all the estate's debts, McLeod warns that the executor could be personally liable. Mistakes to avoid There are common mistakes that are important to avoid when it comes to managing posthumous debt. ' One of the most common mistakes is paying debts out of your own pocket straight away, thinking you have to – when in many cases, you don't,' says Woodhouse. 'Another is putting it off completely because it all feels too overwhelming. The best thing you can do is take it one step at a time, keep a record of who you've spoken to, and get the right support early on. You don't have to go through it alone.' If you're struggling with debt after the loss of a loved one, there are support systems available. ' Charities like Cruse or Marie Curie can provide emotional support when you're grieving,' says Woodhouse. 'It's also worth checking if you're eligible for the Bereavement Support Payment, especially if you were the partner of the person who died. It's a tax-free payment that could make a real difference. You can find more information on
