Case study 4: Protecting your family

The problem

Mrs and Mrs K, who have adopted a child, run a website design business from home and have done so for many years. They adopted the child when they were just a few months old and was three years old when we met them. They wanted to look at putting their child through private education, ensuring that if anything happened to either of them, this could still be achieved.

How we helped

So, we asked them to obtain a current list of private education fees and establish whether there were any benefits to paying for multiple years at once rather than a year at a time.

There wasn’t any significant discount for multi-year pay, so we set up a plan of action. This started with the full amount required for full-time education until age 21, taking into account inflation, the interest rate and investment growth. Using financial planning software, we worked out how much they needed to save now to get to the planned targets. We used a combination of savings vehicles, which we review every six months, to ensure we are on track.

At the same time, we also put into place protection plans to ensure their child could stay in private education no matter what.

How Mrs & Mrs K benefitted from our advice

The child is now seven years old and enjoying their education, and the parents are happy with everything we put in place.

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