Collaborative Post | As you approach retirement, your property will likely be at the forefront of your mind. You might be worried that you won’t be able to afford your mortgage once your retire or you might be tempted to move house once your children move out. Either way, there are plenty of options for you to consider. Below, we explore the different routes you can take.

Collaborative Post | With COVID-19 and the war in Ukraine creating a succession of upheavals in recent years, and the potential for greater shocks ahead, it appears that the trend of economic uncertainty is unlikely to abate anytime soon. 

In these inflationary and precarious times (which are affecting countries globally), it is understandable that people want to make the best decisions for their money as possible - and for most of us, our instinct is to reign in any seemingly “frivolous” spending. But is this always the right path for sensible money management? 

It can be easy to assume that actions like splashing out on an expensive watch are the opposite of good fiscal sense, but it can actually be a surprisingly savvy financial move. While markets and share prices were rocked during the worst of the pandemic (and the value of gold, perhaps predictably, rose by a third) the price of luxury watches failed to fall as some predicted, suggesting that this real-world, tangible asset represents a secure investment in troubled times. 

Not all watches are created equal, even in the higher price ranges, but what constitutes a genuine “luxury” watch is something of a grey area. Of course, luxury as a concept means different things to different people - for some, the latest sporty number from one of the world’s most well-known brands is the epitome of opulence, while for others nothing but a delicate antique timepiece will do. 

Notwithstanding personal taste and circumstances, some indicators of quality that are common across all luxury watches include: 

• It will have a high price point, making it an aspirational purchase. 
• The watch will have been made by one of the world’s prestigious brands and their highly-skilled craftsmen. 
• Whether the watch is sleek or decorative, there will be incredible attention to detail, particularly in the clock workings. What’s more, it will operate perfectly. 
• It will be made from premium materials and have a luxurious “feel”. 

When considering making an investment in a watch, it can also be helpful to know which brand names to watch out for, and a little of their history. Although by no means an exhaustive list, here are some of the most well-regarded luxury watch brands: 

• Rolex: Rolex is without a doubt one of the most recognized brands in the world. These makers are particularly well known for patenting a self-winding mechanism called a Perpetual Rotor in 1931, a semi-circular plate that relies on gravity to move freely.
• Patek Philippe & Co: The last family-owned independent watch manufacturer in Geneva, Patek Phillipe & Co has an unshakeable reputation for quality. Their exclusively manufactured watch, The Graves Supercomplication, was sold by Sotheby’s in 2014 at an astonishing price of $24 million.
• Jaquet Droz: Jaquet Droz source their watch workings for Blancpain (more on them below), but are more well-known for the decorative characteristics of their watches, which include “spangled” ​​dials. 
• Vacheron Constantin: Founded in 1755, this company is one of the oldest continuously operating watchmakers in the world. They are particularly famous for The Vacheron Constantin pocket watch No. 402833 (1929), which sold for 2.7 million dollars in 2005. 
• Audemars Piguet: This watch manufacturer changed the market forever with their famous AP Royal Oak series. This series was the first to use a non-precious metal - stainless steel - in a sports watch design and still charge luxury prices. 
• Omega: Omega watches have the rare accolade of having been worn on the moon, being chosen by NASA in 1969 for the Apollo 11 mission. Omega watches have also been James Bond’s preference since the release of the film Golden Eye in 1995. 
• Blancpain: The oldest surviving watchmaking brand in the world, Blancpain creates watches containing some of the most complicated movements achieved by craftsmen. They are particularly well-known for the iconic Fifty Fathoms timepiece, the world's first-ever diver's watch. 

For many of us, watches are a sentimental item in which we invest a great deal of emotional worth. While being functional, they often also act as a rite of passage - something a parent might buy on a special coming-of-age birthday, or that a wife might get for her husband on a big anniversary. In that way, they play a similar role to pieces of fine jewellery. 

If we are to look at watches purely dispassionately, however, they can also be a means to make a worthwhile investment. While few watches will reach the giddy heights of those made for and owned by celebrities (such as Paul Newman’s Rolex Daytona, which sold for 17.75 million USD in 2017) or timepieces with a compelling story (like the historic Omega Speedmaster ‘Moonwatch’), watches made by classic brands are a reassuringly safe way to spend your money. 

This is because luxury watches tend to, at the very least, steadily increase in value over time. Some purchases, however, can see big returns, like the Audemars Piguet Royal Oak which failed to make a splash on its release in 1972 but has seen steep price rises in the intervening years. By doing your research into the market, you can make informed decisions about which watch is likely to accrue the most value.

You can also attempt to spot a future classic in the most renowned brands' new lines, looking at what’s done well in the past to guide you on what might be the next big thing going forward. When buying luxury watches, even if they are new and untested in the market, there is security in the fact that the very worst-case scenario is that you make a small loss - but in taking this small risk, the rewards can be well worth it. 

The important thing to remember is that the best luxury watches from the world’s most prestigious brands rarely go down in value, so if you are looking for a safe way to invest your money (and one which may bear fruit in the future), watches are a pretty sure bet. 


​This post was written by the family-run team at St James’ Safe Deposit, who provide boxes for safe deposit in Manchester and Leeds of luxury items and valuables. 

Collaborative Post | A huge number of people in the UK don’t have a proper will in place. This article will look at five reasons people put off writing a will - and why it’s a bad idea.

​Will and probate solicitors can attest that around 31 million adults in the UK don’t currently have a will. Those who have not written one yet may have their reasons as to why or have not thought about it.  
 
Not leaving a Will is something which can cause a huge number of problems and even cause family rifts after your days. So, what are the reasons for why people don’t write one?

​A last Will and testament is a legal document which is drawn up in order for an individual to state what they wish to happen to their assets and belongings in the event of their death.
 
Writing a Will allows a person to make sure that their property is distributed in accordance with their wishes and is designed to make their intentions clear. While you can draw up your own Will, you should ask a solicitor to notify this and to keep hold of a copy for you.

​None of us enjoy thinking about our own death but, the fact is that this is something which happens to us all. This is one of the most common reasons for people putting off writing a will.
 
This can also be a reason for not encouraging loved ones to do the same, simply because they don’t want to think about losing that person.

​A huge number of people in their twenties, thirties and forties work on the principle that they are too young to have to think about writing a Will and that they’ll do so when they are older.
 
In an ideal world, we’d all live to a ripe old age, however, sadly, this is not the case for a great many people. In the UK, 1,769 people aged 35 to 44 die of diseases such as cancer every year. So, being prepared is never a bad thing.

Another common reason people state for not writing a Will is that they don’t own a property such as a house or a flat and therefore don’t see any point.
 
This is flawed thinking in a number of ways, including the fact that the person may own a property later on. Not to mention other assets or items to arrange what to do with, including possibly cash or a pension plan which should be distributed following their death.

​Lots of married people assume that, when they die, everything will go to their wife or husband whether they have a Will or not. While your spouse will inherit in the event of your death, they may not be awarded everything.
 
For example, if you have a child and, even if you are estranged from that child, a court may award a percentage of your assets to your offspring.

​A significant number of people in the UK don’t have children, family or a significant other and so put off writing a Will simply because they don’t know who to leave their property and assets to.
 
While this can be tricky, it’s a good idea to have a long hard think about this as, without a Will in place, a court may track down a next of kin, which may well be a distant family member that you have never even met.

​We’ve mentioned a few reasons that people give for putting off a Will and, while these reasons may seem valid, that doesn’t make them right. Dying without a Will can cause a number of problems, including:
 

• Spouse hardship - If you don’t specify that you wish your estate to be awarded to your spouse, it may be divided, for example, to an estranged child. This may mean that your spouse no longer owns all of the property that he or she has been living in and has been making mortgage payments on.

 

• Family feuds - When you don’t specify who gets what by way of a Will, this will often result in family and friends falling out. It’s incredibly easy for things to turn ugly when money and property is at stake and this can cause irreparable family feuds.

 

• Bona Vacantia - If you don’t leave a Will, and you don’t have a spouse, family or close friends, your property and assets will pass back to the Crown, i.e. the state, meaning that none of your loved ones will benefit.

​As we’ve explained, dying intestate, or without a Will, can be absolutely disastrous for your loved ones and can even leave your partner or spouse without a home - all of which can be avoided.
 
Making a will is quick, easy and affordable and is a really simple way of making sure that your loved ones are taken care of in the event of your death, as well as ensuring that your wishes are carried out.
 
While it’s best to ask a solicitor to help you to put together your Will, it is possible to do this yourself, although, if you choose this option, you need to make sure that you make your wishes crystal clear in order to avoid confusion and problems once you’re gone.


​Disclaimer: This is a collaborative post