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Morningstar UK site editor Holly Cook recently forwarded a letter from our London office to Christine Benz, director of personal finance for Morningstar.com. Even if the letter doesn't actually have a royal origin, we still think the questions raised are notable for readers of all walks of life.

Q: I'm a young man in my late 20s, and this week I will be getting married. My family holds substantial wealth in the form of land and real estate, my living costs are funded by public sector grants, and my grandma sometimes gives me extra pocket money. However, my actual income can be difficult to calculate, and the level of tax that I pay on both income and inheritance is all a bit "hush-hush".

It could also be considered that my income and future is somewhat unstable. Government austerity measures will directly impact my funding, and there is also the risk that public opinion could turn against my family, and I could find myself out of a "job". In theory I have a career in the armed forces that I could fall back on, but my fiancee gave up her job with a clothing chain a few years ago, and I suspect that her occasional talk of taking a course in photography is unlikely to yield substantial income.

I've always had other people to take care of my finances, but as a modern man I feel I should be more in control of my own destiny and so would appreciate any advice you can give on managing finances as a married couple, creating a nest egg for a rainy day, and whether it's safe to rely on selling off a few fields of land should the worst-case scenario become reality. Other than my family's excursion into offshore wind farms, I don't have any personal experience in this area.

Anonymous

A: Dear Wills, er, anonymous. First of all, congratulations on your upcoming nuptials! We - of course I mean, you - have no doubt been waiting a long time for this date to arrive.

While it's easy to have stars in your eyes when it comes to the one you love, it's quite smart of you to give due attention to your finances, even if you both come from privileged backgrounds.

First off, you must consider building an emergency fund that will cover you in case the income you've grown accustomed to is disrupted in any way. Such a fund is a must for households of all wealth levels and will keep you from having to lean on extra handouts from grandma in a pinch (which, I might add, is quite unbecoming for a man of any age).

Your emergency fund should consist of three to six months' worth of living expenses - at a bare minimum - held in highly liquid securities. To arrive at a specific amount to set aside, track your actual living expenses over the past few months. Mind you, these are the expenses you need to cover the basics like food and lodging - don't include extras like upkeep for adopted rhinoceroses or ski trips in the Swiss Alps.

And while we're on the topic of income disruption, have you considered purchasing income-protection insurance in case you can't work due to an accident or some other reason? Young men of substantial means often engage in risky hobbies - I'm thinking Ducati motorbikes and polo matches, if you get my drift - so you'll need a backup plan in case you get hurt. An income-protection policy can be just the thing if you're unable to work because of an accident or some other health reason.

Because your future is up in the air, to say the least, it's never too early to start planning for your later years. Selling off a few land holdings here and there does not a viable retirement strategy make. We've just come through the bursting of a property bubble in the UK, in case you hadn't noticed, and those piles might not fetch what they once did. Moreover, real estate isn't exactly liquid - would-be buyers will also no doubt be aware that big homes can be a nightmare to heat and keep up. For those reasons, it's essential that you create a diversified pool of investment assets that you can contribute to over a period of time.

You didn't say whether you're expecting a pension, but your first step is to investigate whether you're eligible to contribute to a pension scheme at work. When it comes to selecting specific investments for your retirement portfolio, I'm afraid hunkering down in short-term fixed-rate UK bonds isn't going to cut it. You need stocks and bonds, both from inside and outside the UK.

Last but not least, having a successful marriage is all about communication, as you no doubt know. So while it doesn't sound like you and your fiancee have yet had a candid discussion about your finances - and it might not be the custom in either of your families - it's not too soon to do so. Share with her your concerns about your money, as well as your expectations about what you'll both spend and the income that each of you will bring to the table. Identify short and long-term financial goals that you'd like to achieve together, set savings goals, and create a budget and plan to stick with it.

Enjoy the big day, and best wishes for many, many years of happiness! I know you'll do us all proud.

Christine Benz, Morningstar director of personal finance