Power of Attorney and Financial Planning
Safeguarding your Financial Future with Lasting Powers of Attorney is more than just making a good investment return
Often, when planning for our future, we tend to focus intensely on how much we might need in future years. That might be for retirement, saving up for a specific expenditure or needing money for some other anticipated life-affecting event.
Our thoughts then turn to building up our funds in order to achieve this. This usually happens over many years of saving and investment, even decades as is the case with our retirement savings. We look to create a financial plan, invest soundly and make our arrangements as tax-efficient as possible. Our team ensure all elements of your future finances can be handled effectively.
As financial advisers, our job is to help people with their financial arrangements, or to revise future ambitions to a more achievable level given an individual’s circumstances. What we rarely see is provision put in place to protect these assets should an individual lose capacity.
Losing capacity can be mental and/or physical but it can render a person unable to deal with their finances. Imagine having worked for years, building up the required asset base only to then be incapacitated for a period of time. You could end up with large sums of money in limbo as you are unable to deal with things until the State, in the form of a court appointed deputy, are able to step in. This is a process that can take months and can be expensive.
Lasting Powers of Attorney
Instead, we always advise our clients to look into Lasting Powers of Attorney (or LPAs) for their financial affairs and health and wellbeing. This enables trusted friends and family to act on your behalf whilst you are unable with regards to certain crucial aspects of your welfare. Legally, attorneys must act within certain limits and with a duty of care. They can step in to put your savings to the best possible use for you. help ensure those savings you have worked so hard to build continue to be deployed to your benefit.
Lasting Powers of Attorney is a crucial but often overlooked part of everyone’s financial plan. We would always strongly recommend that clients talk to their solicitor about putting some kind of arrangement in place. Get in touch to talk to our team about your financial future today.
The value of your investments can go down as well as up. You could get back less than you invested. Remember, a pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of fund when accessed, interest rates and legislation.
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