Feedback




Estate Planning

A recent study reported that only 1% of the UK population has a lasting power of attorney (LPA) in place. An LPA allows previously appointed family members or friends to manage someone’s finances should they become unwilling or unable to do so.

Why do so few of us have an LPA in place? Is it because we simply do not know enough about them, what they really do or how relevant they are in the current climate of pension freedoms?

Few people realise there are two types of LPAs to choose from: health and welfare or property and finance.

A health and welfare LPA only becomes active in the event of incapacity. A property and finance LPA, however, can be used at any time after it is registered, not just as a result of physical or mental incapacity.

It is important to note that different attorneys can be appointed for each LPA. For example, those making financial decisions may be different to those dealing with your health care. An attorney only becomes legal once he/she is registered with the Office of the Public Guardian.

In addressing the importance of an LPA, it is wise to discuss pension assets and equity release matters separately.

Pension Assets

In the event of incapacity without an LPA, any funds would be held in limbo until the Court of Protection could award attorney powers to someone they deem appropriate. This is because a will only determines what will happen to funds after death.

A property and affairs LPA deals with pension matters for any funds held in the sole name of an individual. An LPA is relevant no matter how the funds are invested, whether still in the main pension or in drawdown.

An LPA can facilitate withdrawal levels and investment strategies, as well as adapting to ongoing needs over time.

Equity Release

With equity release drawdown plans, each time a further draw of funds is required, all named borrowers must be able to sign. LPAs are essential to securing ongoing access to further funds from a drawdown plan.

If you rely on access to pension assets or funds, blocking access could have a devastating impact on your finances.

We have a responsibility to advise our clients — be that releasing equity from their homes or recommending retirement strategies — to ensure that we are protecting their interests.

All too often we focus on the impact of death, which inevitably has a serious impact on all related parties. However, the impact of mental or physical incapacity can be far more serious.

We will review your existing provisions and, if necessary, facilitate the arrangement of a will and/or power of attorney.

We strive to be a core part of your financial planning process and will advise you on the need to look beyond pension planning or investments and discuss the stark implications of incapacity and death.

Financial Guides

November/December Magazine 2018

November/December Magazine 2018

You have one life, so invest wisely: Identifying multiple risk profiles for multiple goals

Download

Factsheets

A Guide to How to Grow your Wealth

A Guide to How to Grow your Wealth

Creating a strategy for your investments that match your goals

Download

News + Media

Financial goal-setting

Friday November 02, 2018

“A goal properly set is halfway reached”. Zig Ziglar The key to building wealth Our life is an endless series of daily choices, and how we manage those choices determines the outcome of our life. We all want financial freedom, but how will we achieve it? Financial goal-setting is the key to building wealth. There …

The post Financial goal-setting appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.

More

Better Safe Than Skint…

Saturday June 30, 2018

AAC Better Safe than SkintTraditionally when retiring an annuity was purchased providing income throughout life providing longevity protection with over 700,000 pension holders accessing their pots, 17% of which have purchased some form of an annuity, not that surprising I hear you say. However, annuities purchased from existing providers (clients not using open market option) are still hovering around …

The post Better Safe Than Skint… appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.

More

Insistent Client- Defined Benefit Disaster

Monday April 30, 2018

AAC Insistent ClientThere has been much discussion within the financial advice sector on the term “insistent client” ever more so with regards to Defined Benefits transfers and how this should be approached. Let me nail my colours to the mast from the outset. There is no place for “Insistent client” within the Financial Planning Profession for the …

The post Insistent Client- Defined Benefit Disaster appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.

More

Stock Market Turbulence Is Normal

Monday March 19, 2018

AAC state pensionDon’t let global uncertainties affect your financial planning for the years ahead. The overall direction of developed stock markets is a relentless and continual rise in value over the very long term, punctuated by falls. It’s important not to let global uncertainties affect your financial planning for the years ahead. Individuals who stop their investment …

The post Stock Market Turbulence Is Normal appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.

More

Twitter

© 2018 AAC • all rights reserved • Developed by Zostro Digital

Registered in Scotland SC362302 Advanced Asset Consultants Ltd. is authorised and regulated by the Financial Conduct Authority FCA Registration No: 506551 The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning.

The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. This website is designed to provide you with general information only and does not attempt to give you advice on any particular investment or to recommend any particular investment to you. If you have any doubt as to whether a particular investment is suitable for you, you should contact Advanced Asset Consultants Limited on 0141 331 2434.