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

May/June 2019 Newsletter

May/June 2019 Newsletter

Inheritance Tax no longer something that affects the very wealthy



Guide To The Final Retirement Countdown

Guide To The Final Retirement Countdown

Time To Review Your Financial Plans With A Financial Check-Up?


News + Media

Power of Attorney and Pension

Sunday February 10, 2019

£21.6 billion has been accessed since pension freedom were introduced,in 2018 730,000 individual withdrew £6 billion from their pension holdings.Most of the withdrawals represent small amounts circa £8,000 per individual. However there are clients who have accessed much larger pots by way of Defined Benefit transfers and moving into drawdown to access the flexibility that …

The post Power of Attorney and Pension appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.


What does good pension advice look like

Sunday February 10, 2019

The chances of a client fully understanding the implications of a transfer will vary across the market, most clients who receive an option to transfer focus on one thing and one thing only the “BIG” number on that bit of paper. This can be considerable and may well be an eye-watering number moreover their biggest …

The post What does good pension advice look like appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.


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.


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.



© 2019 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.