As David is taking a very much deserved break this week he has handed over the reins to me, Caroline, for this week’s musings. As some of you know, I am the Estate Planner dealing with Wills, Trusts and Powers of Attorney so I won’t be commenting as David does on the markets. Interestingly though, in looking at the market movements in the papers this weekend what should be on the very next page but an article about the importance of protecting your, and your family’s, assets.
The article focused on a lady who had discovered, too late, that her elderly mum had been scammed out of well in excess of £50,000 and how Lasting Powers of Attorney must be put in place whilst you have mental capacity. Failure to do so means a lengthy and significantly more costly appeal to the Court of Protection for a deputyship.
Most of my clients have one goal in mind – to protect their assets from outside influence, whether that be the tax man, the evil son- or daughter-in-law, or a future new spouse that could pull inheritance away from the children should one parent pass relatively young and the surviving parent re-marry (a phenomenon euphemistically referred to as sideways disinheritance).
The truth is good estate planning must work hand in hand with great lifetime planning like life assurance written into trust, pensions, good quality investing, lifetime trusts etc. and the best planning will cross the generations, weathering the storms of our leaders political wrangling as much as we can.
So to the markets: