It is shocking and unpredictable events such as the outbreak of coronavirus which make many of us ‘sit up’ and evaluate what we have in place to take care of our lives in the long-term.

This blog highlights how you can protect your finances with three essential documents.

Protect your finances with three essential documents:

1. Lasting Power of Attorney

In these unprecedented times we here at HJS Financial Planning understand the importance and value of managing your finances effectively and efficiently.

Having control of your money is vital in times like these. This is not always that easy, especially if you or a family member cannot get to the bank, cashpoint or are unable to manage money online.

“How can I help my elderly or vulnerable family members with their day to day financials without falling foul of the law?”

Legally the easiest solution is to arrange a ‘Lasting Power of Attorney’ (often shortened to LPA).

What is an LPA?

It’s a legal document that allows you to appoint one or more individuals (called Attorneys) to help make decisions and action them on your behalf.

There are two types of LPA: one is for your Property and Financial Affairs. The other is Health and Welfare. Both allow others to help you when you are unable to carry out these vital functions yourself.

An LPA gives a person peace of mind in the event you are unable to make a decision or carry out or given an instruction following a decision, you have legally nominated and authorised someone to do it for you.

If you would like to know more about Lasting Power of Attorney, please contact us to discuss how best we can help and talk through your individual needs.

2. Wills

Further to our service offering Lasting Power of Attorney assistance, through our legal partners, we can also assist with Will writing.

These worrying times bring home the importance of being prepared for anything, as a staggering two thirds of adults in the UK do not have a valid Will. Should the worst happen, property, possessions, cash and even the care of dependent children could pass to someone you would not have chosen.

The risk with DIY Wills

There has been an increase in ‘unregulated’ or ‘do it yourself’ Wills being written that are poorly drafted and expose individuals and their families to inadequate and often non-legally binding provisions and wording.  This means that whilst such options are cheaper to purchase, in the long run they can have a massive impact on you, your wishes and your estate.

Do you have concerns about your instructions and how your affairs should be handled upon death?

Our team can help. Contact us for a discussion or review of an existing Will you have in place, or to start getting your wishes in line and legally expressed.

3. Protection

The outbreak of the Coronavirus (Covid-19) in 2020 has taught us many lessons about health and hygiene. However, the toughest lessons learned are those that impact us financially through inadequate planning.

One key area that has been particularly relevant is protection or lack of Life, Critical Illness, Business or Income Protection.

As advisers we often hear:

“I don’t need protection, because it won’t happen to me….”

“I don’t see the need for ….”

“I can’t afford the premiums”

This view of protection is now coming back to bite and for some this will then have long lasting financial impact.

If you fall in to one or more of the following categories please get in touch if you would like to discuss further.

  • Self employed people are typically most at risk but nobody is immune.
  • Need to discuss any existing provisions to ensure they are adequate?
  • Have no, or little provisions and want a review of your needs?

Call the team on 02380 920128 to discuss your personal circumstances and the available solutions for you. Alternatively email us at [email protected]

Who else can you help?

It is likely you have had conversations with friends, family or even work colleagues that you think could also benefit from a discussion around subjects covered. Please pass this information and our contact details to them.

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