May Insight - A View From the Summit
A warm welcome to our May Insight; we trust you are well and enjoying some of the new freedoms as lockdown rules continue to ease. No doubt many of you will have been enjoying a drink in the garden with friends and family, albeit the chilly weather has meant that we have had our winter coats and hats close to hand.
This month our Blog looks at Lasting Power of Attorney (LPA's), many of you will have them in place, and no doubt many have considered setting them up but never quite got around to doing it.
As Financial Planners, we emphasise the importance of these. We can help you plan many aspects of your financial life and give you the certainty that you can afford to retire or gift money to your family; however, one part of achieving financial peace of mind sometimes overlooked is having a Power of Attorney in place. We can remind you each year to set one up, but we cannot do it on your behalf!
The recent case of television presenter Kate Garraway and her 53-year-old husband Derek Draper has highlighted the importance of having a Power of Attorney in place. Derek has been ill with Coronavirus since March 2020 and was put into an induced coma. During this time, Kate not only had the trauma of dealing with her husband being seriously ill, but she also had to deal with her families finances and affairs. This has proved to be very difficult as bank accounts, insurance and their car were all in her husband's name, and without Power of Attorney, Kate could not access their joint bank account or her husband's medical records putting a huge strain on an already difficult situation.
This case highlights that the impact of not having a Power of Attorney. It also proves that it can happen to anyone, even if you're famous and even at an age at which many of us would consider being too young to be setting up a Lasting Power of Attorney.
Please read our 10 Reasons Why You Should Set Up A Lasting Power of Attorney; hopefully, it will answer any questions you have and encourage you to put one in place. We can refer you to solicitors who can help you establish a properly structured LPA, or you can do it yourself.
We hope you enjoy reading our Blog; please feel free to offer feedback or suggestions of topics you would like us to cover.
The Octagon Team