As the life expectancy in this country increases, it follows that we now have a greater proportion of elderly people as a whole than at any previous point during our history. As we become older, managing our financial affairs and everything which that entails can appear far more complicated than it had done previously. Some of the most routine aspects of our lives such as paying bills, opening or closing bank accounts and arranging appropriate insurance can gradually become increasingly stressful and confusing.
At a stage in your life when you should be enjoying your retirement with your close friends and family, you should not have to be burdened with the needless strain of worrying about handling complex financial matters which may arise at any point. At Hatten Wyatt we pride ourselves on providing sensitive, accurate and professional advice to the elderly and offer a dedicated service in order to meet the needs of this expanding generation as and when they arise.
Powers of Attorney
At Hatten Wyatt we have a team of experienced solicitors who act as Attorneys for many of our elderly clients, helping those who wish to delegate the management of their financial and general affairs to an independent trusted professional adviser.
As your appointed Attorney, we can provide the following services in relation to overseeing your property and financial affairs:
- Managing your day-to-day financial affairs including paying any bills as and when they arise and operating your bank or building society accounts.
- Overseeing any financial investments you may have including shares, premium bonds and insurance policies.
- Receiving any income, inheritance or other entitlement on your behalf.
- Applying and receiving any appropriate benefits, pension allowances and rebates which you are entitled to.
- Applying for any entitlement to funding for NHS care, social care or adaptations.
- Arranging for payment of private medical care, residential care or nursing home fees.
- Handling your tax affairs including completing any self assessment tax returns on your behalf.
- Insuring, maintaining and repairing your property and organising payment of mortgage, rent and household expenses.
- Making gifts to friends and family on your behalf.
It is important to be aware that as long as you still have sufficient mental capacity, despite having appointed an Attorney you remain able to deal with your financial affairs as you so wish. In the event that you lose mental capacity and at any point and an Enduring Power of Attorney or a Lasting Power of Attorney is in place , you can rest assured that we shall continue to act on your behalf in managing your financial affairs.
It is only possible to make a Lasting Power of Attorney provided you have the requisite mental capacity to be aware of the legal power you are giving to your appointed Attorney. If you lose your mental capacity in the future and have not appointed an Attorney, then it is necessary to make an application to the Court of Protection to appoint a Deputy to deal with your finances on your behalf. This process is not only very expensive but also may take several months to finalise. Furthermore in this scenario you have no choice as to who is appointed as your Deputy.
Preventing Financial Abuse
By appointing a professional independent Attorney to manage your financial affairs on your behalf, you also remove any danger of financial abuse which sadly appears to be becoming more prevalent among the elderly and vulnerable in society. As a professional appointed as your Attorney, we shall apply the highest standards of care and skill when acting on your behalf. Under the Code of Practice as we are fulfilling a professional role, we are legally bound to act in good faith, respect your confidentiality and to only make decisions which are designed to benefit you.
One of the key issues surrounding many elderly clients is the importance of preserving your wealth which you have worked hard to accumulate over many years and ensuring that when the time comes there are funds available so that your loved ones can inherit from your Estate. As part of our dedicated service we look at all options available in reducing the erosion of capital assets and potential ways to minimise tax liability and losses arising out of care fees. We shall also ensure that full accounts are kept of all financial transactions carried out on your behalf.
In order to ensure that you are satisfied with the services we are providing, we are happy to regularly meet with you to discuss your financial affairs either in our offices or to travel to your home.
If you would like to know more about this service or indeed the other elderly client services we provide please contact our private client department who shall be more than happy to assist you in any queries you may have.
