Professional Advice for Powerlessness

Posted on: August 22nd, 2017
Categories: Business Solutions, Divorce Mediation, Estate Planning, Financial Advice, Financial Guides, Financial News, Inheritance Tax, Investment Planning, Life Planning, Lifestyle Financial Planning, MRA App, MRA Money, MRA PODCAST Lifestyle Financial Planning, MRA TV Lifestyle Financial Planning, Protection Planning, Retirement Planning, Savings and Investments, Tax Planning, Truth about Money, Young Investors

Most people are uncomfortable talking about illness, disability, or death.  However, these concerns will not go away just because we decline to challenge them.  In many cases, the failure to plan for an illness, incapacity or death, can only compound the issues. Taking Independent Financial Advice by talking to a Lifestyle Financial Planner about professional advice for powerlessness could assist you to understand your options.

Then again, lacking the power to act, especially when a disaster occurs that is out of your hands, can be catastrophic.  We all know that the whole copiousness of life has a risk that can be snuffed out in seconds.  Once you understand that, then planning for such things as powerlessness you can prepare and learn “how to navigate it”.

We do have choices, seek professional advice for “powerlessness” alternatively, and talk with a counsellor for Solution-focused Brief Therapy (SFBT).

Appreciate your position in the lifecycle.  Always make sure your house is in order especially when it comes to such elements as Illness, incapacity or death.  Here’s how to prepare for it: Firstly, make a willmaking a will is easy, it will save your family any unnecessary distress in such a difficult time. When someone dies without leaving a will, dealing with his or her estate can be complicated. It can also take a long time, months or even years in some very complex cases.  In such complex cases, it would probably be a good idea to discuss the situation with a solicitor.

The emphasis of Writing a Will is so important but not having a will (dying intestate) could be potentially devastating.  Implying, that whatever you own gets shared out by law, which usually means, that is not what you anticipated.

Having an appropriate Will could potentially reduce Inheritance Tax based on the value of your property, possessions and money that make up the value of your estate on death.

By not having a Will, especially if you have children and family, some might subsequently depend on you financially.  These beloved individuals might not receive what was intended for them.  You may also have some very distinctive friends outside of your immediate family, whom again might not receive what you so wanted them to have.

Lasting Power of Attorney (LPA), there are two types, and they are commonly known as a legal document.  They cover areas such as your health and welfare or your property and most importantly your financial affairs; you can choose either or both.

You can set one up on your own. However, most people take advice from a solicitor first. How they work; firstly you nominate one or more individuals. Many people choose a trusted friend and or perhaps a member of your family to look after your affairs.  Don’t panic; it does not mean you are going to lose control of your affairs.  They are specifically used to; assist, take control or make decisions for you,  especially if you have had an accident or perhaps have been taken ill or lost capacity.   You choose when they can be used either before or when you lose mental capacity.  Even if you have moved abroad and are not living in the UK anymore or are not classed as a  British Citizen, either way, you can still have an LPA.

Alternatively, there is another route that’s called a “Deputy” you might have to consider   Application to apply for a deputy order can only be made if you are aged 18 or over.  The document is then given by the Court of Protection (COP). This document sets out your powers as a deputy. Predominantly used if someone lacks mental capacity.  The significance, being they cannot make decisions for themselves all of the time and will need assistance, probably most of the time.  Being a deputy, you are authorised by the court, (The Court of Protection) to assist and make the decisions on behalf of the individual you are supporting.

People who lack mental capacity may have an illness relating to dementia or a severe brain injury from a road traffic accident; there could also be issues around severe learning difficulties.

There are two types of a deputy, first, covering areas such as property and more importantly, financial affairs offering assistance and help to pay personal bills, and the organising of income from annuities or pensions.  Second, the individual’s personal welfare, helping with such matters as medical treatments and personal care.  The areas above do not include personal welfare for under 16’s; you will need legal advice if the individual is under 16, especially, if the decisions are about care.

Mike Robertson Associates Limited, based in Battle, East Sussex are Lifestyle Financial Planners.

A Lifestyle Financial Planner will:

  1. Help people focus on actual values and motivations in their lives;
  2. Determine their goals and objectives as they see their lives develop; and
  3. Using these values, motivations, goals and objectives to guide the planning process and provide a framework for making choices and decisions in life that have financial and non-financial implications or consequences.

We service clients in, Bexhill, Hastings, Rye, Lewes, Crowborough, Uckfield, Seaford, Newhaven, Brighton, Tonbridge, Sevenoaks and Tunbridge Wells.

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Mike Robertson Associates Ltd is located in Battle, East Sussex, near Hastings, Bexhill and Eastbourne