We were introduced to a firm of Solicitors who were seeking professional advice prior to investing their client’s financial assets on her behalf. The Solicitors had been appointed as Deputy and approached BLM Partnership for an assessment of the client’s savings and investments.
It was important that we gained a thorough understanding of the client’s circumstances before making a recommendation:
- The client, Mrs G, had dementia and had been deemed unable to make decisions for herself.
- Mrs G had children and family but they did not wish to be involved with the care of her affairs.
- The Solicitors were, therefore, appointed to act as Deputy.
- Mrs G had savings which was mainly being held in deposit accounts. This money was being used to fund her long term care.
The Solicitors wished to ensure that Mrs G’s money was dealt with in the best possible way and that they fulfilled their duty as Deputy, as they may be held accountable. It was, therefore, essential that they seek professional advice about where to deposit and how to invest Mrs G’s money in order to make it last as long as possible.
How we helped
We familiarised ourselves with Mrs G’s situation and requirements including the cost of her care and her state of health.
We then looked at a range of options from maximising deposit account returns to the purchase of an immediate care annuity. An annual review was arranged so that the situation could be reviewed periodically, taking into account any changes to Mrs G’s situation.
The Solicitors main concern was that they could be held accountable by the family if they were deemed to have somehow squandered Mrs G’s money. By taking advice and acting on it, they would be able to demonstrate that they had taken all reasonable care to ensure the longevity of Mrs G’s savings.
As Mrs G’s savings reduce and go through the upper limit of £23,250 to the lower limit of £14,250, further advice will be needed as this is the sum that likely passes to her beneficiaries.
Our case studies are designed to give you an insight into how we have advised a variety of clients on their specific financial needs. It is intended for information and illustration only and should not be taken as individual advice.
If you have any questions relating to your own circumstances, please contact us.
* In order to protect the confidentiality of our client’s, we have changed the names in our case studies. They are, however, all based on the real life experiences of our clients.