Not your traditional Mother’s Day gift
While the traditional gifts of cards and flowers make for a special Mothers Day, this day is also a great opportunity, when with family, to discuss the important topic of future planning.
Whether it’s discussing financial advice, asset protection or executries, it is important to discuss these issues with elderly family members while they are still capable of doing so.
Asset Protection
One way in which you may look to protect your assets is through Asset Protection, which is something you may look to set up while you are still capable of doing so, as it allows you more individual control.
For those concerned about their assets being used to fund any form of care they may need in the future, Asset Protection may be the preferred option.
Setting up Asset Protection in the form of a Family Protection Trust would allow you control over the management of your assets, should you go into care. Organising this at an early stage will allow for sufficient planning, in terms of protecting your main assets, such as your home.
Related blog post – Putting Your Trust In Asset Protection
Financial Advice
For many elderly relatives, a large majority of their assets may be monetary and it is therefore important to seek advice if you are unsure of the best way to handle your finances.
Walker Laird are able to offer our clients the opportunity to meet with an independent financial advisor at either our Paisley or Renfrew office, who will conduct a free review of your financial affairs. A home visit can also be arranged at no extra cost.
It is important to ensure you are obtaining fully independent advice on matters such as pension drawdown and investments. Only an independent financial adviser can offer this service.
Executries
It is equally important to make the decision of who will manage elderly family members’ assets after they pass away.
Appointing an executor needn’t be a long and drawn out process; however, the role is of great significance and and careful consideration should be placed on who you appoint, after all, they will be responsible for ensuring the wishes expressed in your Will are carried out the way you wish.
Our Executry department will attend to the formalities of obtaining Confirmation, in gathering the Estate, dealing with all tax matters and distributing the Estate in accordance with the Will of the deceased or in accordance with the Law of Intestate succession in Scotland, if the deceased did not leave a Will. Walker Laird also has experience in the administration of Trusts.
Here at Walker Laird, we believe Future Planning is very important and we are happy to offer a free of charge future planning review, to discuss the best choices for yourself and your assets.
If you would like to explore your options, please call 0141 887 5271, we will be happy to arrange a suitable time to have a chat.