- Financial Planning
- Estate Planning
- Employer Services
- Our People
- About Us
- Contact Us
14 Aug 20
The Importance of Good Legacy Planning
Mother Comes First - The Importance of Good Legacy Planning
How can you ensure that the wishes of you or a loved one are carried out if you or they are no longer able to make their own decisions? Diane Bush of True Bearing Legal Services gives us some insight into why good legacy planning is essential.
My client approached me after attending a Pre-Retirement Workshop organised by True Bearing. Although he knew that retirement planning was something he needed to consider, a more immediate need was to discuss Legacy Planning for his elderly mother.
We met and the sons were present to discuss all the various options for this lady. She was keen to protect her two sons who both cared for her in different ways. One lived close by, while the other always helped her with her finances.
She had been widowed a number of years previously and hadn’t updated her Will for some considerable time. There had been several changes within the family, grandchildren being born was one of the key issues.
She wanted to ensure that “only her two sons – the boys” would inherit from her when she passed. She fully understood the concept of sideways disinheritance, which can affect so many families.
One key element was to consider Lasting Powers of Attorney for both Property and Affairs and Health and Welfare. This was paramount as she had fallen numerously and was still recovering. The option I recommended was for True Bearing Legal Services to provide a Full Legacy Plan to include a new Will, a Trust and both LPA’s.
Sadly, shortly after this the mother fell again, affecting her confidence. It was decided that she could no longer live independently and she needed full time care. The LPAs came into their own as the sons would now be her Attorney’s, so they were easily able to arrange her finances. They could talk to the financial adviser, ensuring her assets were still working hard.
Additionally, her home was rented out to provide income to help fund her care. Most importantly they were able to discuss with the care home to ensure that her needs and wishes were met.
The Final Outcome
All of this gave the whole family peace of mind that they could continue to do what was right for their Mum at all times. This also ensured that Mum was treated with dignity. Her wishes were both known, and carried out as a result of the Legacy Planning provision that had been implemented with the help of True Bearing Legal Services.