Grand dad Son and Grandson with a financial planThis is the second of a series of articles about the difficult questions you need to be asking your elderly parents. In the first article, we looked at the importance of ensuring that there is a financial plan in place and the need to have a record of your parent’s assets.

As mentioned before this can be one of the most difficult conversations that you will have with your parents. So, beware that your parents should not feel that they are not losing financial control. The goal is to ensure that your parents have a workable financial plan while still respecting their boundaries.

So as your parents move into later life they may want to consider these topics.

Have your parents made a will?

First of all, make sure that your parents have made a will. If they have already made a will is it up to date. Anything more than five years old probably will not be. Find a copy and ask them to have a read through to make sure that their wishes are reflected.

To find out more about wills check out our website. As a company, we do not write wills but would always recommend that they are drawn up by a professional.

Review pension nomination forms.

Most pensions are held outside the deceased estate so will not be covered by the will. Ensure that your parents have completed an “expression of wish form” for all their pensions and do they reflect their current wishes. The form states who would receive the pension benefit after their death. It is worth looking at the inheritance tax implications as it may be worth looking at the funds skipping a generation and moving to the grandchildren. This is where an independent financial adviser can help.

This is the second of a series of articles that will be published over the next few weeks so please” like” or “follow” us to make sure that you do not miss out on the next instalment.

How Anstee & Co can help with your parent’s financial plan.

Having these financial conversations with your parents may be difficult so why not encourage them to involve an independent financial adviser. Your parents may feel that the meeting would initially be with them alone. Many then find that involving the family later on when they have gathered their thoughts beneficial. From experience, we find people often put financial planning off, as it would seem complex. This does not need to be the case.

As independent financial advisers, we provide advice that is unbiased. We look at all the options available from the whole market. This is not the case with all advisers.

call back logo for a financial planWe are presently following government advice regarding coronavirus (COVID-19). Meetings can be made using video conferencing such as-

  • Zoom
  • Skype
  • Facetime

Conference phone calls can also be arranged.

As the government’s guidance is continually being reviewed why not phone us to talk through the best meeting arrangements for you?

Our offices are based at-

  • Kettering, Northamptonshire
  • Stamford, Lincolnshire
  • Towcester, Northamptonshire
  • London, Pall Mall Greater London

Meetings can be arranged at a time convenient for you. This includes weekends and early evening appointments. The first meeting is at our expense and without obligation. This helps us to highlight the areas where we can help and enables your parents to see how we operate. When we have a full understanding of the work involved we will provide your parents with a written quote for the cost if any. We will not undertake any work without their agreement.

Why not contact us today to see how we can help you and your parents.

If you are a parent of grown-up children reading this article and your children have not raised these questions, ask them why they are not taking an interest in your financial wellbeing? Please feel free to arrange the appointment yourself.

Finally, if you have any thoughts or comments about this article “Do your parents have a financial plan? Part two”, then please let us know.

Financial Conduct Authority regulates financial planThe information contained in this article is for information purposes only and does not constitute advice. No action should be taken based on this information alone. Anstee & Co is authorised and regulated by the Financial Conduct Authority (FCA).