What do you know about your parent’s finances? Part two.

financial plan for parentsThis 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. 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?

Make sure that your parents have made a will. If they already made a will is it up to date. Anything more than five years old probably won’t 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 look 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 article 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 advice. Your parents may feel that the meeting would initial 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.

Meetings can be arranged in our offices or at your parents’ home. Weekends and early evening appointments are available. The first meeting is free 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 involve 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.

2018-07-02T16:30:23+00:00 July 12th, 2018|News|