4 minute read
Financial Matters
from SE22 February 2021
by SE Magazines
With David Frederick FCCA | Marcus Bishop Associates | marcus-bishop.com
How Deep Is Your Love?
There it is, sat in the middle of February is Valentine’s Day, 14th February! This is the day designated or associated with the celebration of love for that special one or ones in our lives. Moreover, February is a special month, not because it is the shortest in our calendar but it is the month of love and romance. So what have you planned for your loved ones this Valentine’s Day or February 2021? A candle lit meal out? A trip to the theatre? Or that special break? Sadly, the answer has to be none of the above. This is not because of your loss or lack of romance but due to government policy and our national lockdown, Stay at Home policy. Have no fear for this is not the end of the love. In fact it may just be the beginning. Whilst preparing for the lifting of the national lockdown, reflect and ask yourself; what is in place for my loved ones if I died tomorrow? Have I made financial provisions for my loved ones if I was to pass away? Who would make decisions for me if was unable to make decisions for myself? These are not only sobering questions but also serve to challenge the foundation of your love for your loved ones. The same loved ones whom we are keen to adorn with our grand gestures of expressed love; such as buying flowers; or heading out for a candle lit meal; or a trip to the theatre if we were not restricted to staying at home. How secure is the foundation of our love this Valentine’s Day or this February the month of love and romance. Try our estate planning love test. • Do you have a will in place and does it provide for your loved ones? • Do you have any life assurance to provide for your loved ones if you are no longer here? • Who would be able to look after your financial and personal affairs if you could not make your own decisions? Perhaps February 2021 may be the month to address your love foundation. If you have always postponed making a Will until someday, please remember that the next time you deliver your grand show of love. However, do not feel alone because a large proportion of the UK population are with you. Depending upon the research you choose to read, over 60% of the UK population don’t have a Will. Yet most of this group would talk about being in love or showing love in February. Really! Research has also shown that some 60% of the UK population do not have any life cover. They do not have life insurance or life assurance. Yes, the two are totally different. Yet most people do not have any or have used them as an expression of love. The position is much more interesting when we turn to how many of the UK population have a Lasting Power of Attorney in place. Research has found that less than 15% of the UK population have a Lasting Power of Attorney in place. This is the lesser known expression of love. If you lose capacity to make your own decisions and do not have a Lasting Power of Attorney (finance and property) access to your finance can be denied to your loved ones, irrespective of whether you are married or are in a civil partnership. Similarly, without a Lasting Power of Attorney (health and welfare) you have transferred by default authority to the state to make decisions about your health and welfare. Maybe the impact of your Will, life assurance and Lasting Power of Attorney will be enjoyed by your loved ones long after the memory of that Valentine’s Day meal.
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