Posted by: WealthIFA | September 30, 2011

Financial News Update we 30/09/2011

Good Morning

How has your week been, well I hope?

My two eldest children performed in their respective harvest festivals this week and, with the bizarre weather we are having, the farm setting outdoors couldn’t have been more idyllic but, it’s all too easy to forget the simple things that matter these days and I wonder, is that just what happens when we are getting older or is it due to the continual barrage of bad news about the economy and so on at the moment?

In the office, I am working on several trustee investment cases at the moment and it has reminded me how, as professionals, we sometimes overlook the obvious.

The trustee act passes certain responsibilities to trustees about how they invest any funds held under trust and so on but, what we sometimes overlook is that when a trust is set up (especially as part of a will), it is not always a professional acting as a trustee is it?

When someone makes a will, they invariably choose a close friend or relative to become their executors and, where applicable, the trustee of their estate – quite often I find one of these trustees is the spouse and more often than not, the wife.

This of course, makes absolute sense, after all if you don’t trust your spouse to handle your (financial) affairs after however many years of marriage, some eyebrows could be raised – least of all theirs?!!…

In this time of austerity it may seem sensible to cut costs (or corners) and try to administer a trust investment on your own but, aside from the legal ramifications, the impact of getting it wrong could actually cost more than getting the professional advice in the first place?

As is the case with most things in life, getting expert assistance or advice can help reduce the burden of what can be a very overwhelming experience for a widow (or widower).

An analogy for me would be cars.

I know the engine is designed to take the car (and its occupants!) from A to B but how it actually does it is beyond me…

Again, I know there are books, the internet and a whole host of other media that would probably enable me to fix any issues as they arise but I would rather employ the services of an expert to ensure the job is done both time and cost efficiently – it also means if something goes wrong, I have an avenue of recourse.

On the subject of long term care, I have included the article on the delay to the white paper again, in case you missed it last week, as it seems to be too short sighted to me but, in keeping with my earlier comment I don’t want to see this as a negative, more an opportunity for those concerned to make some decisions rather than continue to wait for the state to do something.

The usual round up of finance related articles below but as always, do let me know if you have seen something of interest?

This Week …

Estate Planning

A guide to understanding death duties:
Couple guilty of forging wills of dead pensioner
Solicitor leaves jail to sue sister for property held ‘on trust’
Making a Will

Long Term Care

Condemned to life of anxiety:
Seven in ten over 55s want other taxpayers to foot old age care bills:
Miliband takes aim at private equity:


‘Hippies’ using property rather than pension to pay for retirement:
Top 5 pension issues for consumers: An annuity will often be the best way to covert retirement pots …


Pensions and Isas hit by turmoil:
Backers of small firms to get £100m tax break:

Have  a great weekend!



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