June was introduced to me after the death of her husband Ian. She had inherited a number of funds and individual shares which Ian had bought over the years. She also had a number of fixed rate deposit accounts, some of which had been extended and were not offering a very good rate of return.
June did not have the knowledge or confidence to look after the investments herself and came to us looking for advice. She was receiving a number of dividends from the investments which came in on an ad hoc basis and was unsure how much she could spend going forward without running out of money.
She also wanted to be able to make occasional gifts to her grandchildren and was considering purchasing a smaller car.
We put together a list of all her assets so at a glance we could see exactly what she had. June then put together a budgeting plan so we could determine how much income she required for her to have financial security going forward. She did not want to take a high level of risk but did want her money to keep up with inflation and provide some real returns.
We advised June, how much income she could expect and how much she could gift without it impacting her future lifestyle and financial security. We consolidated her investments onto an single investment platform that helped simplify the management of her investments and provided an annual tax voucher which helped her complete her self-assessment return.
As June did not need to take the level of risk she was taking we re-arranged her investments so she was taking a more cautious approach.
We advised June that she would need to make a new Will as her existing one was now out of date and at the same time she should put in place a Lasting Power of Attorney in case she needed help in making decisions in the future due to being ill or having lost mental capacity.
We made sure she had sufficient money on deposit to cover emergencies and to cover the purchase of a smaller car and future gifts to the grandchildren. We agreed to review her situation on an annual basis but said to call us at any time if she needed our advice.
The purpose of this case study is to provide technical and generic guidance and should not be interpreted as a personal recommendation or advice. Wills and Lasting Power of Attorneys are not regulated by the Financial Conduct Authority.