Talk Money Week is an annual campaign that is designed to get people talking about money. All of us involved in the financial advice profession are well aware of the ability for money to be a source of stress and anxiety. Advice and planning can help to mitigate this. But so too can the simple act of talking about it. This week we look at who you should be talking with.
We have so far discussed having the conversation with yourself and your partner about money, but many people are now in a position where they are also having to have the conversation with the older generation. This is not just about the specific issue of long term care funding, but more general about the day to day finances as well as what the elderly relative will want to do with their money, both whilst they are alive and after their death.
Starting this conversation can be tricky but thereafter it is often a conversation that your relative has wanted to have but simply not felt that the time has been right. If you have siblings then involving them in the conversation will also be important.
This conversation should also include confirming that a Power of Attorney is in place such that if the need arises then your relative's wishes have been discussed and a structure is in place such that the correct decisions can be made thereafter. For more information on our services in relation to Power of Attorney please visit our dedicated page.
The content of this webpage is for information only and is not intended to be construed as legal advice and should not be treated as a substitute for specific advice. Morton Fraser LLP accepts no responsibility for the content of any third party website to which this webpage refers. Morton Fraser LLP is authorised and regulated by the Financial Conduct Authority.
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