A day in the life of a Casey & Associates consultant

Every client we meet has a different set of circumstances, needs and requirements. That is one of the reasons why being a Casey & Associates consultant is so interesting. Here is a snapshot of the clients one of our Consultants met last week. Client names are changed to protect privacy and identity.

Client 1

Jim (79) & Mary (76) – married couple and existing Casey & Associates Clients who recently underwent a three-yearly review of their circumstances. Previously supplied with Life Interest in Property Trust Wills and Property & Financial Affairs Lasting Powers of Attorney by Casey & Associates. Mary had asked me to visit because Jim had very quickly developed advanced dementia since the review. My advice focussed on Mary, who was keen to take care of whatever she needed to on her side of things. Her son and daughter were also present and I recommended some Will amendments to remove reference to her husband to avoid the potential for assets to unnecessarily be assessed for care fees and a Health & Welfare Lasting Power of Attorney to compliment the financial version she already has. My advice has been accepted and instructions have been duly taken. Mary was so pleased Jim had previously signed a Lasting Power of Attorney Property and Financial affairs. Without it the family would have found the current situation even more stressful. Mary and her children are happy everything is now in order.

Client 2

Martin (47) & Janet (45) – unmarried couple. No existing estate planning provision. Janet has two adult children from a previous relationship and solely owns the property the couple live in. I advised the couple to have Wills, with Janet’s Will providing Martin with a life interest in the principal private residence with her children as its ultimate beneficiaries, and full Lasting Powers of Attorney. We also discussed Inheritance Tax which can be more harsh for unmarried couples than married couples. For the moment their assets keep them below the Inheritance Tax band. However, Martin and Janet are now aware of their position and know to contact me if their situation changes. They requested some time to consider their options and have subsequently contacted me to advise that they would like to proceed with my advice and a follow-up meeting has been arranged. They advised that they feel my advice covers everything they thought they needed and was explained in a way that made sense.

Client 3

Barbara (70) – divorced. Has an old Will and an Enduring Power of Attorney. Barbara’s daughter is an existing Casey & Associates Client and wanted me to meet her mother to discuss protecting her home against long-term care fees. I explained how putting her home in to a protective trust could safeguard against this and she decided to proceed. Furthermore, the trust will help Barbara’s family when Barbara passes away because the family home can be sold before Inheritance Tax needs to be paid which means the family will have funds to pay the tax without having to obtain a loan. Barbara also gave me instructions for a pre-paid funeral plan which would take away the financial burden on her family when she passed away. We discussed Lasting Powers of Attorney. Barbara felt she would like more time to consider the benefits of Lasting Powers of Attorney compared to her Enduring Power of Attorney. I handed her a “factsheet” and will contact Barbara in due course regarding this. As a goodwill gesture I included a “refreshed” Will as part of the service and Barbara was very happy with the outcome of our meeting, as was her daughter.

Client 4

Clive (75) & Violet (73) – married couple and existing Casey & Associates Clients, recently underwent a six-yearly review of their circumstances. Previously supplied with Life Interest in Property Trust Wills by Casey & Associates. I recommended full Lasting Powers of Attorney to compliment the Wills they already have. They had already heard that Lasting Powers of Attorney would be a good idea and were therefore pleased to have this view endorsed by me. Clive and Violet liked the fact that I would personally be taking them through the entire process of creating their LPAs from start to finish and this was a big determining factor in them deciding to proceed with issuing me with their instructions. Sadly their only child had recently died and so we talked about how assets could be distributed to their grandchildren. I was able to give Clive and Violet some special technical advice which will ensure that their grandchildren can inherit whilst still making use of the maximum Inheritance Tax allowances. Although Clive and Violet were desperately sad at having lost their only child they were comforted to know that their Estate Plan had been brought “up to date”.

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