Issue 131

PLANNING

How we help clients

When a client passes on, Lowes advisers are on hand to help the family, as Rob Earl, Chartered Financial Planner, explains.

In our 50+ year history, Lowes financial advisers have often played a crucial role in helping relatives through the complex and often overwhelming financial and administrative tasks that follow a bereavement. As independent financial advisers we can help ensure that the deceased’s financial affairs are handled efficiently and according to their wishes and also offer support to surviving relatives during what can be a very emotional and challenging time. Here are five key ways we can help our clients and their families: 1. Help with settling the estate Lowes advisers have many years’ experience in guiding surviving relatives through the estate settlement process. Clients who have been through the financial planning process will have accurate financial records, which for the executors of the estate can make finding and reporting information to HMRC far easier. We can also help with applying for probate, which enables access to the deceased’s assets, such as bank accounts, property and investments. Delays in obtaining a grant of probate can cause several issues, including financial strain, problems managing the deceased’s property and the inability to pay their utility bills and debts, as well as investment risks. 2. Managing and transferring assets We can liaise with other professionals, to help ensure that the transfer of assets, for example to the beneficiaries of the Will, is carried out efficiently and in accordance with rules and legislation. 3. Tax planning Lowes clients will have a wealth plan in place but when wealth is passed on this creates a new set of issues. Setting up of trusts in advance offers more control over the distribution of assets. Trusts can also provide benefits like

minimising estate taxes and facilitate the transition of wealth to beneficiaries. 4. Financial planning for surviving relatives We can provide expert financial advice for surviving spouses, partners and other family members, who can need immediate financial planning assistance to adjust to their new circumstances. 5. Additional support from a trusted source Lowes advisers may have been advising an individual, couple or family for many years, and are often a trusted source of support and expertise. Through our experience and knowledge, we can help alleviate some of the emotional burdens around the financial aspects of loss and make them more manageable. Forward planning Thinking ahead in this way can be something which, understandably, we put off. However, in our experience planning is an essential element of any good financial outcome – because we never know what might happen and when. Three further points to consider in planning, are having a formal Will put in place, ensuring any pensions funds have an expression of wish form attached, and creating a further expression of wish that Lowes continues to help your relatives to help smooth the way forward. Lowes has many years’ experience of sensitively working with individuals and their families during these difficult times and helping in the passing on of family wealth. If you or anyone you know would like to know more or to start forward planning, please talk to your Lowes adviser or call 0191 281 8811 and we will arrange for an adviser to contact you.

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