"An important part of organising their affairs was not only consolidating a number of plans which were dotted around, but taking their plans out of sole ownership and making them joint; which Deb knew would make things a lot easier for the remaining spouse should one of them sadly pass."
Mr and Mrs Baker's story
After originally finding PenLife in the ‘Handy Mag’ publication and reading the information we offered over an extended period of time, Mr and Mrs Baker suspected that they might have an Inheritance Tax issue.
They booked a meeting with Chartered Financial Planner, Deb, and rather quickly she was able to confirm that they didn’t have an issue after all! Although this came as a massive relief to the couple (and provided them with a lot of reassurance), they were still aware that their finances needed some tidying up.
An important part of organising their affairs was not only consolidating a number of plans which were dotted around, but taking their plans out of sole ownership and making them joint; which Deb knew would make things a lot easier for the remaining spouse should one of them sadly pass.
Deb also explained about the importance of having up-to-date Wills and the necessity of Power of Attorneys as she was going through their current arrangements. It turned out that both Wills hadn’t actually been looked at or reviewed in several years. After highlighting this to the couple, they told us that circumstances had in fact changed, at which point we referred them to a trusted local Solicitor who helped them get everything back in order.
Not only did Deb help the couple organise their financial and legal affairs, but she was also a trusted friend who they could confide in whenever they needed anything. They really valued having a dependable direct point of contact and relied on her professional opinion.
Only one year later, Mr Baker unexpectedly passed away. This was obviously a really difficult time for his wife, but the planning Deb had suggested meant that their actions a mere 12 months prior enabled her to deal with the bereavement without the added stress of completely restructuring her finances.
Mrs Baker was able to adapt as slowly as she needed to, since everything was already in order. We passed all of the organised information to her Solicitor, which not only made things easier but a lot less expensive.
If you would like to have a chat with one of PenLife’s Financial Planners, please call us on 01904 661140. The call is held at our expense and there is absolutely no obligation to take things further. Alternatively, email email@example.com or head to www.pen-life.co.uk/contact.
The contents of this case study are for informational purposes only and do not constitute individual advice. The Financial Conduct Authority does not regulate cashflow planning or tax planning.
The information in this case study was correct at the time of writing.