Supporting a vulnerable client through later-life financial planning

Clara's story - the importance of proactive planning, clear communication, and the value of having a Power of Attorney in place.

The challenge

Clara, an elderly widow, has been working with us for several years. Due to her age, we treat her as a vulnerable client, and her daughter has been involved in meetings to provide support and ensure her best interests are upheld.

Although we had previously undertaken Inheritance Tax (IHT) planning, a recent review meeting was scheduled to:

• Reassess income and expenditure
• Review the performance of managed investments
• Update figures on savings and external investments

The solution

Fortunately, a Power of Attorney (PoA) was already in place. Following the meeting, the daughter formally activated the PoA, allowing her to act on her mother’s behalf. This transition was handled with care, ensuring that:

• The daughter understands her legal duty to act in her mother’s best interests
• All decisions remain aligned with the client’s previously expressed wishes, particularly around
  IHT planning

The result 

• Clara retains more income than she spends, even while enjoying travel and leisure.
• She has sufficient assets to cover any future care needs.
• Her estate is structured to minimise unnecessary tax liabilities, preserving wealth for her
  beneficiaries.

This case highlights the importance of proactive planning, clear communication, and the
value of having a Power of Attorney in place. By respecting Clara’s wishes and ensuring her
daughter is supported in her new role, we’ve maintained continuity and safeguarded her
financial wellbeing. Clara expressed that “This is how planning should work.”

Please call our experts on 01480 869466 or email us at info@beaconwealth.co.uk for a free initial, no obligation chat.

Future fees may apply. Registered and regulated by the FCA No. 526604.