Can Financial Advisers Provide Assistance To Court Of Protection Appointed Deputies?

Financial advisers can provide valuable assistance to Court of Protection-appointed deputies in several ways:

1. Investment management

Financial advisers can help deputies manage the funds and assets of the individual under their care. They can provide advice on suitable investment options based on the person’s financial goals, risk tolerance, and the required level of liquidity. Financial advisers can monitor investments and make adjustments as needed to ensure the portfolio aligns with the individual’s needs.

2. Budgeting and financial planning

Deputies may need assistance in creating and maintaining a budget for the individual’s ongoing expenses, such as care costs, housing, and healthcare. Financial advisers can help deputies establish a realistic spending plan and provide guidance on managing cash flow effectively to ensure the person’s needs are met.

3. Tax planning

Deputies are responsible for ensuring that the individual’s tax affairs are in order. Financial advisers can provide advice on tax planning strategies and help deputies understand the tax implications of different financial decisions. They can assist in optimising the person’s tax position, which may involve taking advantage of various tax allowances or reliefs.

4. Record-keeping and reporting

Deputies are required to keep detailed records of all financial transactions and provide regular accounts and reports to the Court of Protection. Financial advisers can help deputies maintain accurate records and prepare the necessary reports in compliance with legal and regulatory requirements.

5. Estate planning

Financial advisers can assist deputies in developing a comprehensive estate plan for the individual. This may involve working with other professionals such as solicitors, providing advice on trusts, and other mechanisms to protect and manage assets for the person’s future needs.

6. Expertise and guidance

Financial advisers have knowledge and expertise in navigating complex financial matters. They can provide deputies with guidance on financial decisions, help them understand their duties and responsibilities, and ensure compliance with applicable laws and regulations. Financial advisers can act as a trusted resource for deputies, providing support and advice throughout their role.

Deputies need to choose a financial adviser who is experienced in working with individuals under the Court of Protection, as they will have a specific set of needs and requirements. Additionally, open and transparent communication between deputies and financial advisers is crucial to building a strong working relationship and ensuring the best possible financial outcomes for the individual in question.