Financial planning for different types of carers
By Robbie Lawther, 10 Jun 19
The slides below feature financial tips for different categories of carers from Quilter’s tax and financial planning expert Rachael Griffin
Friend, neighbour or non-immediate relatives
Around 9% are caring for a neighbour or non-immediate relative. These people might want to consider the following financial planning points:
• Clarity on role:
It is important to have a clear defined role when it comes to providing care to a friend or loved one. Often caring needs start to increase over time and people are quickly overwhelmed with needing to juggle their own commitments and helping those around them. If you are taking on the role of main carer for someone you need to be aware of the financial impact that might make and also be clear on whether you will get any support from other relatives or friends. Additionally, it is worth exploring whether it is worth you being named as their PoA to avoid any additional difficulties in you being able to provide care to them further down the line.
• Avoiding scams:
Often vulnerable people might need help sorting out aspects of their financial life. This could involve helping someone deal with online banking, making calls to providers or processing sensitive financial statements. Performing any one of these tasks could mean that personal data is disclosed to the carer, and if that then gets into the wrong hands it could be used to scam the vulnerable person and leave the carer in a difficult legal position. It is therefore essential that if a carer is required to perform any task like this they seek PoA or a third party mandate from a provider, which enables them to help.
Tags: Quilter
