Spotlight On … Clifford Knezovich – IFA

Research by the Alzheimer’s Society suggests that two-thirds of people who have sought financial advice have a lasting power of attorney (LPA) in place, but this, potentially, means a significant proportion of Brits do not have the protection that LPA offers.

Unfortunately, there is a common misconception among many expats (highlighted in a survey of UK expats conducted by Old Mutual International in 2017) that a spouse, child or financial professional can automatically sign documents and manage the welfare and monetary matters of a person who loses mental capacity. This is not the case; your family members could be left vulnerable should you become unable to manage your affairs without having LPA in place.

Good expat financial advice would generally advocate local legal advice to help ascertain whether or not an existing LPA, i.e. one that was drawn up in the UK, is valid in your location of residence. Generally speaking, however, common law jurisdictions will recognise a British lasting power of attorney, but it is always worth checking.

Still wondering whether to leave your pension in the UK, or move it so that you benefit tax wise as an ex-pat?  Here´s the latest update on what´s happening in the pensions world.

UK:

If you Pension Fund is still held within the UK, since April 2015 most, but not all, Pension Providers have introduced flexibility, in terms of access to Pension Funds within the UK and this is certainly proving to be very popular with many.  Depending on the size of your pot you may be able to access all tax free, or alternatively access 25% tax free at the age of 55 years.