Blog
The FCA’s Enforcement Watch 2 and what it means for the financial services industry
James Alleyne
With great wealth comes great responsibility. When that wealth comes suddenly and quickly, often referred to as “sudden wealth”, there is a need to be thoughtful when making decisions
about preservation and management.
Being philanthropic is part of our DNA. When we see somebody struggle our natural instinct is to help and many people do this by donating to charities in their lifetime or leaving charitable legacies in their wills. Other people decide to create their own charity to achieve their philanthropic aims and there has been a noticeable increase of this happening in England and Wales. As at October 2023, there were over 169,000 charities registered in England and Wales and collectively their income was circa £89 billion.
Now you have an idea of the full scope of your role as deputy, here are a few cautionary comments based on our years of experience of working within the field of Court of Protection.
It is not unreasonable for gifts to be made to those close to the Protected Party ("P") during their life time and this can be in a number of ways, whether this be customary, practical or just a one-off gesture.
Buying and selling property is one of the biggest tasks a deputy may be faced with whilst managing the Protected Party’s (‘P’) affairs. The selling of a property may be the only way to access funds that are so desperately needed to pay for P’s ongoing expenses. P may be downsizing and both the sale and purchase of a property may be required. P may need to purchase a more suitable property for their needs as their condition evolves. The property may not only be for P but for partners, children, other family members, carer’s and those involved in P’s daily lives.
James Alleyne
Oliver Oldman
James Alleyne
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