Weystone Financial are proud to be able to deal with a number of services in-house thanks to our dedicated specialists. We pride ourselves on being dedicated to specific areas of financial services as the range of options in the market are incredibly diverse. By having advisers who specialise in their respective fields, it allows each adviser to focus on what deals best while still being able to confer with or defer to an adviser with a higher understanding for the more complex cases. These facets are all part of the detail we put into the customer journey and experience here at Weystone Financial.
Alongside many of the things we can deal with in-house, there are also other services that we can hopefully point you in the right direction for further advice. From accountants to investment advice and even estate planning, having other established companies that we can recommend on a regular basis helps to enhance our client journey while also broadening our offering.
Professional indemnity (PI) insurance is a commercial policy designed to protect business owners, freelancers and the self-employed if clients claim a service is inadequate. Any organisation which provides a professional service or gives advice could be sued if the recipient is unhappy with their work. A customer might say you were negligent, delivered the wrong training or made a mistake that cost them money. Investing in professional indemnity insurance can help prevent this.
Professionals who send out products, offer advice of some kind, or provide some services from their own home can still cause harm for which they may be liable. For this reason, it’s important you speak with a professional indemnity adviser about your risks.
Please speak to us so we can refer you to one of our specialists who can help advise you on your protection indemnity requirements.
Have you ever wondered how you’d cope if you lost your valuables to fire, theft or damage from flooding? That’s what contents insurance is for – to provide financial protection if those things happen. It covers all your personal belongings – anything not physically attached to the building – against the cost of the loss or damage.
Buildings and contents insurance covers the cost of repairing damage to the structure of your property. This includes the walls, windows and roof as well as permanent fixtures and fittings such as baths, toilets and fitted kitchens. As a general rule, buildings and contents insurance covers the cost of rebuilding your house from the ground up.
A Will is important, not only in terms of divvying out your property and assets amongst your loved ones as you see fit, but also it’s vital that before you’ve passed away, you’ve assessed whether you need a power of attorney for both your property and health. Getting a Will is easy, but when you’re gone, you won’t be around to make sure the Will is executed the way you planned.
2 out of 3 people in the UK do not have an up-to-date will. Although we do have qualified will writers at Weystone, we feel this is such a detailed product and service, we recommend or outsource our clients so that they can receive the same high standard we set for ourselves in regard to our mortgage and insurance advice. Writing a will is just the beginning and a small part of the process. Lasting Power of Attorney (LPA’s), Trusts (Property and health), Inheritance Tax Planning and help to execute a Will are just a few of the reasons it’s recommended you speak to a specialist in these areas. When a Will is done incorrectly, the family is left to cover the execution of the Will and associated costs. Some companies will offer a free Will, however, in the fine print, they will charge over 10% of your estate upon death.
The Executor is a person or organisation duly appointed by the Testator within the Will. They take responsibility for the administration of the Estate which involves collecting in the assets, meeting all legal and tax obligations and then distributing it in accordance with the wishes of the Testator. If within the Will, there is a need for a Trust to be set up, because any part of the distribution of the estate is delayed, (e.g. gift to minor children) then the Executors will usually become Trustees at the end of the administration period. A Trustee is someone who holds and manages an asset or part of the estate temporarily on behalf of a beneﬁciary. In the majority of Wills these people are the same and the Executor will simply change his responsibility from an Executor to a Trustee at the end of the administration period.
An LPA is a legal document giving the person or persons you trust (your attorneys) the authority to make decisions on your behalf if you become incapable of making them yourself. The LPA is prepared at a time when you are capable of making your own decisions.
Covers the cost of claims made by members of the public for incidents that occur in connection with your business activities. Public liability insurance covers the cost of compensation for personal injuries, loss of or damage to property and even death.
When preparing for your mortgage, it’s imperative that you have your accounts in order. Having an accountant can help make sure that the process of purchasing or remortgaging a property is a much easier process when they liaise with your mortgage adviser. Speak to us about how our one of our preferred associates can help with accounting here.
The National Healthcare Service (NHS) has done a mighty job throughout the pandemic to help the whole nation. Despite all of their heroic efforts, some appointments and surgeries have been backlogged due to various reasons and unforeseen circumstances, which has caused a detrimental impact on some of those patients. Enquiries into private medical insurance, also known as PMI, are on the rise. There are various policies and options that can include some dental work and optical with cashback. PMI ultimately gives you the freedom of choice, such as where you might prefer to have treatment, a wider range of treatment options, and most importantly more flexibility around the day/time of your preference rather than receiving a letter 6 months later telling you when and where to be.
Speak to us about how Weystone can help put you in touch with one of our preferred partners Harmony Health who offer a fully advised Private Medical Insurance advice, click for PMI advice here
Many people believe once they have sorted their Will, that is the final piece of the puzzle. “If you lose mental capacity without an LPA in place, it will be necessary for your family to apply to the Court of Protection to have a deputy appointed to deal with everyday financial matters. This is a slow and very expensive process, costing thousands of pounds.”
If you are unable to manage your own affairs, an LPA (Lasting Power of Attorney) appoints someone of your choice to do it for you. There are two types of LPA:
Health conditions such as Dementia, Parkinson’s disease, or a stroke can cause making decisions to become virtually impossible.
If you lose mental capacity without an LPA, it can cost your family time and thousands of pounds to be given permission to handle your affairs.
Without an LPA, any joint bank accounts you hold with your partner could become severely restricted.
This can be devastating, especially if the joint owner has their income or pension paid into this account, or they use it to pay critical bills such as a mortgage or utility costs.
It is an enhanced Will that offers some protection for the property by ensuring that on the first death, that share is protected from interference by third parties. That share will also be protected from assessment for care home fees should the surviving owner require care in the future.
It’s designed to enable joint owners to be more flexible with their share of the property enabling them to pass it to someone other than the joint owner.
If the current joint owner remarries or decides to give their share to someone else then your share is fully protected for your beneficiaries.
This means that if the surviving owner needs residential care or gets into financial difficulties, then the first share of the property is protected and will not be assessed or at risk.