/ Case Study
/ Mr & Mrs C, aged in their 30s, Essex
Husband protects wife and child with trusts and lasting power of attorney
It is sometimes said “What good is wealth if you don’t have your health?”
Well, Mr C has the former but unfortunately, due to an inherited condition, not the latter. He comes from a wealthy background and has worked hard to build a successful business selling to Government departments.
He has a serious illness which has provided a number of health scares and could lead to an early death and leaving his wife and child without a husband and father.
His wife comes from a different background and is currently trying to start a business herself. They also have a child who they want to protect.
Mr C wants to protect his wife in the event of his demise but also the inheritance of his daughter, especially if his wife re-marries.
So they have set up trusts that will protect the wealth of his daughter, enabling her to get a good education and ring fence her money. He wanted to help protect it from her future spouse, and any future spouse of her mother. He was very worried about the number of people who would want to get their hands on her money.
His wife will also be protected in the event of his death (as he feels she will not know what to do) and he has also arranged for her to have Lasting Power of Attorney, so she has the legal right to look after him if he became incapacitated and could not being make his own decisions.