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Hi All, I wanted to ask your advice. I have recently been contacted by an elderly couple/pensioners who have queries re their finances. I am working in a financial position but have no idea how to help them.
One of the spouses has passed away in the past 6 months leaving the other with a lot of confusion/chaos/uncertainty about their finances. They have both been in receipt of a state pension (non-contributory) for the past 9 years and the remaining spouse is now not sure about how much of their other assets were declared at the time or what information was submitted as part of the means test. They obviously have some life savings – be it cash or on bank accounts, shares, a house and land. The house and land has recently been signed over to a family member (offspring). They have been in touch with an accountant in the past but it has been probably 4 years ago at this stage. What advice can I give the remaining spouse who wishes to formalize and make sure that absolutely everything is in order, that they didn’t receive more in pension payments than they should have; this person is also happy to pay back anything that was paid in excess. What are they entitled to own and be in receipt of a state pension. What next steps can they take – contact an accountant? Problem also is that they may or may not have all the receipts that would account for their expenses in the last 10 years. Any advice or tips much appreciated.
One of the spouses has passed away in the past 6 months leaving the other with a lot of confusion/chaos/uncertainty about their finances. They have both been in receipt of a state pension (non-contributory) for the past 9 years and the remaining spouse is now not sure about how much of their other assets were declared at the time or what information was submitted as part of the means test. They obviously have some life savings – be it cash or on bank accounts, shares, a house and land. The house and land has recently been signed over to a family member (offspring). They have been in touch with an accountant in the past but it has been probably 4 years ago at this stage. What advice can I give the remaining spouse who wishes to formalize and make sure that absolutely everything is in order, that they didn’t receive more in pension payments than they should have; this person is also happy to pay back anything that was paid in excess. What are they entitled to own and be in receipt of a state pension. What next steps can they take – contact an accountant? Problem also is that they may or may not have all the receipts that would account for their expenses in the last 10 years. Any advice or tips much appreciated.