• Trustees Private Wealth

Feb 18, 2021

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Talk to us about our Agency Service.

For some people, managing properties and investments can be an enjoyable way to stay sharp after retirement. That’s not true for everyone though. Managing bills, financial matters, and other important affairs can take up a lot of time and energy, and it becomes increasingly tiresome and difficult to do well as we get older. When that happens, it’s a good idea to appoint an impartial and trusted agent to take over some or all of those tasks.

Appointing an agent can take on the everyday management of an individual’s affairs if they become incapacitated, technologically challenged, or if they simply don’t wish to deal with it themselves anymore.  

That means not just paying their bills and helping with online management but also financially protecting the client. Elderly people are often victims of abuse or scammers seeking to take advantage of them. Since the agent would be required to manage any outgoing payment, they would be able to detect and prevent this type of attack. Of course, that’s not all that agents are used for.

An agency agreement differs from a property Enduring Power of Attorney in that it is a formal agreement that clearly outlines duties and responsibilities of the agent but does not continue if mental capacity is lost. 

Agents are useful in many situations

An agent is most traditionally used to manage the affairs of someone who can no longer cope with the burden on their own due to old age or incapacitation. This is far from the only reason to appoint an agent, however. Anyone can appoint an agent, and many people who might technically be able to manage their own affairs can benefit from outsourcing some of these tasks. After all, relatively few people intend to build wealth just to spend a big portion of their time managing that wealth.

For example, a couple in the prime of their life might have a family home, multiple rental properties, and significant investments to look after. These are major responsibilities that require constant attention, which can make it difficult to take advantage of the lifestyle opportunities their accumulated wealth offers. By appointing an agent, they can take months away from their affairs to travel or pursue other projects without having to worry about their financial health.

What an agent does

In consultation with and at the client’s direction, an agent provides a dedicated and personal service that manages their financial affairs on their behalf. This service can be tailored to specific needs and cover short-term requirements, such as the transition to a retirement village, or long-term assistance.

An agent can perform a variety of duties to protect the client’s interests, including:

-      Paying bills and expenses
-      Managing properties, including finding tenants, collecting rent, or managing the sale of a home on the client’s behalf
-      The organisation with a transition to retirement or rest home care
-      Managing other investments and assets
-      Receiving income on their behalf
-      Issuing payments to the client as directed
-      Managing tax obligations.

In addition, the agent can perform any other relevant duty for the client as needed. Depending on the client’s needs, the role can be very limited, or all-encompassing.

Why use an organisation?

Anyone, such as a friend or a family member, can be appointed as an agent. However, there are significant advantages to using an impartial organisation like Trustees Executors. Private individuals can be easily drawn into family conflicts, retire, fall ill or be distracted by personal matters. With a professional organisation, on the other hand, there is no risk of any issues being forgotten or neglected. Moreover, as an organisation we will always be here when needed offering continuity and consistency and operating with full professional knowledge and experience in law, business, finance, and investment matters. That means we will expertly manage our clients’ affairs, providing stability and peace of mind that a private individual simply can’t offer.

If you’d like to learn more about what an agent can do for you or someone you care about, please talk to one of our Private Wealth specialists today.

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