Appointing A Trustee Company As An Agent

No one can tell when illness or accident may strike - or what effect advancing years will have on a person’s faculties. An EPA is an important precaution that can save a person’s family, friends and associates considerable stress, and ensure their affairs continue to be well managed.

Thursday, May 3rd 2001, 3:06PM

Tower Trust can provide a wide range of services for living clients by being appointed as Agent under the authority of an Enduring Power of Attorney.

The duties of an agent may include the investment and management of investments and assets, the payment of liabilities and expenses as well as any other duties required by the client.

This service has particular appeal to those clients who no longer want to manage their day to day affairs or for those who may want to travel extensively and need an impartial body to manager their affairs while they are away.

A formal agency agreement is established that clearly outlines the duties and responsibilities of the agent. Most decisions are made in consultation with the client and are authorised in writing unless otherwise agreed by the parties. However, if a client is unable, for any reason, to give instructions, then the appointed agent can attend to any matters as they arise.

Examples of an agency client:

Clients "A" are an elderly couple with no dependants. One has been admitted to a rest home leaving the other partner with the responsibility of managing their financial affairs. The other partner finds they cannot cope with the management of the day to day finances and they approach Tower Trust for assistance.

Tower Trust is appointed as their agent and takes over the management of their day to day financial affairs. This includes collecting all income and paying all expenses. The role can be all encompassing, as the level of each client's needs is different. We would also be responsible for ensuring any capital is invested to generate sufficient income.

This arrangement also proved valuable to the couple when the other partner was also admitted to a rest home. Tower Trust, as their agent, were able to arrange the sale and disposal of the contents of the family home on behalf of the couple.

Client's "B" are an active retired couple who have decided to spend a few years travelling the world. They have a family home, rental properties and a substantial investment portfolio. They need an agent to look after their affairs while they are away.

Tower Trust as their appointed agent would be able to acquire a suitable tenant for their family home as well as managing their rental properties and their investment portfolio.

The clients may need regular income payments while they are away and will be kept informed by receiving regular reports and financial accounts. Their agent would also ensure any tax obligations are met.

No one can tell when illness or accident may strike - or what effect advancing years will have on a person's faculties. An EPA is an important precaution that can save a person's family, friends and associates considerable stress, and ensure their affairs continue to be well managed.

While individual family members maybe appointed as attorney it must be remembered that they too could suffer an accident or illness. By appointing Tower Trust as Attorney a person can always be confident we will be there to act on their behalf. Other benefits of appointing Tower Trust, we are impartial, we have 120 years of experience, we have all the skills required to look after a person's affairs, and we have the systems in place to keep good records and provide full accounts

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