Planning for the future is very important, although we often all leave things too late. It is difficult to place a value on peace of mind.
Here are just some of the things we can advise you on:
Lasting Powers of Attorney
Previously known as Enduring Powers of Attorney, these have the advantage over a “normal” power of attorney, as they remain valid even if the donor loses mental capacity (eg as a result of a dementia type illness, or a serious accident). There are two types:
Property and Affairs LPA – this allows your attorney to manage your financial affairs
Health and Personal Welfare LPA – this allows you to indicate your preferences in relation to future medical treatment which will apply after you have lost mental capacity
There are a number of choices that you can make (e.g. whether to put limits on what the attorney can do, or to give him guidance) which we can advise you on.
Long Term Care Planning
It's hard to imagine not being able to live in your own home, and look after yourself. Planning at the right time to make sure any care you may need in the future is covered without having to sell your home, is important for some people. Find out more about the rules about paying for a permanent care home place.
Approximately one third of the adult population has not made a will. Here are just some of the reasons why you should:
- It ensures that your estate goes to who you want it to go to, not who the law guesses you would want it to go to
- It is an opportunity to arrange your affairs so as to minimise the tax payable on your death
- It allows you to pick your executors and guardians for your children
- It speeds up the process of administering your estate after your death
Inheritance Tax Planning
When trying to minimise the inheritance tax payable on your estate by your beneficiaries, there are many different options, depending on the circumstances. Subject to your particular situation, the size of your estate and various other factors, we can provide you with a range of options and their pros and cons.
A Trust is a fund which contains assets that are controlled by you and/or a nominated third party for the benefit of a specific individual(s). They are governed by complex legal regulations and separate tax rules. A Trust can be set up at any time during the lifetime of an individual to become operative immediately or following their death. Find out more about what a Trust can do for you.
If you have young children, you should consider appointing guardians to take care of them if you die while they are still young. This is usually done whilst making your Will.