Planning for the future is very important. Often, we all leave things to late but peace of mind is something that is hard to place a value on.
Here are just some of the things we can advise you on:
Powers of Attorney
While you have mental capacity, you can create a Lasting Power of Attorney (LPA) for property and affairs, and/or personal welfare. We can assist with advising on LPA’s, drafting the necessary documents and dealing with the obligatory registration with the Court of Protection. Also available are ordinary powers attorney, which are usually created to deal with specific requirements while you still have mental capacity, e.g. you might be going abroad for an extended period and want to give someone the power to deal with your affairs while you are away.
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. We can advise on all aspects of this.
A Living Will can record your wishes, with respect to certain medical procedures that are/are not to be employed on loss of mental capacity (“advanced directive”). Alternatively, a Living Will can record your beliefs on such procedures for the family to consider should a difficult decision with regard to your health have to be made (“non-advanced directive”).
Inheritance Tax Planning
Did you know that Inheritance Tax is payable at the rate of 40% on anything over and above £325,000 (2012/13 figures)? There are many different options for reducing the amount that might have to be paid after you die, depending on the circumstances. Depending on your particular situation, the size of your estate and various other factors, we can provide you with all the 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 tax rules. A trust can be set up at any time during the lifetime of an individual to become operative immediately or, not until your death.
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.