Planning for the future is very important and it is all too easy to put off making important decisions until it is too late. We can assist you by planning and managing your estate, both during your lifetime and after your death.
In particular, we can advise you on:
- Making a Will
- Lasting Powers of Attorney and Court of Protection
- Trusts
- Tax planning and wealth management
- Care home planning
Making a Will
The majority of people do not have a Will or it is out of date. Having a current Will that is an accurate reflection of your financial circumstances and personal choices creates certainty and reduces worry. It also gives you peace of mind knowing that your money, property and possessions will be dealt with how you want on your death.
You may think that you are not wealthy or that your affairs are too complicated but there is always a good reason to make a Will.
- If you do not have a Will or you have one that is out of date then the law, and not you, will determine how your estate will be dealt with. Many people still believe that if they are married everything will pass to their husband or wife on their death. If your estate exceeds £250,000 this is not necessarily the case.
- If you are not married and live with someone then that person will not automatically benefit from your estate. This can leave them is a difficult financial situation and force them to take legal action against your estate.
- If you have been married before we can help you decide how you should provide for your new family as well as any children from your previous marriage.
- You can decide who will look after your children
- You can make decisions about your funeral arrangements and decide who will receive your treasured personal items
- Depending on your circumstances, you can pay little or no inheritance tax.
Lasting Powers of Attorney and Court of Protection
On 1 October 2007 the Lasting Power of Attorney (LPA) was introduced to allow attorneys not only to look after someone’s financial affairs but also to make health and welfare decisions.
An LPA differs from an ordinary power of attorney in that it remains effective even after the donor becomes mentally incapable of managing his or her own affairs. It gives you the opportunity to make provision for someone you trust to manage your financial and personal welfare decisions in the event that you are not longer capable of making those decisions yourself.
If you do not appoint an Attorney and you become incapable of managing your affairs, we can help your relatives make an application to the Court of Protection to be appointed as your Deputy.
We can also help deal with applications to the Office of the Public Guardian and Court of Protection, both by Attorneys and Deputies, in relation to such issues as gifts, tax planning arrangements and statutory wills.
More information Lasting Powers of Attorney
Trusts
A recent survey by the Revenue revealed that tax avoidance is rarely the primary motive for creating trusts. Although an element of tax planning is involved, they are often used to protect assets or beneficiaries, retain an element of control or treat income and capital in different ways.
We can help you consider your motivating factors, discuss whether a trust is right for you and ultimately decide which type of trust might be the most appropriate.
In personal injury cases, we will liaise with our personal injury department who will identify at an early stage of your claim whether a trust is appropriate. We can then guide you through the necessary steps.
Tax Planning and Wealth Management
We can offer you tax planning solutions to help mitigate or eliminate tax on your estate. This can involve a combination of strategies to suit your personal and business needs. A bespoke wealth management package is created for each client.
We can work with your existing team of professionals or we can recommend other professionals with whom we have worked before and who meet our standards of client care.
More information on Tax Planning and Wealth Management
Care Home Planning
Together with inheritance tax, the cost of paying for long term care can be a worry. In conjunction with other aspects of estate planning and management, we can consider asset protection strategies to help you conserve your estate for future generations.
