POWER
OF ATTORNEY
A Power of Attorney enables you to delegate decision making to someone, for example, a relative, a friend or business advisor in the event you are unable to act or manage yourself. This could be as the result of either mental or physical incapacity. Lasting Powers of Attorney replaced Enduring Powers of Attorney from 1 October 2007 and allow you to give authority to others to assist in the management of your affairs even in the event of loss of mental capacity. Lasting Powers of Attorney come in two separate versions: one for financial affairs and another for decisions about health and welfare issues, such as long term care. If you have not already signed an Enduring Power of Attorney (which remains valid after 1 October 2007), and you lose mental capacity then you have no say over who is appointed to look after your money and property. If you wish to preserve your right to choose, then sign Lasting Powers of Attorney.
COURT
OF PROTECTION
If you haven't signed an Enduring Power of Attorney or one of the new Lasting Powers of Attorney or if either fails for any reason, then if you lose mental capacity
the Court of Protection may have jurisdiction over your
money and property.We can guide you through the maze that
is the Court of Protection.
GOING
INTO LONG-TERM CARE
For many people this is a cause for real concern. Not only
are they giving up their home but they are also giving up
their independence. Funding long-term care can be a significant
drain on the family's resources and it is essential that
professional advice is sought so that the capital can be
preserved, or if this is not possible, benefits are applied
for. Failure to take professional advice can mean the money
will run out sooner than necessary with the result that
there is less money available for the family. Professional
advice is essential.
PROTECTING
THE FAMILY ASSETS
Family circumstances sometimes give rise to divorce and
financial difficulties. Children sometimes need protecting
from themselves: even when adults. Where this occurs it
may be necessary to change your Will to prevent further
problems. Where inheritance tax and Nursing Home fees are
an issue professional assistance is essential. Where one
spouse goes into a Nursing Home the other spouse needs to
review their position.
TRUSTS
A Trust is a legal arrangement whereby one party holds money
and property for the benefit of another. Trusts are created:
To save tax
To keep control over assets
To help people who can't look after their own money
To protect money from creditors and divorce
To hold money for those on means tested benefits
We
can help create a trust for your family and advise you of
the tax implications.
WILLS
Many people are reluctant to make a Will — some because
they do not like contemplating their own deaths; others
because they think it is something they can put off until
they are older. Not everybody dies of old age. Making a
Will can avoid creating additional problems for your family
at a difficult time. Without a Will, the law provides who
gets what. This may not be what you expect or want. If you
have young children you have the opportunity of appointing
guardians to take care of them and their interests. If you
have made a Will it is important to review it as the law
and your circumstances may change. Making a Will can help
reduce the amount of inheritance tax payable on your death.
LIVING
WILLS
A Living Will is not a Will at all. It is a signed statement
of your wishes concerning medical treatment. Some people
have strong views about how they wish to be treated medically
in the event of terminal or serious illness. We can you
help you draw up a "Living Will" (or Advance Directive)
which contains your wishes as to your treatment.
GIFTS
See Gifts under Residential
Property.
For
more information please complete and return the Information
Request Form or contact:
