We recommend making a Will, creating a Lasting Power of Attorney, assessing suitable options to reduce Inheritance Tax and making provision for Long Term Residential Care, should that be required.
Making a Will allows you to decide how your assets will be distributed after your death and enables you to provide for your children and other dependants. In particular, it allows you to:
Reviewing your Will every few years is as important as making one in the first place. You may wish to change how your assets are to be distributed, or your family circumstances may have changed.
Your Will may also require amendments to reflect changes in the law or in taxation.
An LPA is a simple instrument which allows you to nominate someone to be your attorney should you become incapacitated in the future.
There are two types of LPA. One deals with Finance & property and the other with your Personal Welfare. You can set up either one or both depending on your own requirements.
To become legally effective an LPA has to be registered with the Office of the Public Guardian, a government agency and there many safeguards to prevent wrongful use or abuse of the power.
Setting up an LPA will help alleviate distress and inconvenience caused to you and your family should you become incapacitated.
It is in everyone’s interest to minimise their own, and their estate’s tax liability. We can provide specialist advice on:
Our probate team will deal with the administration of an estate in a sympathetic and professional manner. Matters dealt with include:
Trusts and settlements are created in order to provide for the on-going needs of spouses, children, grandchildren, and other dependent relatives.
Additional benefits arise from the fact that Trusts and Settlements can be effective tax-saving devices.
It is a fact of life that many people may need to go into a residential or nursing home when they get older.
It is also true that their capital and home may be used to pay for this care. Simply transferring ownership to one’s children, however, is no guarantee that your assets will be protected and not taken to pay for fees.
We provide advice and practical help to deal with this type of situation.
For further information please contact Philip Davies.