Many people put off making a Will, but there are many very good reasons to make and regularly review your Will. For example you may wish to plan so that less Inheritance Tax is payable, appoint a guardian for your children and make financial provision for them, ensure that they inherit even if your spouse remarries, leave personal items to a particular person, or give instructions for your funeral.
Quite often the law doesn’t work as people expect. Depending on the value of your estate your surviving spouse may not receive everything or your unmarried partner may receive nothing.
Having a well drafted Will will protect your family, saving them time, money and avoid potential disagreements when you die. You can decide who will manage your estate and ensure that it goes where you wish, instead of where the law dictates.
A Lasting Power of Attorney allows you to plan what will happen to you and who will make decisions on your behalf, if you become unable to manage your own affairs. You can choose a person who you trust and not a court appointed deputy. You can also specify your wishes and direct what powers your attorneys should have. People often assume that Lasting Powers of Attorney are for only the elderly, but there are many circumstances where any one of us could become temporarily or permanently incapacitated.
If a loved one has lost capacity without making a Lasting Power of Attorney, you may need guidance in applying to the Court of Protection to be able to make a one off decision or apply for a deputyship to manage their affairs long term.
There are many types of trusts to meet different needs. For example, you may need advice to protect assets and benefits for a disabled, or vulnerable person, or to protect a personal injury settlement. Other types of trust could be created to protect property, for a grandchild’s education, or for tax planning purposes.
Estate administration is dealing with someone’s estate (their belongings and finances) when they die and ensuring that it is distributed either in accordance with their will, or the law. Depending on the value of the estate you may need to apply for a grant from the probate registry.
For a free initial consultation, contact Victoria Armour at our Burton Latimer office 01536 722071 or use the contact page on this site.