WILLS & POWER OF ATTORNEYS
DID YOU KNOW THAT OVER HALF OF ADULTS IN THE UK DO NOT HAVE A WILL?
If you pass away without a will your wishes may not be met and your assets will be distributed
according to a set of rules laid out by government.
Even if you have made a will, recent legislative changes may mean that it is no longer ‘fit for
purpose’. In any case, you should review your arrangements every 3 years or so or when you
experience any major changes in your life such as marriage, children, starting a business, and, of
course, when you are buying a property.
LASTING POWERS OF ATTORNEY (LPAS)
A will sets out what should happen if you pass away but what about if you lose capacity?
In this situation the government will freeze all your assets – including any joint accounts. This can cause extreme stress and hardship. Your loved ones will have to apply to the Court of Protection to apply for deputy-ship which can be a long and expensive process. If you own a business the situation is even worse as bills and salaries could go unpaid leaving you open to legal action.
All this can be
avoided by giving ‘power of attorney’ to trusted friends and family while you still have capacity.
TRUSTS, INHERITANCE TAX (IHT), AND ESTATE PLANNING
Additionally, the rules surrounding Inheritance Tax (IHT) are very complicated and it pays to get
appropriate advice to avoid or mitigate its effects.
If you wish to have your situation reviewed contact us, in the first instance, and we can arrange a
completely free initial meeting at your convenience.
Get in touch for more information on how I can help with all your mortgage needs.