How to Revoke a Lasting Power of Attorney Setting up a Lasting Power of Attorney (LPA) is important for future security if you ever lost mental capacity. An LPA allows you to appoint trusted attorneys to manage your affairs. But what if your circumstances change and you need to cancel a registered LPA? Revoking …
Importance of a Health and Welfare Lasting Power of Attorney A Health and Welfare Lasting Power of Attorney (LPA) is an important legal document that allows you to appoint one or more people (known as your attorneys) to make decisions about your health and welfare if you lost the mental capacity to do so …
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What Happens if You Die Without a Will? We all know we should make a Will, but it’s common to put it off. Thinking about your mortality is not pleasant. Over 60% of adults in the UK die without writing a legally valid Will according to research carried out by Macmillan Cancer Support. This leaves …
Why is Estate Planning Important? Estate Planning is not only about distributing your assets; it is about securing your family’s future and ensuring that your wishes are respected after your death. With a proper plan in place, you can be sure that your loved ones are taken care of, and your assets are distributed in …
What is Probate? Probate is the process of “proving” a Will or alternatively, establishing the validity of a Will. Where there is no valid Will, the process is called Letters of Administration. Personal representatives (executors or administrators if there is no will) must apply for probate or letters of administration. Probate or Letters of …
What is Estate Planning? Estate Planning is the process of anticipating and arranging for the management of your assets after you have passed away or once you have lost capacity. Whilst the topic may seem morbid, Estate Planning is essential to guarantee that your final wishes are honoured and your loved ones are provided for. …
What Is A Will Trust? Will Trusts Explained What is a Will trust? This question often arises when homeowners in the UK begin exploring Estate Planning options. A Will trust is an instrument that comes into effect upon your passing away and provides more control over how your possessions are shared out whilst giving protection …
Lasting Power of Attorney Explained A Lasting Power of Attorney (LPA) allows you to appoint someone to make decisions for at a time when you are unable to made decisions for yourself and, in relation to financial matters, when you are able to make decisions for yourself but simply need assistance. It must be created …
What are “Mirror Wills”? Whilst we know it is not an easy subject, think about what would happen if you were to pass away tomorrow? How would your family cope? Would they have enough money to live comfortably? Would they be able to locate and deal with all of your assets with ease? We …
What Happens if you lose Mental Capacity without an LPA? None of us like to think about losing mental capacity. But injuries, strokes and illnesses like dementia can impact our ability to make decisions at any time. Being mentally incapacitated with no measures in place can make you vulnerable. So, what safeguards exist for …
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The Ultimate Guide To Writing A Will Embarking on the journey to write a Will can seem daunting but with our comprehensive guide, it doesn’t have to be. This guide simplifies complex legal processes and provides you with practical steps for Estate Planning. You’ll learn about appointing legal guardians, creating an inventory of your estate, …
The Court of Protection and Deputyship Orders Losing mental capacity can happen to any of us through illness, injury or conditions like dementia. When this leads to someone becoming unable to make decisions for themselves, who is responsible for stepping in to protect their welfare and manage their finances? In England and Wales, the …
How to Save Inheritance Tax When someone passes away in England and Wales, there may be Inheritance Tax to pay. Inheritance Tax is usually paid out of the Estate as a debt before anything is distributed to a beneficiary. The responsibility to pay Inheritance Tax belongs to the Executors, not the beneficiaries. Table of …
Do Unmarried Couples Need A Will? A Will is a legal document that outlines how an individual’s assets and belongings should be distributed after their death. While many people assume that Wills are only necessary for married couples, unmarried couples in the UK can also greatly benefit from having a Will in place, in …
Using a Discretionary Trust to Manage Your Estate A discretionary trust can be an invaluable asset when it comes to succession planning, as it enables clients to provide for children or others in need of financial assistance without incurring an immediate inheritance tax charge. With a discretionary trust, there are no designated beneficiaries; rather, trustees …
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