Planning for the future is very important, often we all leave things too late. Peace of mind is something that is hard to place a value on.
In addition to advising on inheritance tax issues (see the Wills section) we can assist you with many aspects of planning for the ups and downs of modern life.
Here are just some of the things we can advise you on:
- Lasting Power of Attorney:
- In 2007 Lasting Powers of Attorney replaced Enduring Powers of Attorney. It is possible to appoint a person of your own choosing to administer your affairs in the event of mental incapacity. Remember, mental incapacity can affect not only the elderly – premature dementia or an accident can have the same effect.
- Long Term Care Planning:
- It is hard to imagine not being able to live in your own home and look after yourself. Planning at the right time to make sure any care you may need in the future is covered, without having to sell your home, is important for some people. We can advise you on the rules about paying for a permanent care home place.
- Living Wills:
- A Living Will can record your wishes with respect to certain medical procedures that are/are not to be employed on loss of mental capacity ("advanced directive"). Alternatively, a Living Will can record your beliefs on such procedures for the family to consider, should a difficult decision with regard to your health have to be made ("non-advanced directive").
- Inheritance Tax Planning:
- When trying to minimise the inheritance tax payable on your estate by your beneficiaries, there are many different options, depending on the circumstances. Subject to your particular situation, the size of your estate, and various other factors, we can provide you with a list of options and their pros and cons.
- A Trust is a fund which contains assets that are controlled by you and/or a nominated third party for the benefit of a specific individual(s). They are governed by complex legal regulations and separate tax rules. A Trust can be set up at any time during the lifetime of an individual to become operative immediately, or not until your death. We can advise on what a Trust can do for you.
- If you have young children you should consider appointing guardians to take care of them if you die while they are still young. Even if you have god parents for your children, guardians can only be formally appointed in a Will.