Lifetime Planning

Planning for the future is very important, often we all leave things too late. Whatever, your age, it is never too early to make provision for yourself in later years or your dependants after you have died. We can offer our guidance and expertise to guide you into making the right individual decisions for you. 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 income tax and capital gains tax. We can help you complete your self assessment tax return and ensure that all of the appropriate exemptions and reliefs have been claimed for you.

Here are just some of the things we can advise you on:-

Lasting Power of Attorney

Introduced in 2007 (the previous documentation was called an Enduring Power of Attorney or EPA) it is a document which ensures that a chosen trusted person is appointed 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. Please contact us for further advice.

Long Term Care Planning

It’s 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 offer our expert advice about the rules of paying for a permanent care home place and discuss with you your options concerning funding your care.

Elderly Client Service

If you are an elderly person needing assistance or you have an elderly relation we are able to offer a wide range of services to assist you or them. We can offer advice on issues such as arranging home care, liaising with local nursing homes or providing advice on protecting assets from the social services trap. We are able to provide home visits at a time and cost agreed in advance.

Living Wills (Advance Directives)

An Advance Directive can record your wishes, with respect to certain medical procedures that are, or 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”). Please contact us for further advice.

Inheritance Tax Planning

When trying to minimize 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 to meet your individual needs.

Trusts

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 offer advice on what a Trust can do for you.

Guardians

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 “godparents” we all know that the choice of godparent is sometimes an emotional decision made at a specific time and you may not want them to bring up your children. Appointment of Guardians is usually done whilst making your Will. More information about making a Will can be found under our "Wills" section.

If you would like more information on Lifetime Planning, please contact us using our online form or call 01284 701323.

Willett & Co Solicitors is based in the rural town of Bury St. Edmunds, Suffolk. Upon request, we are able to offer home visit appointments.

Please take some time to browse our Tax & Financial Planning "library" section of our site and our Trusts, Wills & Probate "library", keeping you up to date with the latest legal news.