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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 for your dependants after you have died. We can offer our guidance and expertise to help you make the right 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 Powers of Attorney (LPAs)
If you suffer an illness or accident that leaves you unable to make decisions for yourself then someone will need to step in to manage your affairs. A Lasting Power Of Attorney allows you to choose who that person should be. Making an LPA while you are fit and well makes things much easier for your family or friends should you ever lose mental capacity in the future. You can make an LPA to cover financial decisions and, if you wish, health and care decisions. We can advise on the procedure and help you draw up and LPA which meets your needs so that you have the peace of mind that comes from knowing your affairs will be properly dealt with by someone you trust should you ever be unable to deal with them yourself.
If you need to help a friend or loved one who has lost mental capacity without having made a valid Enduring or Lasting Power Of Attorney, it may be necessary to apply to the Court of Protection for the appointment of a deputy. This can be a complex and lengthy process but we can guide you through it.
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
There are two types of what are often called Living Wills. An Advance Statement sets out the level of medical treatment you want should you become terminally ill. You can include your likes and dislikes and anything which is important for you to be comfortable such as where you are cared for, your religious or spiritual beliefs and dietary requirements.
An Advance Decision records in advance your decision to refuse certain types of treatment in the future including, if you wish, refusal of life-sustaining treatment. These are sensitive matters and we are able to advise on the legal aspects so that you can be assured your wishes will be followed.
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 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 others. 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, after 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 the Contact Us link or Tel: 01284 701323 or by e-mail to: law@willettsolicitors.com.