Trusts
This is a complex area of law that gives you a tool to plan who and how your estate can be divided on your death. In a nutshell, you choose Trustees who are people of utmost reliability and who are able to deal with your monies after you pass away. You will nominate beneficiaries who will either receive a fixed amount or you give your Trustees complete discretion on who and how much they are given. You will write a Letter of Wishes to direct the Trustees. Trusts are a useful inheritance tax planning tool. A Trust is useful if any beneficiaries are vulnerable, on benefits, unable to handle money or you wish to ensure your wealth is past down several generations. Please contact me direct for more information.
Estate Planning
I have over 10 years post qualification experience to guide you to safeguard assets for future generations whilst giving your spouse peace of mind of somewhere to live or income for life whilst protecting assets for your children. There are so many various ways you can plan. Either lifetime planning or through a Will. You may wish to plan to ensure inheritance tax is not an issue on your death. Inheritance tax is currently 40% over your allowable reliefs and is avoidable with good forward planning.
Court of Protection Deputyships
Sadly, when capacity is lost and there are no lasting powers of attorney registered, the only option is to obtain a Deputyship order from the Court of Protection. This enables you to have access to money or deal with property on behalf of the person who has lost capacity. The Court fee is £365.00, there are additional disbursements in order to obtain the order. This can easily be avoided by getting a lasting power of attorney in place whilst you have the capacity to do so.
Care home advice
When a loved one needs care many families can find the process complex and daunting. Choosing a care home and how this will be paid for is a big decision. Financial assessments, deferred payment agreements, deprivation of assets and NHS continuing healthcare are some of the topics you may encounter. Sometimes you just need someone’s guidance and advice at some steps of the journey. I would urge you to contact me at the beginning of this journey so I can point out the potential issues you may encounter.