Lasting Power Of Attorney
An LPA is a legal document allowing you to appoint someone to make decisions on your behalf if you become unable to do so. There are two types of LPA: Health & Welfare, and Property & Finance
Benefits
Decision Making Assurance
Ensure someone you trust manages your affairs.
Financial and Health Alternatives
You can choose different people to handle health care choices and financial matters.
Frequently Asked Questions
What is the difference between an LPA and a will?
An LPA operates during your lifetime if you're incapacitated; a will takes effect after death
Can I cancel an LPA?
Yes, as long as you have mental capacity, you can revoke it at any time.
Basic Wills
A will is a legal document that outlines how your assets should be distributed after your death. It ensures your wishes are respected and can appoint guardians for children (under 18).
Benefits
Clarity and Control
Specifies who inherits your assets, reducing potential disputes.
Guardianship
Allows you to designate guardians for your children.
Tax Efficiency
Proper planning can help minimise inheritance tax liabilities.
Frequently Asked Questions
What happens if I don't have a will?
Without a will, your estate is distributed according to intestacy laws, which may not align with your wishes.
Can I write my own will?
Yes, but it's advisable to seek legal advice to ensure it's valid and comprehensive.
Family Asset Protection Trusts
These trusts aim to protect various family assets, not just property, ensuring they're preserved for future generations.
Benefits
Comprehensive Protection
Covers multiple asset types.
Tax Planning Opportunities
Can assist in managing inheritance tax liabilities.
Frequently Asked Questions
Can I add assets to the trust over time?
Yes, depending on the trust's terms, additional assets can be included
Are assets in the trust safe from creditors?
Generally, yes, but there are exceptions, especially if debts were anticipated.
Protective Property Trusts
These trusts are designed to protect your property, ensuring it's passed to your chosen beneficiaries, often used to safeguard assets from care home fees or remarriage situations.
Benefits
Asset Protection
Shields property from certain claims or fees.
Controlled Distribution
Specifies how and when beneficiaries receive assets.
Frequently Asked Questions
Can I still live in my property if it's in a trust?
Yes, typically you retain the right to reside in the property.
Will this protect my home from all care fees?
Not necessarily; regulations are complex, and deliberate deprivation rules may apply.
Advanced Directives
Also known as a living will, this document records your preferences for medical treatment if you're unable to communicate them yourself.
Benefits
Autonomy
Ensures your medical treatment preferences are known and respected.
Relieves Family Burden
Guides loved ones during difficult decisions.
Frequently Asked Questions
Is an advanced directive legally binding?
Yes, if it meets legal requirements and is applicable to the situation.
Can I change my directive?
Absolutely, you can update it as your preferences evolve.
Probate
Probate is the legal process of administering a deceased person's estate, ensuring assets are distributed according to their will or intestacy laws.
Benefits
Legal Authority
Shields property from certain claims or fees.
Debt Settlement
Specifies how and when beneficiaries receive assets.
Frequently Asked Questions
Is probate always required?
Not always; small estates or jointly owned assets may bypass probate.
How long does probate take?
It varies on complexities but typically ranges from a few months to over a year.