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Your Will is one of the most important documents you will ever prepare. Primarily, it should contain what you want to happen to your property and belongings following your death. Without a Will, your Estate will be distributed in accordance with statutory rules which can have adverse consequences. Preparing a Will ensures those appointed have the responsibility and control to ensure your wishes are carried out.
Inheritance tax is often described as the voluntary tax because the law permits you to manage your affairs in your lifetime to reduce the inheritance tax payable on death. There are various mechanisms which assist such as annual allowances, reliefs, lifetime giving and Trusts. The law surrounding this area is often considered complex but we endeavour to provide clear and concise advice to enable you to make a decisions.
Lasting Powers of Attorney are documents where you appoint someone to act on your behalf. They come in many forms; General, Enduring and Lasting Powers of Attorney and we will tailor our advice to your needs. Lasting Power of Attorney to enable someone you trust to manage your Property and Financial Affairs and Health and Welfare and once registered are valid for life. General Powers of Attorney are created for a temporary or transitional period and cease to exist upon expiry of the same. Enduring Powers of Attorney can no longer be created. However, if you created an Enduring Power of Attorney before October 2007 then they remain valid but must be registered if the person who granted the power is or has become incapable of managing their affairs.
A Trust, in the simplest of interpretations, is the holding of an asset for an agreed purpose. A Trust can be created to take effect during ones lifetime or intended to have effect at death. We have extensive experience in creating and managing trust of all types to include Discretionary Trusts, Life Interest Trusts and Disable Persons Trusts.
If a person lacks capacity, it is possible to apply to the Court of Protection to become their ‘Deputy’. This means that the Court grant an Order to enable the appointed Deputy to make decisions on that person’s behalf. The Court will set the terms of the Order but common powers are to enable the Donor to deal with the persons financial affairs.
Living Wills or Advanced Directives are legally binding documents designed to reject certain medical treatments. They lay dormant until you lack capacity and are unable to relay your consent or agreement to future medical treatment. The type of decisions which are commonly rejected are the use of intravenous fluids and parenteral on nutrition, cardio pulmonary resuscitation, blood transfusions and other lifesaving treatments.
6 Market Square
Tenbury Wells
Worcestershire
WR15 8BW