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LPAs: Who can be my Certificate Provider and what is their role?

Getting a Lasting Power of Attorney (LPA) in place for your Health & Welfare and your Property & Financial affairs is SO important and can be a relatively stress-free and quick process but you will need a Certificate Provider…

So, what is a Certificate Provider, what do they do and why are they needed?

Certificate_Provider

Well, in order to register your LPA you will need a Certificate Provider to sign the LPA application to certify that you have the capacity to make the application and that you understand the extent of the power that you are giving to your appointed Attorney, or Attorneys.

In order to do this, the Certificate must have knowledge of the TWO-STAGE TEST FOR MENTAL CAPACITY and make a judgement as to whether you (the person applying for the LPA) can understand the information that is relevant to making the decisions within the LPA, whether they are able to retain that information and weigh up the information in order to make a decision and communicate that decision.The Certificate Provider must also be aware of the FIVE PRINCIPLES OF CAPACITY:

You are assumed to have capacity UNLESS it can be established that you do not.

You are to be treated as though you can make decisions UNLESS all practicable steps have been taken to help you make a decision and all have been unsuccessful.

Just because you make an unwise decision it does NOT mean that you lack capacity.

Any decision taken MUST be done or made in your BEST INTERESTS.

PRIOR TO ANY DECISION, consideration must be given to whether it is effectively achieves the purpose in the least restrictive way to your rights and freedoms.

So, who can be a Certificate Provider?

A Certificate Provider must be either:

Professional_Certificate_Provider

A PROFESSIONAL CERTIFICATE PROVIDER can be someone over the age of 18 that has the necessary knowledge and experience, because of the skill and profession, to make a judgment as to your capacity.

Frequently used Professional Certificate Providers include, US here at TLC, Solicitors, Estate Planners, Legal Professionals, GPs, Medical Professionals and Social Workers.

Personal_Certificate_Provider

A PERSONAL CERTIFICATE PROVIDER can be someone that is over the age of 18 and has known you for at least two years prior to the date on which you apply to register your LPA.

This person will need to be someone that can have a full and frank discussion with you about your capacity and your understanding of the LPA and the consequences of registering such a document.

Who CANNOT be your Certificate Provider?

Your Certificate Provider cannot be under the age of 18.

Your Certificate Provider cannot be one of the people that you have appointed as your Attorney in the LPA you are applying for.

Your Certificate Provider cannot be one of the people that you have appointed as a replacement Attorney in the LPA you are applying for.

Your Certificate Provider cannot be one of your family members (this includes your boyfriend/girlfriend, partner,  in-laws and step-relatives).

Your Certificate Provider cannot be a family member of the appointed Attorneys (this includes their boyfriend/girlfriend, partner, in-laws and step-relatives).

Your Certificate Provider cannot be your Business Partner.

Your Certificate Provider cannot be your appointed Attorneys’ Business Partner.

Your Certificate Provider cannot be your employee.

Your Certificate Provider cannot be an employee of your appointed Attorneys.

Your Certificate Provider cannot be someone that works for a Trust Corporation that is appointed as your Attorney.

Your Certificate Provider cannot work for the Care Home where you live (if you reside in a Care Home), or a family member of someone working for the Care Home. This includes the owner, manager, directors, staff and employees.

What next?

Once the above has been satisfied, the Certificate provider will sign and date the LPA application and confirm that you understand the LPA, its purpose and consequences, that you are under no undue pressure or influence to sign the LPA, that no act of fraud is being committed and that there is nothing that would prevent that LPA from being registered by the Office of the Public Guardian.

 

If you have any questions please do not hesitate to get in touch for a FREE consultation.

If you would like a FREE chat to discuss your options, get in touch on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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Bank of Mum & Dad

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Bank of Mum & Dad:
The implications of helping the younger generation getting on the property ladder

Helping the younger generation to get an all important foot on the property ladder may be the only option for many parents but what should we, as parents, consider before shelling out the deposit?

LPA_Gift

Perhaps the simplest way to help the younger generation in getting a foot on the property ladder, is by giving them a decent sized deposit as a GIFT. There are no tax implications on this gift of money, as parents can pass money (as much as they like!) to their children without incurring any tax liability.

However, if you (the parent) pass away within seven years of making the gift then it may be subject to Inheritance Tax. Where your Estate is worth more than £325,000 (the current Inheritance Tax Threshold) Inheritance will be payable on everything over this amount, including any gifts given within the seven years prior to your death.

Where money is gifted and the property is being bought by your child with a partner, it may be worth considering what would happen should the relationship between your child and their partner take a downturn and the property ultimately be sold.

LPA_Loans

Possibly a better option for parents not in a position to give an outright gift, is to LOAN your children the money for a deposit.

However, some mortgage companies may not be prepared to enter into arrangements where money has been loaned and so this could limit the mortgage options. Where a mortgage company is happy to accept the arrangement, they may want to know the exact repayment arrangements in order that these can be taken into account when calculating the mortgage and affordability and therefore meaning that a lower amount can be borrowed.Where you have loaned the money and receive repayments, you may be liable to Income Tax on any interest that you charge on the loan amount (if any interest is charged).

If you are going to loan the money, then it would be worthwhile drawing up a formal loan agreement to include all of the agreed terms in relation to repayment, any interest and the expectations of each party.

LPA_Buy

Another option would be for you to BUY THE PROPERTY with your child. You could purchase the property as TENANTS IN COMMON to reflect the amount of the property that is owned by each individual (perhaps dependant on the amount that you are putting into the property and how the mortgage will be paid).

However, if this means that you would own more than one property then it will count as a second home and you would therefore be liable to an additional 3% on Stamp Duty and may also have Capital Gains Tax implications when the property is sold if you are still listed on the property as an owner/proprietor at Land Registry or on the mortgage.

If this option is taken, it would be advisable to draw up a Declaration of Trust to include the proportions owned by each person and what happens if one party wants to sell.

 

So, although helping your children take that all important step to get on to the property ladder may seem like a great idea, it is extremely important to think about the best way of doing this…for yourself and for your children!

 

If you would like a FREE chat to discuss your options, get in touch on info@TotalLegacyCare.co.uk or 01727 865 121

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Why Do YOU need an LPA? 5 reasons YOU should put your LPA in place

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5 reasons
YOU should put your
LPA in place

You will know by now that here at TLC we are passionate about EVERYONE having Lasting Powers of Attorney in place! Contrary to popular belief they are not just something that should be considered as we get older.

So, we have set out below our FIVE top reasons for getting your LPAs in place. This is, of course, just the tip of the iceberg and there are many many more reasons but these should be enough to prompt you…

LPA_Peace_Of_Mind

Having PEACE OF MIND is paramount.

Knowing that all of your property & financial affairs and your health & welfare decisions are in order and can be dealt with by your Attorneys, should you be unable to do so – whether that be because you are physically unable to or because you lack the capacity to do so – will not only put your own mind at ease but will also remove the emotional and financial burden from your loved ones should the situation arise that your LPA is needed.

Taking the decision to put your Lasting Powers of Attorney in place means that you have the control.

YOU DECIDE who you want to appoint as your Attorneys (and can also appoint replacement Attorneys). 

If you do not put LPAs in place and your loved ones/caregivers are put in a situation where an application has to be made to the Court of Protection to appoint a Deputy to make decisions on your behalf, then the Court will decide who to appoint and this may not be the person/people that you would have chosen.

LPA_Your_Choice
LPA_Give_Specifics

Putting your LPAs in place means that you are able to GIVE SPECIFICS not only as to who you want to appoint as Attorneys but also in relation to how they will act; whether they can take decision on their own or whether decisions must be made unanimously by all Attorneys, or perhaps some decisions are to be taken by a specific Attorney or unanimously – this can all be provided for.

Your LPAs will also state when they can be used, whether this will be immediately or only when you lose capacity to make decisions.

You can also state your preferences and put in any restrictions that you want your Attorneys to abide by, giving you the ultimate control and peace of mind.

Putting your Lasting Powers of Attorney in place and getting them registered whilst you still have capacity is so important – TIME IS OF THE ESSENCE.

You are unable to register your LPAs once you have lost capacity and so your loved ones/caregivers will have to make an application to the Court of Protection to appoint a Deputy to make decisions on your behalf, then the Court will decide who to appoint and this may not be the person/people that you would have  chosen. This process will take a minimum of four months – all whilst important (and urgent!) decisions cannot be made.

LPA_Time
LPA_Costs

The COSTS of putting Lasting Powers of Attorney in place pale into insignificance compared to the costs involved in making an application to the Court of Protection to appoint a Deputy to make decisions on your behalf. The application fee for the Court of Protection is currently £385 and this does not include any legal costs involved in drafting, finalising and lodging the application nor dealing with any questions or possible  objections.

The office of the Public Guardian charges a fee of £82 to register each LPA and each individual should register two LPAs – Health & Welfare and Property & Financial Affairs.

If you have any questions please do not hesitate to get in touch for a FREE consultation.

If you would like a FREE chat to discuss your options, get in touch on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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5 reasons
YOU should put your
LPA in place

You will know by now that here at TLC we are passionate about EVERYONE having Lasting Powers of Attorney in place! Contrary to popular belief they are not just something that should be considered as we get older.

So, we have set out below our FIVE top reasons for getting your LPAs in place. This is, of course, just the tip of the iceberg and there are many many more reasons but these should be enough to prompt you…

LPA_Peace_Of_Mind

Having PEACE OF MIND is paramount.

Knowing that all of your property & financial affairs and your health & welfare decisions are in order and can be dealt with by your Attorneys, should you be unable to do so – whether that be because you are physically unable to or because you lack the capacity to do so – will not only put your own mind at ease but will also remove the emotional and financial burden from your loved ones should the situation arise that your LPA is needed.

LPA_Your_Choice

Taking the decision to put your Lasting Powers of Attorney in place means that you have the control.

YOU DECIDE who you want to appoint as your Attorneys (and can also appoint replacement Attorneys). 

If you do not put LPAs in place and your loved ones/caregivers are put in a situation where an application has to be made to the Court of Protection to appoint a Deputy to make decisions on your behalf, then the Court will decide who to appoint and this may not be the person/people that you would have chosen.

LPA_Give_Specifics

Putting your LPAs in place means that you are able to GIVE SPECIFICS not only as to who you want to appoint as Attorneys but also in relation to how they will act; whether they can take decision on their own or whether decisions must be made unanimously by all Attorneys, or perhaps some decisions are to be taken by a specific Attorney or unanimously – this can all be provided for.

Your LPAs will also state when they can be used, whether this will be immediately or only when you lose capacity to make decisions.

You can also state your preferences and put in any restrictions that you want your Attorneys to abide by, giving you the ultimate control and peace of mind.

LPA_Time

Putting your Lasting Powers of Attorney in place and getting them registered whilst you still have capacity is so important – TIME IS OF THE ESSENCE.

You are unable to register your LPAs once you have lost capacity and so your loved ones/caregivers will have to make an application to the Court of Protection to appoint a Deputy to make decisions on your behalf, then the Court will decide who to appoint and this may not be the person/people that you would have  chosen. This process will take a minimum of four months – all whilst important (and urgent!) decisions cannot be made.

LPA_Costs

The COSTS of putting Lasting Powers of Attorney in place pale into insignificance compared to the costs involved in making an application to the Court of Protection to appoint a Deputy to make decisions on your behalf. The application fee for the Court of Protection is currently £385 and this does not include any legal costs involved in drafting, finalising and lodging the application nor dealing with any questions or possible  objections.

The office of the Public Guardian charges a fee of £82 to register each LPA and each individual should register two LPAs – Health & Welfare and Property & Financial Affairs.

If you have any questions please do not hesitate to get in touch for a FREE consultation.

If you would like a FREE chat to discuss your options, get in touch on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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Will your inheritance be lost to Care Fees or can it be avoided?

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Will your inheritance be lost to Care Fees or can it be avoided?

Most of us work hard for the majority of our lives and when our time comes, we hope to leave an inheritance for our children or our families.

But…what about Care Home fees? What if we have no other option but to go into a Care Home, it may not be necessary for all of us, but a large proportion of us will have to because of our care requirements.

So, who pays for the care?

Care_Requests

In the UK, those over the age of 65s make in excess of 1.3million requests each year for care and support.

A recent report (following a Freedom of Information Act Request) found that, across 205 Local Authorities:

  • 31% of over 65’s in Care received fully funded care; and
  • 53% of over 65’s in Care received partially funded care.

When broken down into regions, the report found:

 

Region

Percent of Over 65s receiving fully funded care

East

68%

East Midlands

17%

London

39%

North East

11%

North West

23%

Scotland

22%

South East

28%

South West

45%

Wales

16%

West Midlands

19%

Yorkshire

33%

You will see there is great disparity in the number of individuals that receive funding across the regions. So, is it a postcode lottery?

With Local Authorities only providing fully funded care in 31% of cases across Great Britain, what does that mean for the rest?

The eligibility criteria, for care funding, in Great Britain differ for England & Northern Ireland to Scotland and Wales. Here we will concentrate on England & Northern Ireland (if you require information for Scotland or Wales, please do get in touch).

To assess an individual’s eligibility for care funding the Local Authority will carry out a means-tested assessment and consider the income and capital of the individual applying for the funding.

The means-tested assessment will differ depending on whether the care required is to take place in the individual’s own home or whether the individual needs to move into a Care Home.

Where the individual is able to stay in their own home, with care and support, then the value of the individual’s property will not be included within the capital valuation.

Where the individual needs to move in to a Care Home, the value of the individual’s property will be included within the valuation. Where this property is still required for a surviving spouse to live in then this may be excluded from the valuation.

Now, for the finances:

  • You will have to fully fund YOUR OWN care fees if…
    • your capital means are assessed above £23,250; or
    • if your capital is under £23,250 but you have a weekly income that is high enough to cover the cost of your care
  • You will have to partially fund YOUR OWN care fees if…
    • your capital means are assessed between £14,250 and £23,250; or

You will pay £1 towards your care for every £250 of savings that you have  between £14,250 and £23,250

  • You MAY receive funding for care fees if…
    • Your capital means are assessed at less that £14,250

BUT…you may have to contribute from your income. However, you must be left with at least £24.90 per week (Personal Expenses Allowance for 2019/20) although the Local Authority may consider increasing this allowance if there are specific property-related expenses that the individual is responsible for or if the individual is also supporting a spouse.

Your property value may be ignored for a period of 12-weeks, when you first move into care, for the purpose of the means-tested assessment but following this period, it will be taken into account (as per the above).

So, does this mean that your property will need to be sold, in order to pay for care costs?

Not always, BUT…

Where you do have to fund your own care costs, the Local Authority may agree to a Deferred Payment Agreement (rather than sale of the property straight away) and this will mean that the care costs will be paid to the Local Authority when the house is sold or when the individual dies, meaning that the property can remain in the family, but will have a charge over it in favour of the Local Authority.

So, where does that leave you?

The same report considered above, found that just 21% of those over the age of 55 had made any provision for their future care costs and 44% said that they would use their savings and investments, with 40% thinking that their pension would be enough to cover the costs.

If you would like to consider your options and what can be done to give you peace of mind and avoid the loss of your Estate, and ultimately your family’s inheritance, get in touch!

In this article we have not considered NHS Continuing Healthcare Funding and if you require more information on this then please do get in touch with Leah Waller who has extensive experience in applications and appeals in relation to NHS Continuing Healthcare Funding. Keep your eyes peeled for future articles in relation to this.

 

If you are concerned about yourself or a loved one moving into care, or want to get some plans in place, get in touch for a FREE chat on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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Wills or Lasting Powers of Attorney: What is more important?

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Wills or Lasting Powers of Attorney: What is more important?

Now, Martin Lewis the Money Saving Expert has been in trouble with the press recently as he has said that LPAs are more importantly than Wills. This caused huge controversy and saw the expert having to justify himself over-and-over on social media.

Here at TLC… we agree with him!

Wills are very important and we highly recommend everyone should get one in place to ensure their wishes are carried out exactly as they would like when they are no longer around. There are so many benefits to putting a Will in place that people, unfortunately, only come to realise when it’s too late.

But, as important as a Will is, it’s more intended for when you die.

Benefits_Of_An_LPA

An LPA is vital to ensure your are covered and protected DURING your lifetime.

An LPA allows someone that you trust to act on your behalf and make decisions that are in your best interests should you no longer be able to do so yourself. This can relate to both your health and welfare as well as your property and financial affairs.

We have written lots about the benefits of an LPA and why it is so important to have in place, so check out our articles on the topic if you would like to know more.

So, this is why we at TLC, and I personally, believe that LPAs are more important than a Will.

However, it this all could be down to perspective…

When looking at the importance of Wills and LPAs, let’s consider who’s perspective we are looking at it from and why that makes a difference.

For me, it’s more important to take the perspective of the individual who is making the Will or LPAs. For them having an LPA will benefit them during their lifetime, the Will only comes into effect when they are gone.

If you look at it from the other perspective, that of their loved ones that are left to deal with matters, which is more important for them? This may differ depending if the death is sudden and so a Will may be extremely useful, or whether the individual deteriorates and loses capacity and then the loved ones will also benefit from being able to assist and have the power given under the relevant LPA.

Without a Will:

  • Will the family know what the person’s funeral wishes were?
  • The person will die intestate, this means the Laws of Intestacy are to be followed and essentially this means the government decides where that individual’s money goes.

The family will need to carry out probate and go through the courts to be able to do so; this  could be a lengthy, complicated and expensive process that could be avoided by putting a simple Will in place (and it costs a lot less too!).

At what is already a difficult time for the family, having a Will in place makes things a lot more simple, and although still difficult, it can prevent family arguments and tension.

Without an LPA:

  • If a person loses capacity and does not have an LPA in place then life becomes that little bit more complicated. A loved one, or carer, can apply to the Court of Protection for Deputyship (this is where the court appoint an Attorney to act for the person who has lost capacity), but this is a lengthy and extremely costly process. In the meantime you may struggle with the following:

Financial affairs:

  • Joint bank accounts may be frozen;
  • No one will have authority to access bank accounts in the person’s sole name to pay for expenses such as, grocery shopping, utilities & amenities and care costs to name but a few;
  • No one will have authority to speak with any financial institutions on behalf of the person;
  • No one will have authority to speak with any utility companies to ensure the provision of necessary utilities;
  • No one will have authority to deal with the property on person’s behalf making any decision regarding selling the property and moving the person into more appropriate accommodation for their care needs;
  • No one will have authority to speak with the Local Authority or the Department for Work and Pensions on behalf of the person to ensure the  correct benefits and financial provisions are in place.
  • For the Health & Welfare side of things:
  • No one will have authority to give direction as to the person’s living arrangements or day-to-day activities/welfare;
  • No one will have authority to liaise with the person’s GP, Hospital staff or healthcare professionals;
  • No one will have authority to liaise with care home/ warden/ sheltered accommodation in relation to day-to-day care;
  • No one will have authority to liaise with Local Authority in relation to the person’s health and welfare issues. 

So, to clarify, both a Will and LPAs are vitally important to put in place but we feel as though an LPA is more important to an individual DURING their lifetime.

If you would like to have a free chat about Wills or Lasting Powers of Attorney, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Neil Barras-Smith

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How do you own your property and why does it matter?

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How do you own your property and why does it matter?

The way your property (including your home!) is held could have major implications on how you make decisions on the property, who (and IF!) you can leave it to someone of your choosing in your Will and whether, or how much, Inheritance Tax is or will be payable.

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If you own the property alone, in your sole name then there is no complications as to how the property is held, however, if you hold the property with another person then it may be held as either:

  • Joint Tenants; or
  • Tenants in Common

So, let’s take a look at each of these in turn and their implications… 

Joint Tenants

If you hold your property as Joint Tenants then this means that you each own 100% of the property (rather than a share of the property).

This means that you, as well as the other owner/s, have equal rights to the entire property and are each entitled to an equal proportion of the sale proceeds if the property is sold.

The Rights of Survivorship apply to property held in a Joint Tenancy and so upon the death of one owner, the surviving owner/s will automatically be transferred ownership of the property (although they already had 100% previously in any event).

A property held as Joint Tenants CANNOT be left in a Will, due to the Rights of Survivorship.

Tenants in Common

Holding a property as Tenants in Common means that each owner owns a specified share of the property. This can be an equal share but may well be unequal shares, especially where each individual is contributing a different amount to the deposit or purchase price.

An owner of a property held as Tenants in common can leave their share in the property to whoever they choose within their Will. This also means that Property protection Trusts or other Trusts can be put in place if the owner wishes (this is not possible if the property is held as Joint Tenants).

How do you know?

If you are unsure how your property is held, do not worry! This is something that we can find out by taking a look at the property Title Deeds.

Can you change how you hold your property?

Of course! If you would like to hold your property a Tenants in Common as you think that this is likely to be more beneficial in the long run, then the Joint Tenancy can be severed.

If you would like more information, to find out more about how your property is held, to discuss severing a Joint Tenancy or putting Wills & Trusts in place, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free consultation

Leah Waller

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PLANNING…Checklist for Executors

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Checklist for Executors

This week we are focusing on Probate and the important role of Executors within the probate process.

So, let’s address a couple of questions first shall we…

What is probate?

Strictly speaking, Probate is proving the Will and showing that it is valid but many use the term to refer to the legal process following someone’s death. This is when someone with legal authority (the Executors, if there is a Will, or Administrators, if there is no Will) obtain a Grant of Probate or Letters of Administration, and can then collect in and distribute the Estate of the deceased.

Probate is usually required where an Estate (all the property, cash, savings, ISAs, investments and any other valuables) of the deceased have a combined total of £5,000 or more.

What is an Executor?

An Executor is appointed in your Will and is responsible for collecting in and protecting your estate, including any property and assets that you own, and carry out the distribution of such items in accordance with your wishes.

Now for the tough part…an Executor is legally responsible for everything that they do, or fail to do, when administering the Estate and they are financially liable for any loss that results as a breach of their duty, even if the breach was a mistake

To make things a little easier (as we know that being an Executor, although a privilege to be asked, can be a massive burden!) we have set out a brief checklist of some of the things that an Executor should consider first when dealing with probate:

  • Obtain the Death Certificate

As the Executor you will be responsible for notifying certain people, companies and authorities of the death and so the Death Certificate will be required.

  • Find the original Will

As the Executor you will need the Will in order to apply for Probate.

  • Applying for the Grant of Probate

This is the official document giving you authority to administer the Estate of the deceased, collect in and deal with their assets and then distribute them accordingly.

  • Collect in assets of the Estate

The Will and any accompanying documents that the deceased may have left may well give specific instructions as to what the deceased has and, importantly, where it can be located, however such specifics may not be given.

As the Executor you will need to ensure that you collect in and account for all of the deceased’s assets including property, stocks, shares, bank accounts, ISAs, personal items etc.

This will also include searching for any missing assets.

  • Put insurance in place

The Executor will be responsible for ensuring that relevant insurance is in place for the assets of the deceased until they can be distributed in accordance with the Will.

  • Complete Inheritance Tax Forms

The Executor is responsible for completing and submitting the Inheritance Tax Forms.

The Estate is responsible for paying the Inheritance Tax due on the Estate and the Executor is responsible for ensuring this happens.

  • Complete

The Executor is responsible for completing and submitting the necessary Income Tax and Capital Gains Tax returns and paying, from the Estate, any tax that is due.

  • Pay debts and liabilities

The Executor is not responsible for paying these personally however, the Executor is responsible for ensuring that any debts and liabilities, including funeral costs, are paid from the estate.

The Executor should also put a notice to debtors in the London Gazette.

  • Preparing Estate Accounts

The Executor is responsible for the preparation of Estate Accounts and ensuring that the Accounts are distributed to the relevant parties.

  • Distribution of the Estate to the Beneficiaries

The Executor will then be responsible for distributing the Estate assets, following the payment of all debts and taxes, in accordance with the deceased’s wishes as set out in their Will.

A detailed record of this, and all the steps taken by the Executor, should be kept throughout the process.

REMEMBER…You don’t have to do everything alone, ask for help as and when you need it!

 

You may need to ask for professional help from solicitors, probate specialists and/or tax advisers. If the estate is relatively small and doesn’t have any complexities, the Executor may well decide that they can carry out the process by themselves and this is also fine.

 

If you would like to have a free chat, please contact us on  info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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Who do you want to make decisions for you and have they got the power?

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Who do you want to make decisions for you and
have they got the power?

This week we are focusing Lasting Powers of Attorney. 

Not everyone understands the importance of having a Lasting Power of Attorney in place and until the time comes, when an LPA is required, many don’t know what they are needed for.

If you were in the unfortunate situation where you had lost capacity, whether that be temporarily or on a permanent basis, who would you want to make decisions for you? Who would you trust to make the decisions that you would have if you had been able to?

Unfortunately, just because you are married it does not give your spouse the automatic right to make decisions for you, whether in relation to your health and welfare or your finances!

And…what about your business? If you own your own business, what would happen to that? Who would step in and would they have the power to?

Again, your second in command may not have the power and authority to make decisions, in relation to your business, if you are unable to do so and your spouse may not be able to either. 

So, where does that leave you?

  • If you have a business:

Check out our article, Should I have a Lasting Power of Attorney in place to protect my business?

  • To protect your finances and property affairs and ensure that someone that you trust to make the decisions that you would want to make if you are unable to:

Have a think about:

  • Who you would want to take decisions on your behalf in relation to your home, property, cash, bank accounts, investments and financial affairs if you were unable to.

Consider putting a Property & Financial Affairs Lasting Power of Attorney in place.

  • To give you peace of mind in relation to your health and welfare:

Have a think about:

  • Who you would want to take decisions on your behalf in relation to your health, medical care, welfare, day-to-day living and activities if you were unable to.

Consider putting a Health & Welfare Lasting Power of Attorney in place.

A Lasting Power of Attorney is required during your lifetime so that someone can make decisions for you when you are unable to make them for yourself.

A Lasting Power of Attorney allows you to appoint someone that you trust to make decisions for you, if you lose mental capacity or are unable to make decisions for yourself.

 

If you would like to discuss putting a Lasting Power of Attorney in place, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free discussion on how we can help.

Leah Waller

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PLANNING…Wills Checklist

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Wills Checklist

This week we are focusing on ensuring that firstly, you have a Will but secondly, and most importantly, that your Will does exactly what you want it to…and is valid!

 

Remember, a Will is a working document and we always recommend reviewing your Will every three to five years (as a minimum) and when a life event occurs to ensure that it still does what YOU want it to.

 

We have set out below a little checklist of considerations and points so that you can review your own Will and ensure that it is up to date and your wishes will be carried out when needed.

 

 

  1. Executors

 

    1. Have you appointed someone that you TRUST implicitly as your Executor (or has the person who drafted your Will been inserted)?

 

    1. Does your Will mention replacement Executors to cover circumstances in which your first choice Executor is unable or unwilling to act?

 

  1. CHILDREN – such an important consideration for any parents!

 

    1. Who would you like to look after your children should both you and your spouse pass before they reach 18?

 

    1. Have you thought about replacement Guardians to cover circumstances in which your first choice Guardians are unable or unwilling to act?

 

  1. Trusts

 

    1. What age would you like your children to reach before having unconditional access to their inheritance (usually 18, 21 or 25)?

 

    1. Who have you appointed as Trustees (Managers, if you like) of your finances should your children inherit before reaching 18 (or the age you have prescribed in the Will)?

 

    1. Has a professional individual / body / organisation been appointed as Trustee and you would prefer to appoint a loved one?

 

    1. Do you need to consider including a Vulnerable Beneficiary Trust and are you aware of the special tax treatment?

 

    1. Do you want to pass your property to your children but ensure your spouse has somewhere to live for the remainder of their life?

 

 

  1. Specific Gifts

 

    1. Are there any specific gifts that you wish to leave to anyone?

 

  • Wedding ring

  • Watch

  • Jewellery

  • Money etc.

 

  1. Animals

 

    1. Do you have any animals that you need to make provisions for in your Will?

 

  1. Exclusions

 

    1. Is there anyone that you have specifically excluded from your Will (an ex-spouse, perhaps) that we should clarify an exclusion for?

 

  1. Funeral Wishes and Organ Donation

 

    1. Have you included your Funeral wishes in your Will or have you put a Funeral Plan in place?

 

    1. Have you included your wishes as to organ donation?

 

  1. The Legalities

 

    1. Witnessing

Has your Will been witnessed by two individuals that saw you sign the Will?

 

Are the witnesses, or their spouse, mentioned in the Will as a Beneficiary?

 

    1. Marriage

Marriage can make your Will invalid, unless the intended marriage is stated within your Will. So, if you have got married since writing your Will that Will will no longer be valid.

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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New year, new resolutions, new you? Let’s getting planning…

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Let’s getting planning...

 

So, it’s the start of the New Year and we’ve said goodbye to another that’s passed. Last year may have been good, it may have been troubled and you may not have got round to ticking everything off that to-do list or kept last year’s resolutions…

 

Each week, we will be writing an article around the “grown up stuff” that should be planned for with useful information and free advice as always to help you to plan for your family’s future and keep on track (don’t worry we will keep them short, to the point and add a little element of fun where we can!).

 

We will be looking at:

 

  1. Funeral planning

    1. How to save your loved ones the emotional burden; and

    2. How to save loved ones the financial burden

 

  1. Wills & Trusts

    1. Planning for Inheritance Tax;

    2. Ensuring your money goes where you want it to;

    3. Guardians for your children;and

    4. Protecting your property against unwanted costs and taxes.

 

  1. Lasting Power of Attorney

    1. What is it and why is it important? and

    2. Who to choose as your Attorneys

 

  1. Probate

    1. What is the process and why is it important?

    2. How to get the help you need at such a difficult time;

    3. Why IHT forms are so important to complete correctly; and

    4. What are you liable for as an Executor?

 

  1. Pensions and investments

    1. Do you know how your pensions are performing?

    2. Are your investments working in the way you want them to or could they be placed elsewhere?

 

In all of our articles we aim to give you the information that you need in a simple and easy to understand format, to help you to make the decisions that you want to.

 

It seems that there is never enough hours in the day but let’s start the year on a positive and MAKE TIME to plan and get some of these things in place and off of your to-do list.

 

Check out our website for lots of free information or contact us for a free meeting.

Neil Barras-Smith

Got a Question or want to book a FREE Consultation?