Newsletter

What should over 55's do for Christmas?

There is now an ever growing need for people to consider Estate planning for themselves, and perhaps also for parents or other family members. People are now more than ever concerned with issues such as long term care and the costs involved. It is only common sense to make plans for the future, and indeed to review matters regularly. I often say to my clients to come in with other family members, so we can sit down and discuss their own circumstances.

We would be happy to discuss the following topics with you:

Wills

Only one in three people make Wills. This is fairly surprising given that a Will is relatively inexpensive to obtain and it clearly sets out who is to benefit from your Estate. If you die without leaving a Will (intestate), there are legal rules which will determine how your Estate is to be distributed. Accordingly, your Estate may pass to people that you did not intend to benefit. Making a will allows you to determine your beneficiaries and appoint your executors who will deal with the administration of your estate. Simply put, the only way to ensure that your money, property and possessions pass according to your wishes is to make a Will.

Welfare and Continuing Powers of Attorney

A Power of Attorney is an extremely useful document which gives someone else the authority to deal with your financial and welfare affairs when you no longer have the capacity to do so. A Power of Attorney must be granted when you still have full capacity.

You may decide to include powers which limit your attorney's powers to solely financial matters. This can include power to operate bank accounts, and to manage any property you own. These powers can be made effective immediately on signing the Power of Attorney, or when you are deemed to have lost capacity.

Welfare powers can also be included in a Power of Attorney. These can include power to decide what care and accommodation may be appropriate for you and where you should live, and to consent to or refuse medical treatment on your behalf. Welfare powers will only come into effect at such time as you have lost capacity.

Guardianships

If you or a family member do not have the capacity to grant a Power of Attorney, then you will require to appoint a Guardian. A guardianship order appoints an individual or professional to act and make decisions on behalf of someone who can no longer do so for him or herself. It is a means of protecting individuals who do not have capacity.

An adult's inability to make responsible decisions on his or her own can result from a number of conditions, including physical and mental illness, mental deficiency and disability. A guardianship application will be made to the Court for consideration. We would happy to discuss the process in more detail with you.

Protect your Assets

We can also advise on steps that you can take to protect your assets (including your family home) against possible long term care costs. You may wish to consider setting up a Property Protective Trust Will which is a very effective way of protecting if not your property, then your parents' property. If anyone has any interest in pursuing this, we would be pleased to speak to you.

Individuals with special needs

If any of your potential beneficiaries have special needs or learning difficulties, then Discretionary Trusts can be very useful in providing for their future.

In addition, if you are the parent or carer of a young person with special needs, we would recommend that you consider seeking a guardianship order to ensure that you maintain some control and influence over key decisions about your child’s future care as your child moves from childhood to adulthood.

This is a very brief synopsis of various topics that we are pleased to deal with. It may well be worth your while meeting with one of our Solicitors who have experience with these matters. I am quite sure you will all find something that can be of benefit.