Will & Inheritance
It’s all too easy to postpone dealing with Wills and Inheritance issues but the truth is that if you leave it too late, your family may be the ones who suffer. If you die without making a Will then the law will dictate how your estate is to be distributed – which may not be in accordance with your wishes or your family’s needs. In addition, careful planning can often reduce inheritance tax liabilities.
Wills
It is all so much clearer and easier for family and friends if there is a Will which clearly sets out your wishes. Even if you feel you don’t have valuable assets to leave, a Will is necessary for a range of reasons, such as ensuring your assets pass to those you choose, appointing someone to deal with your affairs upon your death, making gifts of personal belongings such as jewellery, disposing of property or debts and paying inheritance taxes.
When someone dies their estate has to be administered in a way that gives effect to their wishes. This can be a difficult process particularly when you have just lost a loved one and we can help with the administration in a sympathetic and cost effective manner.
Whatever your financial or personal situation is, Babingtons can offer the advice you need on inheritance tax and residential care cost planning and to assist you in making an effective and valid Will. We cover:
- Enduring Powers of Attorney,
- Advice on Inheritance Tax planning,
- Drafting and advising on your Will.
The truth is that there is no good excuse for failing to make a will, so take the first step now and contact one of our experts.
Powers of Attorney
Anyone can lose the ability to manage their affairs in the short-term or the longer-term due to accident, illness, or diminishing mental capacity which some experience in older age. If it happens to you, you will need an Attorney – a trusted and reliable person to help with your welfare and to manage your property and financial affairs.
In perfect health?
It is best to appoint an Attorney while you are still in good health and able to make decisions for yourself. If you don’t, then someone (perhaps a family member) applies to the court to be appointed as your Controller. This is a lengthy and often stressful process which could take up to a year to resolve and which can be very costly.
The Controller has to account to the Office of Care and Protection in the High Court annually and the Office of Care and Protection charge a fee for checking the accounts. They are also closely involved in the managing of your affairs and your Controller will need their consent and approval for everything they do. In addition, the Office of Care and Protection often requires that the Controller take out costly insurance indemnity policies.
If you choose and appoint your own Attorney, the whole process is much more convenient and cost effective.
Appointing my Attorney
Our expert solicitors at Babingtons can take you through the process of appointing your own Attorney, based on your own particular needs and circumstances. Then we can prepare the relevant documentation and submit it to the Office of Care and Protection for registration in the event it should be needed. It’s a pretty straightforward process that is not too costly.