Kirsti Harvey, Blandy & Blandy
The new year is naturally a time to both reflect and to look ahead, and a good opportunity to ensure that your affairs are in order.
There are a number of things you may wish to consider, and that our Wills, Probate, Tax & Trusts team at Blandy & Blandy can help with.
Wills and Estate Planning
Do you have a valid and up-to-date Will? Widespread research suggests that up to half of adults in the UK do not, yet a Will is a vitally important document that aims to ensure you and your loves ones’ interests are protected over the longer term.
If you do have a Will, when did you last review it and does it still reflect your circumstances and your wishes? Are you aware of the reasons you may need to review things, including a change in your financial situation, children or grandchildren and marriage or divorce?
We can also advise on Inheritance Tax and Capital Gains Tax planning, including creating and administering Trusts, and on most aspects of estate planning.
Lasting Powers of Attorney
Similarly, a Lasting Power of Attorney (LPA) is another important document that can help to provide peace of mind for you and others.
An LPA allows you to give another person, or more than one person, (known as an attorney(s)) the ability to make certain decisions on your behalf should you no longer have capacity to do so.
There are two types of LPA – a Property and Financial Affairs, which allows your attorney(s) to deal with your property and finances LPA and a Health and Welfare LPA, which allows your attorney(s) to make welfare and healthcare decisions on your behalf.
A range of leading surveys have indicated that around three quarters of people in the UK do not have an LPA in place.
Many people perceive that an LPA is something to only consider when elderly or faced with a serious health issue but none of us know what the future holds. An LPA can only be made when the Donor (the person making the LPA) has capacity and therefore leaving it until the document is required may be too late. The Office of Public Guardian are currently taking approximately 20 weeks to process applications for LPAs. It is therefore sensible to plan ahead.
Blandy & Blandy is recognised as a top ranked firm in the UK’s leading guides to the legal profession, Chambers HNW Guide and The Legal 500. For further information or legal advice, please get in touch. Blandy & Blandy’s Wokingham office is located at 5 Market place, opposite the Town Hall. Visit www.blandy.co.uk or call 0118 951 6888.
