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Most people in the United Kingdom rely on bank accounts, debit cards and credit cards to manage their everyday finances. Our savings and income are also likely to be held securely in bank accounts, allowing us to pay for food, household bills, clothing and other everyday expenses.
It can be difficult to think about a time when you may no longer be able to manage these things yourself. However, a Property and Financial Affairs Lasting Power of Attorney (LPA) allows you to appoint people you trust to help manage your money, property and financial affairs if you need assistance in the future.
This can include managing your bank accounts, paying bills and care fees, dealing with your property and making other financial decisions on your behalf.
Here are three situations that demonstrate why having a Lasting Power of Attorney in place can be important.
A Deed of Variation is a legal document that allows beneficiaries to alter the distribution of a deceased person’s estate under a Will or the rules of intestacy, provided it is completed within two years of the Testator’s death.
A Deed of Variation can be used to:
Whether you are considering a Deed of Variation for tax planning or family reasons, it is important to understand how they work and the legal requirements involved.
A Property and Financial Decisions Lasting Power of Attorney (LPA) is a legal document that allows you to appoint one or more trusted people (known as your attorneys) to manage your financial affairs if you need assistance now or lose mental capacity in the future.
A Property and Financial Decisions LPA can allow your attorneys to:
It does not cover decisions about your health, care or medical treatment. These decisions require a separate Health and Welfare Lasting Power of Attorney.
Enduring Powers of Attorney (EPAs) are no longer available to create, having been replaced by Lasting Powers of Attorney (LPAs) in October 2007. However, if you made a valid EPA before this date, it may still be legally effective today.
Many people are unsure how EPAs work, when they need to be registered and whether they should be replaced with an LPA. Here are five facts that may surprise you.
It’s a familiar scene in films and TV dramas: the family gathered in a wood-panelled office for the reading of a will, only for stunned silence (or heated arguments) to follow when the inheritance isn’t what anyone expected.
But while Hollywood may exaggerate, disputes over wills and estates, known as contentious probate, are increasingly common in real life. Rising property prices, blended families, and complex financial arrangements mean more estates are being challenged.
The unexpected news of Liam Payne’s recent passing shocked the world. Liam was known for his early rise to fame in One Direction and his successful solo career. At the age of 31, Liam left behind a momentous legacy in the music industry, but also a significant financial estate – estimated at £24.3 million. It has recently been reported that Liam died without leaving a Will which was a shock to many.
You may have seen The Martin Lewis Money Show on ITV recently where he discussed the importance of Lasting Powers of Attorneys (LPAs). I must say I was pleased to see that this was being discussed on mainstream television, as I don’t think they are spoken about enough amongst the general public. It is a topic that comes up often in our Private client department here at Thorneycroft Solicitors. We always try to advise on the importance of these documents to our clients when we are discussing their personal affairs.
Your Will is one of the most important documents you will ever have the task of writing. It allows you to decide what happens to your assets and how your estate will be managed after your death, eliminating the issues that occur in intestacy. However, there are many complexities that can arise when writing your Will that could make it invalid. We’ve put together a list of the most common mistakes people make when writing their Will and how to avoid them:
In the latest Legal Slot on Cheshire’s Silk 106.9, Philip Hartley discussed all of your questions surrounding Wills and Probate.
Philip graduated from Staffordshire University with an LL.B. honours degree and LPC in 2006. He qualified as a solicitor after completing his training contract with a firm of solicitors in Staffordshire two years later. Philip specialises in the administration of estates and also advises in relation to the preparation of Wills, Lasting Powers of Attorney and Court of Protection matters.
