Knight Polson - Solicitors
Knight Polson - Solicitors
Later Life Planning
LATER LIFE PLANNING home
Also see: Mental Health

GUIDE TO PLANNING FOR LATER LIFE

Knight Polson Solicitors have a special range of services for people who wish to plan for later life or who have elderly relatives.

We are able to arrange home visits and place great importance on a good relationship between our clients and ourselves.

We are able to advise on the range of financial and legal issues that affect the elderly and, if required, can take over the complete administration of a client's financial affairs. This may be of benefit to those considering a move into residential care.

Some Clients wish to give their home to their children or other relatives, whilst continuing to live there. We can advise on tax and other consequences as well as provide documents to ensure their right of occupation. For those choosing to sell their home we can assist in the sale and invest the money as requested.

Some clients may wish to increase their disposable income by rearranging their assets. Once again we can advise in this area. Clients may also wish to help their children financially, whilst ensuring that they do not do so to their own disadvantage. We can advise on effective ways of passing on assets as life-time gifts or by Will.

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WILLS

70% of people die without making a Will. This is known as dying "intestate". This means that your assets could be distributed if died, irrespective of your wishes or the particular needs of your family or loved ones.

Making a Will is very simple and could save considerable expense and heartache later. It also gives you peace of mind knowing your wealth is going exactly to the people you wish to receive it.

More good reasons for making a Will

  • Leave specific items of your estate to particular relatives or loved ones
  • Minimise any tax liability
  • Appoint guardians for your children
  • Decide how much money and when your children should receive it
  • Appoint your own Executor who will wind up your estate and ensure that your wishes are carried out precisely
  • If you are divorced or separated it is very important to make a Will
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LASTING POWER OF ATTORNEY

Before 1st October 2007 many people made Enduring Powers of Attorney. These remain valid. However, since 2007 they have been replaced by Lasting Powers of Attorney.

A Lasting Power of Attorney allows people aged over eighteen to appoint another person/people to act on their behalf in situations where they can no longer act for themselves e.g. through physical or mental incapacity.

There are two types of Lasting Power of Attorney:

  • Property and Affairs. This can be used to appoint attorneys to deal with a wide range of matters including buying and selling property, operating a bank account and dealing with tax affairs. They could also claim benefits and pensions on your behalf
  • A Personal Welfare Lasting Power of Attorney might authorise the appointed attorneys to make decisions about where you should live, consenting to or refusing medical treatment on your behalf and making decisions about your day to day care

The biggest benefit to making a Lasting Power of Attorney is the peace of mind it can offer your family if you are incapacitated and can no longer make decisions yourself. They will be able to pay your bills and deal with affairs without the need for a Court Order. This not only saves them a great deal of time but also money.

Knight Polson can not only prepare the forms necessary to create a Lasting Power of Attorney but Knight Polson can also provide the certificate confirming your understanding and mental capacity, which is now a required part of the form.

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COURT OF PROTECTION

If you become unable to manage your affairs yourself, the power for anyone else to manage them on your behalf is very limited.

If you become mentally incapable for example, and you have not named an Attorney, then someone must apply to the Court of Protection for authority to act for you.

We can advise and assist you with this; please contact us

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ESTATE AND TAX PLANNING-

The upsurge of property prices and the increasing number of people running their own businesses, means that tax planning is no longer reserved for the wealthy. Working with our clients we can assess the extent of their assets and how much can be saved by tax planning.

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