| 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been replaced by Lasting Powers of Attorney.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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