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Power of Attorney Benefits

February 23, 2011 By Leave a Comment

The protection of your interests during your life time

A Lasting Power of Attorney (LPA) is a written document in which you grant one or more persons the authority to make legally binding decisions on your welfare should you be no longer capable of making them yourself due to mental incapacity.

There are many reasons why people should write a Lasting Power of Attorney but we have selected just one: ‘dementia’ to encourage you to think carefully about protecting yourself and loved ones.

Facts regarding dementia in the UK, and yes, it can happen to any one of us

• There are currently 750,000 people with dementia in the UK.
• There are over 16,000 younger people with dementia in the UK.
• There will be over a million people with dementia by 2025.
• Two thirds of people with dementia are women.
• 64% of people living in care homes have a form of dementia.

Facts on alzheimers from http://www.alzheimers.org.uk

Keep Control

A Lasting Power of Attorney document is needed regardless if you are married or single. And, it is the most suitable way to protect your interests by officially enabling friends or family to make decisions if you are no longer able to do so. Decisions that you may take for granted such as: accessing your bank to pay bills; talking to mortgage or utility providers; maintaining investments; writing personal or business cheques; to name but a few. As you are probably aware institutions are unlikely to converse with anyone who is not an official account holder, even if you are married, so everyday life can become difficult very quickly.

As well as appointed someone to make decisions on your behalf you can state clear directions on what level of control they have. For instance, you may want them to only have access to a particular account, arrange a remortgage or refinance debt at the end of a promotional period, provide permission to discuss benefits with the council or grant authority to deal with doctors or care home staff. The list could be short or endless but the process would have a legal framework to ensure your wishes are adhered to.

Good News

The reassuring thing is once a Lasting Power of Attorney is in place it can last a lifetime so you are much better off writing one now at today’s prices.

The Office of Public Guardian currently charges a registration fee of £120 for each Lasting Power of Attorney document. This is separate from our charges.

The Niche Wills Lasting Power of Attorney Validation Service involves vetting all concerned, offering advice, drafting the appropriate clauses, completion of the paperwork and overseeing the application and registration process.

Richard Stokes
Niche Will writing London I Tel: 020 7993 2044 I www.nichewills.co.uk

Filed Under: Estate Planning, Lasting Power of Attorney, Power of Attorney Tagged With: , , , ,

Writing A Trust

February 25, 2010 By Leave a Comment

Writing A Trust – What Are The Roles Of The People Involved

There are three very distinct personnel involved when you write a trust and it is the job of our London based Will Writers to explain each of them, and this can be done in the comfort of your London home.

The Settlor

If you write a trust you are known as the settlor. The role of the settler is to appoint trustees to administer the trust and decide who the beneficiaries will be. They will of course, be the person who decides what assets or property go into the trust. So who can be a trustee, well someone aged 18 or over, who is of sound mind.

The Trustees

The Trustees are the persons you choose to administer the trust fund for the sole benefit of the beneficiaries

Our London based Will Writers are trained to assist you in the selection of your trustees. Our Will Writers will emphasis the important of choosing someone who is financially astute as it is the role of the trustees to make sure the money is invested wisely.

When creating a trust our Will Writers are trained to challenge potential conflicts of interest. They also ensure that when we write a trust at Niche Advice we give strict instructions that a minimum of two trustees are appointed. We have borrowed this best practice from Scottish legislation and applied here in London.

Finally, one or more of the trustees could be a trust Corporation to help give a professional judgement.

The Beneficiaries

These are the recipients of the benefits you are giving away. How and when they receive the assets can be specified.

Hopefully this has given a clear picture of who is involved in the trust writing process and our Will Writers are on hand if you decide to make a trust.

Richard Stokes

Niche Wills in London | Will Writers in London

Members of The Society of Will Writers

www.nichewills.co.uk

Filed Under: Estate Planning, Trusts wills, Writing a will Tagged With: ,

Will Instructions to Executors must be fair

February 10, 2010 By Leave a Comment

There is a romantic notion that Writing a Will gives you the power to make your Beneficiaries and Executors jump-through hoops in the process of disbursing assets.

The thought that you will ultimately pass on a gift provided that a series of qualifying events take place is indeed wide of the mark.

The Courts take a dim view of such elaborate measures. With movies such as 80s classic Brewster’s Millions which required Richard Prior to loose $30m in 30 days in order to inherit $300m truly confined to Hollywood when it comes to actual Will writing.

Even what might seem like a genuine request such as scatter my ashes in the place where I honeymooned is unlikely to be adhered to if it is miles away from where your Executors live. A Will cannot physically propel your Executors into action above and beyond the call of duty if they do not have the inclination to oblige. So as professional Will Writers we ask that you are realistic with your wishes when you are drafting a Will. An Executor is someone you trust to disburse your legacy but be fair on them. Would you want them to feel low as they cannot carry out your far fetched Will instructions?

Our Legal Consultants are taught to ask the testators to think twice when they are writing their Wills. Have a reality check. Put yourself in the Executor’s shoes. The disbursement of a Last Will and Testimony is often hard enough, particularly as often the responsibility is bestowed upon someone who is grieving and unfamiliar with the Probate process.

If you are thinking of Writing a Will and would like more on this subject or other practical advice, please visit www.nichewills.co.uk

For more information on our Will writing Services, please complete the enquiry form on the right hand side or contact our London office on 020 7993 2044.

Niche Wills in London | Will Writers in London
Members of The Society of Will Writers

Filed Under: Executors, Making a Will, Writing a will Tagged With: , , , , ,

Landlords Should Make A Will

January 21, 2010 By Leave a Comment

Writing a Will is often associated with leaving sentimental objects to a doting nephews or nieces, however the buy-to-let boom in the Noughties witnessed a huge growth in would-be landlords including here in our city, London.

As a London Will Writer I always believe tangible assets help our customers realise the effectiveness of drafting a Will as the commodity is that much more apparent and visual.

Buy-to-lets do have tax implications. If the property is sold capital gains tax applies and if it is kept beyond death then there are likely to be Inheritance Tax implications for your Estate. This level of tax is often further exasperated in London due the typically higher property values. 

The asset itself is of course illiquid in the sense that it is not an investment that can be realised quickly. The house selling process typically takes a few months and this can create major complications when trying to dismantle an Estate evenly to next of kin through Probate. It is also a catch twenty-two as money might be needed immediately to meet the IHT bill yet a fire-sale will mean a reduction in the yield from the sale, enough to make the dearly departed turn in their grave.

A Will can simplify the process as the beneficiary can be identified. For professional landlords this could mean identifying certain properties go to their named children.

It is not always possible to have foresight as death can strike without prior warning. However, it may be worth considering gifting some of the portfolio to children. Lifetime gifts that happen seven years prior to death are usually exempt from inheritance tax.

We at Niche Wills in London, ensure that our Legal Consultants make Wills that take into account portfolios of all sizes and impart their advice on tax mitigation.

To find out more please contact us on:

Niche Wills, Will Writers in London
T: 020 7993 2044

W: www.nichewills.co.uk

Filed Under: Business Planning, London Will Writer, Making a Will, Writing a will Tagged With: , , , , , , , , , , , , , , ,

Long term care update

December 2, 2009 By Leave a Comment

Long term care in this country is means tested and the government has literally drained equity out of the family home to pay for the nursing care accommodation. Really a savage end to what has in many people’s lives been their life ambition to own their own home, and pass it onto their children.

There were of course elaborate methods using Trusts and Will direction to take the family home out of their estate and away from the clasps of the State, but this was little known to those who had not acquired the services of skilled will writers.

Thankfully her Majesty’s speech in November significant progress appears to have been made albeit the full details are yet to be confirmed but the early indications are good with the Government boasting that 400,000 people will benefit.

The emphasis of the Queen’s speech was on allowing people to retain their dignity, confidence and independence for longer.

For starters it appears that for the very first time that free personal care will be given in their own homes for those with the highest needs. This will hopefully help many stay out of nursing home facilities that soak up personal wealth.

Home adaptations and use of technology has been recognised as paramount to the scheme.

One of the details to emerge thus far is the guarantee free personal care for the 280,000 people – including those with serious dementia or Parkinson’s disease – with the highest needs. We at Niche Wills will continue to track the facts from our London base so that you can make rationale decisions about your estate planning.

Filed Under: Care homes and Costs, Estate Planning, Inheritance Tax Tagged With: , , , , , ,