Month: April 2024

Paralegal, Kay Brown, explains:

“Whenever I’m taking instructions for a Will, I always ask if the client has made or thought about making Lasting Powers of Attorney (LPAs) and always get a similar reply; “Oh I’m not old enough yet” or “No, I’m not planning on losing my marbles anytime soon”.  I always then go on to explain to them why making them shouldn’t be about your age or that once they have “lost their marbles” it’s too late to make one. Here are some good reasons why anyone over 18 should make LPAs…”

Lasting Powers of Attorney (LPAs) are legal documents that allow individuals to appoint trusted people to make decisions on their behalf if they become unable to make decisions for themselves. Here’s why it’s advisable for adults over 18 to consider creating LPAs:

1. Illness or Accidents: Unforeseen illness, for example a stroke, or accidents can happen at any age, which could lead to temporary or permanent incapacity. LPAs make sure that someone you trust can manage your affairs if you’re unable to do so. Creating LPAs is not just for older adults; it’s important for anyone over the age of 18 to consider making, regardless of their health. Having LPAs in place ensures that you are prepared for the unexpected and have measures in place to protect your health and welfare as well as your finances and assets.

2. Management of Finances: LPAs for property and finance allow your attorney to take care of your financial affairs, including managing investments, paying bills, and even sell your property if it became necessary.

3. Health and Welfare Decisions: LPAs for health and welfare gives your attorney the power to make decisions about your living arrangements, medical treatment, and care based on your specified wishes and best interests.

4. Avoiding Delays and extra Costs: If you become incapacitated for whatever reason without having made LPAs, your loved ones may need to apply to the Court of Protection for deputyship, which can very expensive and extremely time-consuming.  Having LPAs in place makes dealing with your finances and making the right decisions about your health and welfare much easier for your loved ones from the moment these decisions are needed.

5. Taking Control of Your Future: LPAs allow you to choose who will make decisions for you if you become incapacitated rather than leaving it to chance or legal processes giving them the power to take care of you in the way you want. LPAs can be tailored to your specific needs and preferences, allowing you to specify your preferences and instructions for your attorneys to follow.

6. Changes in Circumstances: Your LPAs can be revoked at any time as your circumstances or preferences change, providing flexibility and adaptability.

7. Peace of Mind: Knowing that you have appointed someone you trust to make decisions on your behalf can provide peace of mind for both you and your loved ones.

8. Preventative Measure: Putting LPAs in place while you’re still capable ensures that your wishes are known and respected if you lose capacity in the future. Without LPAs, decisions about your finances, health and welfare may be left to the Court of Protection.

9. Legal Requirements: LPAs must be made while you still have mental capacity. If you wait until a crisis occurs this may result in you not being able to create these documents when you need them most.

10. Avoiding Family Disputes: Having LPAs in place with clear wishes and instructions can help prevent disagreements among family members, or loved ones, about who should be able to make decisions on your behalf. By appointing attorneys and stating your wishes and preferences in advance, you reduce the likelihood of disputes and ensure that your loved ones can focus on supporting you during difficult times.

Creating Lasting Powers of Attorney is essential for planning the future.  They offer protection and peace of mind for adults of all ages, ensuring their finance, assets, health and welfare are managed in accordance with their wishes at a time when they are unable to do so themselves.

Contact Us

If you would like to discuss LPAs in more detail,
please do not hesitate to call us on 0116 212 1000

The sun is finally peeping out, the daffodils are in full bloom and the 2023/24 tax year has (finally) ended! The end of winter always highlights how beautiful the start of new beginning are, and always offers an opportunity to start a fresh.

So whilst you’re going about your annual spring clean, consider extending the physical clean to your estate planning and take the opportunity to review your long term plans. The fresh start can help us to be more proactive a get those tasks “ticked off” our lists at long last!

Understanding the Basics of Estate Planning

Estate Planning is the concept of making a plan (both long and short term) for your affairs. It is important as often to make the most of tax advantages or legal documents, time is critical, and therefore should be planned well in advance (often years).

Estate Planning consists of considerations such as creating a Will, creating a Lasting Power of Attorney, investing, tax planning and much more.

How to Get Started with Your Estate Plan This Spring

• Make a comprehensive list of your assets, including account details

• Take a moment to consider your health and long-term living arrangements. Are you thinking of moving to assisted living, or is it likely you will require care, either at home in a residential setting?

• Think about how much money you require for your current lifestyle and how much you may need should your requirements change in the future

• Think about who should look after your financial and health decisions during your life should you become unable to do so

• Review your asset list and think who should benefit from this money after your death

• Consider who should be in charge of sorting out your affairs after your death

• Consult with professionals: our job is to bring all of these considerations together and come up with a cohesive plan to achieve what you want, whilst keeping your assets protected for you, your family or others.

Common Estate Planning Mistakes to Avoid

• Procrastination – as above, estate planning can be time critical and leaving it too late can mean that options for planning are limited.

• Not reviewing and updating your plan – life changes! People marry, divorce, have children and pass away. Your estate plans can change dramatically as your family changes, and it is important to keep up to date to ensure that your family don’t lose out.

• Forgetting Digital Assets – remember to address online assets such as PayPal, Gambling Accounts and Cryptocurrencies.

Making Estate Planning a Family Affair

Estate planning can be stressful, and can often be difficult to navigate when there are complex family structures. Speak to your family and loved ones about what your wishes are as well as what their plans are and there may be a solution to encompass all of your needs and clarify any difficult decisions.  

Planting the Seeds for a Secure Future

So how do you get started? Once you’re ready to seek professional advice, contact us on 0116 212 1000 to speak to one of the Probate, Wills and Trusts Team for a one-off meeting to review your circumstances and obtain their advice.

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