Lasting Powers of Attorney

Lasting Powers of Attorney, also known as living wills, are documents that allow you to appoint people to make decisions on your behalf if ever the time should arise that you are mentally incapable of doing so.
In advance of this event, be in through old age or an unfortunate accident, you can choose people to look after your affairs in two main areas – Property and Finance and Health and Welfare.

Without any such provisions in place at a time that is already going to be difficult for your loved ones, they will be unable to make crucial decisions on your behalf without having to endure a long and arduous process. This involves applying to the Court of Protection for Deputyship to be given permission to do certain thing – including accessing joint bank accounts!

What types of LPAs are there?

Health and Welfare

Whoever you choose to be your Health and Welfare Attorney has the power to make many decisions on your behalf, such as what care home you go into, medical care and things like what you like to eat or whether you prefer baths to showers. Crucially, however, you can also choose to give permission to allow the Attorney to accept or refuse life sustaining treatment should you ever be in the position where you need it.

Property and Finance

Your Property and Finance Attorney makes decisions on whether or not to sell your home, how to proceed with any investments you may have and paying your bills. They also can collect benefits on your behalf.
Both LPAs are more comprehensive that previous versions such as Enduring Powers of Attorney, which only covered financial matters.

Who can be my attorney?

We would always suggest that you choose someone close to you, be that family or friend; someone that you can trust to always make decisions on your behalf with your best interests in mind, thinking about what you would choose to happen if you were able.

Wills

Without a will, the strict and rigid ‘Rules of Intestacy’ apply. This means that instead of you making decisions as to how best to distribute your estate, the law decides.

Care Home Planning

Lifetime trusts are set up during a settlor’s life, and assets or money settled into them immediately. This money or assets can be loaned out to beneficiaries by the trustees at any time, or can remain within the trust and be invested.

Trusts

Trusts play an integral part in protecting your wealth, giving you control over how your assets will be used in the future and confidence that they will protect and preserving family assets according to your wishes.

Inheritance Tax Planning

IHT is regarded as one of the most punitive taxes, at 40% on anything that you own at death over the Nil Rate Band. Many find that they are left with large tax bill that takes nearly half of the inheritance intended for their loved ones.

Ascot Estate Planning Ltd is a company registered in England and Wales, Company Number: 09269434. Our registered address: Scotch Corner, London Road, Sunningdale, Berkshire, SL5 0ER. Unless otherwise states, the information in this document was valid on 14th February 2018. This documents is not intended to provide advice, and not all services described will be suitable for all, you should seek appropriate advice. The information and opinions expressed herein are considered valid at publication, but are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without prior permission. © 2018 Ascot Estate Planning Ltd. Please note: This website uses cookies. To continue to use this website, you are giving consent to cookies being used.