32 WILLS AND PROBATE
Wills | Lasting Power of Attorney | Probate
TAKING CONTROL OF YOUR OWN FUTURE by Jessica Turton
Solicitor, Alexander Grace Law
While no one wishes to think they’ll be in a situation where they are unable to deal with their own financial affairs and health care decisions, it’s more common than you may think.
Protect your future
Getting your private matters in order can give peace of mind to both you and your family members.
We can help with writing a Will, creating a Lasting Power of Attorney and assist with applications to the Court of Protection.
Our specialist team also provide a full Probate and Estate Administration service.
Contact us today: Tel: 0808 256 3165
www.alexandergrace-law.co.uk
Sadly, many people are often left in a position whereby they have lost mental capacity and have no legal provisions in place to appoint someone to act on their behalf.
It’s a common misconception that a spouse, or even the executor appointed in your will, are automatically entitled to take up this role. Unfortunately, that is not the case.
Making a Lasting Power of Attorney (LPA) when you have the mental capacity to do so can safeguard against these issues, allowing you to make a choice about who you wish to appoint as attorneys; the people who will deal with those decisions on your behalf.
A Property and Financial affairs LPA can, if you wish, be used as soon as it’s registered, meaning that even if you still have mental capacity, your attorneys can help you with any day-to-day assistance you may require.
Often, we see lots of scenarios where people have simply left it too late to make their LPA and an expensive and timely application to the Court of Protection must then be made for permission to deal with your affairs or those of your loved ones.
There has been a significant decrease in the number of LPA applications since the start of the pandemic, but making an LPA needn’t be onerous, even in such times.
Talk to one of our experts today and we’ll guide you through the process from start to finish.
MAKE BUSINESS
SUCCESSION PLANNING A PRIORITY
by Jane Parry Partner, PM+M
Helping you achieve more
Supporting you to make the best decisions for you, your business and family through expert business succession, tax, trust and estate planning, financial planning and probate advice.
Speak to us today: 01254 679131
enquiries@pmm.co.uk www.pmm.co.uk @pmm_acc
The current capital gains tax and inheritance tax rules provide an extremely benign environment for business succession, often allowing for the tax-free passing on of businesses to subsequent generations during lifetime or on death.
With changes to both areas of tax looking increasingly likely as the government begins to recover its spending, now is the time to review your business succession plans and start thinking about what the future of your company could look like.
Family business succession can be a difficult subject, particularly when there are some family members working in the business and some not. It can often take some time to arrive at the best solution for both the family and the business and ensure everyone is treated fairly.
With that in mind and with tax changes potentially on the horizon, now really is the time to start thinking about how and when ownership of the business will transition.
It may be that the retiring generation needs to sell their shares to the next generation or the company to realise funds for their retirement. That will need some planning to ensure tax efficiency and time may be required to build up cash reserves.
Leaving this too late could result in substantially less after-tax cash from the sale.
Alternatively, if the plan is to gift ownership of the business whilst retaining control, perhaps putting some shares into a family trust will provide the right solution.
Whatever your family and business circumstances, investing a little time now in planning for the future is likely to pay dividends.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72
