LEGAL With Elmhirst Parker Solicitors
We are constantly told to save for our retirement and make larger contributions to our pensions – but what else do we need to consider?
Without a Will, there may not be a way…
This is the most obvious advice when planning for the future but also the most overlooked. Making a Will means you decide who will deal with your estate, look after any young children or benefit from your money, property and possessions after you die.
If you do not make a Will, you will die ‘intestate’ and the law decides what happens. Difficulties can arise, causing disputes between families. Did you know that unmarried couples won’t automatically receive anything, whereas separated spouses may be entitled to everything?
Although an essential part of your future plans, making a Will isn’t always straight forward and may need expert help from a solicitor; if you have children from a previous relationship or even a property overseas, seek professional advice. If you already have a Will in place then it is important to review it every five years, especially if there has been a change in your personal or financial circumstances or your executor has passed away.
Did you move home last year or have a new baby? Are you now separated or divorced? Marriage voids any existing Wills already in place. Along with making it easier for your executor and family to sort out your estate and any funeral arrangements, a Will can also reduce the amount of Inheritance Tax payable.
Make sure your Will is legally valid. This means you made your own decisions without feeling under pressure from others. You will also need two witnesses who won’t inherit anything from you to be there while you sign it.
Your solicitor can keep hold of your Will for you until the inevitable happens or you need to update it.
Sort a Lasting Power of Attorney early
When planning for the future you also need to consider the worst case scenarios. What would happen if you were to have an unforeseen illness such as a stroke or dementia?
A Lasting Power of Attorney (LPA) allows someone else, such as a family member, friend, or trusted professional, to look after your affairs if
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aroundtownmagazine.co.uk
• Wills • Powers of Attorney • Probate • Trusts Court of Protection • Asset Protection • Tax Planning
Telephone or e-mail Matthew Murphy for free initial advice Tel: 01226 282238
17/19 Regent Street, Barnsley, S70 2HP (also in Selby and Sherburn-in-Elmet)
www.elmhirstparker.com mmurphy@elmhirstparker.com
future Planning for the
While it may seem mundane and melancholic to think about what uncertainty lies ahead, a new year is the perfect time to start investing and planning for the future.
you don’t have the capacity to do so. There are two different types of LPA. A Property and Financial Affairs LPA enables others to make decisions on your behalf in relation to your financial affairs. This can include managing your bank accounts, collecting your pensions, paying your bills and selling or buying property on your behalf and begins as soon as the order is granted.
A Health and Welfare LPA enables them to make decisions in relation to your welfare such as if you need full-time care or any medical treatments. This can only be used when you become unable to make the decisions for yourself.
You can have one or both LPAs which must be countersigned by a certificate provider before being sealed by the Office of the Public Guardian. You can choose one or more attorneys who can act together or separately. While dealing with your personal finances and health, attorneys can claim back expenses relating to undertaking said task through invoices and receipts; however, this money must not be misused for personal gain.
You may think an LPA is only something to consider in later life or if the need arises. However, if left too late, then you may not have the necessary capacity to create an LPA and the only option may be for your family to make an expensive application to the court.
Care about your care
As a result of us all living longer, the number of people needing long term care in later life is on the increase. But many of us underestimate
the costs and are surprised there is little or no support from already over-stretched local authorities.
Care fees have never been free but are instead means-tested. If you have significant assets, many people fear these will be diminished through care fees. Those without the luxury of readily-available cash worry they will have to sell or remortgage their home to pay for fees.
Currently, anyone with assets exceeding £23,250 will be expected to pay their own fees in full. Those with up to £14,250 in assets will pay a proportion of their fees.
Costs vary depending on the type of care you will need along with the duration and intensity etc. It can therefore be hard to estimate projected costs.
However, under the Care Act 2014, the government has now brought in a Lifetime Cap which starts in 2020 and means your local authority will take over your care-provider fees after reaching a certain threshold. But this doesn’t include living costs which can be over £1,000 a month.
A financial adviser may be able to help weigh up your options and specialist financial products offer investment and insurance plans which can fund the likely cost of your care. Another option may be to use any equity you have built up in your home.
Elmhirst Parker provide expert advice call our team today on 01226 282238 to find out more.
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