The start of a new year is the opportune time for people to be reviewing their wills and ensuring they have powers of attorney in place. Prudent planning such as this can save you hundreds of pounds in the long run.
There have been several legislative changes over the last few years, so a chance to sit down and review your will and inheritance tax planning is important.
Wake Smith’s new private client director Suzanne Porter, who joined the Sheffield solicitors last month, brings significant experience in wills, probate applications and estate administration, inheritance tax planning, elderly client issues, powers of attorney, and trusts.
Suzanne recommends a will review every five years as your personal circumstances change. “You may have divorced, remarried or become a grandparent or want to look at trusts and care home fee planning,” she says.
“It can also be important for an individual to ring fence assets to pass down to generations. Trust arrangements might be useful if you have a complicated family structure or want to protect family assets from young or incapable beneficiaries. You may want to place your share of a property into a trust after your death, under a will trust, to ensure it is retained for the future, for your chosen beneficiaries.
“A lasting power of attorney (LPA) is also an important document to consider. It’s sensible to make an LPA naming somebody who can make decisions on your behalf, should the time come when you are no longer able to make decisions for yourself.
“They can cover property and financial affairs - your assets including bank accounts, shares and investments, plus the payment of utility bills and other expenses, even selling your house.
“They also cover health and welfare such as consent to medical treatment and operations, where you should live, personal correspondence, community care assessments and right of access to personal information including medical notes. Even end-of-life decisions, such as the power to consent to the withdrawal of life-sustaining treatment in certain situations, can be included.
“We are seeing more and more medical staff, social workers and care homes readily requesting this legal documentation as it can be particularly useful to enable family members to make decisions for someone who is suffering from a mental illness such as dementia. It can also be hugely helpful to someone who finds money management difficult due to a physical disability.”
“The cost of a will or power of attorney is not as prohibitive as you think and we are currently running a free will review. Our experience will ensure you receive bespoke specialist advice from a friendly team.”
For a free will review contact Suzanne Porter on 0114 224 2178 or at [email protected]