Kitsons Solicitors offer a free monthly half hour legal surgery for the residents of Ashburton on Wills, Estate and Tax planning issues / Probate and Lasting Powers of Attorney.
However, the two most important areas we come across on a daily basis are Wills and Powers of Attorney.
So why should you make a Will?
Your wishes – it is your opportunity to set out how you want your assets to be distributed when you die and whom you want to deal with those assets for you (your Executors).
Tax planning – your Will can be structured in a tax efficient way to take advantage of the transferable nil rate band and the additional residence nil rate band when a residence is passed on to a direct descendant.
For the above reasons and if nothing else, for peace of mind for you and your family, make it a priority to put a Will in place, or if you already have one make sure it is now up to date with the new legislation.
Lasting Powers of Attorney – there are two types of LPA – one that covers property and financial affairs (your house, bank accounts, investments, pensions, etc), and one that covers health and welfare (for example decisions about day to day living, medical and end of life treatment).
Putting in place LPAs gives you a chance to choose individuals you trust (your Attorneys) to manage your financial affairs and property and make decisions about your care in the circumstances where you are no longer able to do so due to ill health (or alternatively in the case of your financial affairs, because you prefer not to).
LPAs should not be seen as something for those in the “Autumn” of their lives. Your health can change very quickly whatever your age, so we strongly recommend you plan ahead by putting LPAs in place now rather than waiting until you need them. You can avoid all those potential problems by putting in place LPAs so that when you need help, your Attorneys can act immediately.