Wills, Trusts and Powers of Attorney

Wills, Trusts and Powers of Attorney

A couple sit on the rocks and look out to see on a grey day. Wills, Trusts & Power of Attorney

Making a Will is a task which most of us put off yet it is one of the simplest steps you can take to ensure your family is provided for on your death.

A carefully drafted Will can help protect your family’s assets from being used to fund nursing or care home fees and allow them to pass to your children or grandchildren instead. If prepared correctly, your Will can also help minimise tax payable on your death.

If you hold shares in a family company or are a member of a farming partnership your Will can ensure that your business passes to those members of your family who wish to continue in that business. Your Will could also help ensure that your estate benefits from certain generous reliefs currently available for family businesses or agricultural assets passing on death.

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Trusts set up by will or during your lifetime can be useful in all sorts of situations for protecting assets and the interests of your family and for tax planning. A good example is the Personal Injury Trust (or Compensation Protection Trust). If you receive compensation for a personal injury and place it in a trust for your benefit, the money is ignored for most means tested benefits.  Tozers can advise you on all aspects of trust set up and administration.

Appointing an Attorney who can manage your affairs if you are no longer able to do so yourself is an essential step for all of us – especially for those with complex financial or business arrangements.  Tozers can put the necessary arrangements in place and can also help attorneys understand their new role and the responsibilities placed upon them.

A Lasting Power of Attorney (Property and Financial Affairs) can be useful if you need help to deal with financial matters and can remain in force even if you become mentally incapable of managing your affairs.  A Lasting Power of Attorney (Health and Welfare) is a similar document which by which you give someone you trust to make decisions on your behalf about your medical treatment and other welfare matters.

Without a Lasting Power of Attorney, someone will have to apply to the Court of Protection – a slow and expensive procedure easily avoided by making a Lasting Power of Attorney now.

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