Planning for the future is very important and at NLH we are here to help you do just that; often we all leave things too late and peace of mind is something that is hard to place a value on.
In addition to advising on inheritance tax issues (see the Wills section) here are just some of the things we can advise you on:
- Lasting Power of Attorney: Lasting Powers of Attorney (LPAs) have replaced Enduring Powers of Attorney (EPAs) with effect from 1st October 2007 however, exsisting EPAs will continue to be valid notwithstanding the introduction of LPAs. An LPA is the legal document which authorises someone (the Attorney) to make decisions on behalf of someone else (the Donor). LPAs can extend beyond dealing with a person's financial affairs to personal welfare matters and decisions. Read a fuller description of what a Lasting Power of Attorney (LPA) is.
- Long Term Care Planning: It's hard to imagine not being able to live in your own home, and look after yourself. Planning at the right time to make sure any care you may need in the future is covered without having to sell your home is important for some people. Find out more about paying for a permanent care home place.
- Living Wills: A Living Will can record your wishes with respect to certain medical procedures that are/are not to be employed on loss of mental capacity ("advanced directive"). Alternatively, a Living Will can record your beliefs on such procedures for the family to consider should a difficult decision with regard to your health have to be made ("non-advanced directive").
- Inheritance Tax Planning: When trying to minimise the inheritance tax payable on your estate by your beneficiaries, there are many different options, depending on the circumstances. Subject to your particular situation, the size of your estate and various other factors, we can provide you with a list of options and their pros and cons.
- Trusts: A Trust is a fund which contains assets that are controlled by you and/or a nominated third party for the benefit of a specific individual(s). They are governed by complex legal regulations and separate tax rules. A Trust can be set up at any time during the lifetime of an individual to become operative immediately or, not until your death. Find out more about what a Trust can do for you
- Guardians: If you have young children, you should consider appointing guardians to take care of them if you die while they are still young. This is usually done whilst making your Will.
