Where someone lacks the mental capacity to manage his or her own affairs and hasn’t previously made a Power of Attorney to appoint someone to help them (the Attorney), then it may be necessary for the Court to appoint someone to help them in relation to his or her property and finances. The person appointed to act is known as a Deputy and an application for the Deputy appointment is made to the Court of Protection.

 

The Court of Protection is based in London and its purpose is to help those who no longer have the mental ability to make their own decisions in relation to their finances, affairs and welfare.A Deputy application need not necessitate attendance at the Court as the application can proceed by a paper application. See more information on the role and duty of a Deputy.

 
 
 
 

Basic Wills

By choosing to make a Will you can specifically provide for your loved ones. If you die without having made a valid Will then the current law will operate a set of rules, known as the Intestacy Rules, to decide who will benefit from your estate.

Wills That Provide For The Vulnerable or Disabled

Sometimes a Will may require more than basic drafting as it needs to provide for more complex circumstances.

Statutory Wills

If you lack the mental capacity to make a Will then it may be possible for the Court of Protection to make a Will on your behalf.

Advance Directions or Living Wills

These terms are inter-changeable. An Advance Direction or Living Will is a document in which you can set out your wishes for your future care and medical treatment should you need it in the future and you lack the mental capacity at that time to enable you to give your own directions.

Wills and Care Home Issues

You may wish to consider how you can make provision within your will to protect your assets from being used to fund future care home fees.

Varying a Will And Redirecting Your Inheritance

It is possible for you as a beneficiary of a deceased’s estate to redirect your inheritance share by either altering the terms of the deceased’s Will or where the deceased died without a Will, by writing a posthumous or notional Will for the deceased.

Inheritance Tax

Planning ahead will give you the opportunity to make maximum use of the tax reliefs and exemptions that may be available to you for any Inheritance Tax liability you might have.

Making gifts

Small gifts may not be taken into account when calculating the Inheritance Tax liability on death. Currently gifts of £3000 and under can be made and these will fall within the annual exemption. Regular gifts out of income and other one off gifts for family marriages may also be made free of the Inheritance Tax radar.

Reducing your Inheritance Tax bill by giving to charity

From 6 April 2012 if you leave 10 per cent or more of your net Estate to a qualifying charity your Estate may qualify to pay Inheritance Tax at a reduced rate of 36 per cent.

Inheritance Tax reliefs

There are certain types of property that qualify for a full relief from Inheritance Tax or a discounted value for Inheritance Tax purposes.