Veitch Penny and the Professional Financial Centre (North Devon & Quantocks) Ltd are hosting an open forum on Tuesday 9 May 2017 from 5.30pm at the Boniface Centre, Crediton. Call in after the school run or on your way home from work. Topics will include Wills, residence nil rate band, Lasting Powers of Attorney and Equity Release
Wills should be reviewed every 3- 5 years and on any material changes in your personal circumstances – marriage, divorce, children, inheriting or winning any large sum of money, but also if one of your beneficiaries die before you do.
Lasting Powers of Attorney (LPAs) were introduced by the Mental Capacity Act 2005 from 1 October 2007.
They allow the individuals to be appointed to look after property and financial affairs (a Property and Affairs LPA) but to also to make health and personal welfare decisions (a Personal Welfare LPA) when they are unable to make these decisions in the future.
The death of a person can cause legal problems for those who are left behind, where financial difficulties are often caused by inadequate provision for family and dependants. A Will is an individual’s choice on how their assets will be distributed; they are free to decide who receives something, if at all. No one has an automatic right to inherit from a deceased estate even if they are a loved one or are related.
Recent Supreme Court decision confirms that the deceased wishes will be taken into account when considering any claims made by adult children under the Inheritance (Provision for Family and Dependants) Act 1975.
The impact of inheritance tax on even the most modest of estates can be severe. If your total estate is worth greater than £325,000 the excess, subject to certain exemptions, is subject to a fixed rate of 40% tax
A living will is a formal document which sets out your wishes in advance of what kind of medical treatment you would like and what medical care you would refuse should you be unable to communicate at the time.