Writing a will may seem like a sad thought, and many continually put it off: research typically shows that less than half of UK adults have a will. However, even a simple will provides the peace of mind that your loved ones will be supported and won’t have the stress of working out what you may have wanted, at an already upsetting time. A will is a legal document that expresses the final wishes of the writer for the distribution of their property and assets, known as their estate. It ensures that you, rather than the law, decide what happens to your estate and that your wishes are honoured aft ..read more

A lasting power of attorney (LPA) gives others the legal authority to act on someone else’s behalf. It means that if the person making the LPA, known as the donor, lacks full mental capacity, someone else can manage everything from their everyday routine to their healthcare treatment. Without an LPA in place, The Office of the Public Guardian becomes responsible, and there is no guarantee that any guardian they appoint will take the decisions you would like. Many think a power of attorney only matters when capacity is lost. However, a power of attorney can be used to deal with multiple situati ..read more

For more than half the population, writing their last will and testament falls into the category of things that they know they should do, but haven’t done yet. And there are many reasons why people don’t make wills. A common mistake is to assume they don’t need one, not realising that dying intestate — the legal term for not having a will — can mean that even the closest people in their life may inherit nothing. Some may be put off because the idea feels morbid, or even irrelevant because they are young and in good health. Others may assume the process is time-consuming and complex, while some ..read more

An executor is the person, or people, named in a will to distribute the estate. Although you do not need to name an executor, failing to do so can cause complications if the beneficiaries disagree on how matters are handled. Professionals will always recommend appointing at least one executor who you trust to manage your estate and affairs. Almost any adult can be an executor of a will, even if they are a beneficiary, and for very straightforward wills, for example, if you are leaving everything to a child over eighteen, naming them as the executor might be the best option. For other situation ..read more

If you worked hard to establish your business, its continued success might be almost as important as looking after your family after you have gone. Thinking about business succession means that you can put measures in place to ensure both your business and your family continue to thrive. But there are many factors you will need to consider. The risks of business inheritance Unlike most assets you will leave, businesses come with obligations. Whoever inherits will inherit an asset, but one that might need significant work if it is to keep its value. And, sometimes, they aren’t the right person ..read more

Many believe that trusts are just used to avoid paying tax, but this is not the case. Simply by putting money or assets in a trust does not stop the tax man from paying attention. Indeed, using a device like a trust solely to reduce the tax you owe may be risky, since HMRC might consider such acts ‘aggressive tax avoidance’. However, when set up properly, trusts can have the benefit of reducing your tax bill, and the tax bills of those you love. A brief, and simple, history of tax and trusts The history of taxes, and trusts, are intertwined. Although devices similar to trusts have existed sinc ..read more

Ensuring you have a will is incredibly important, especially when you have a family. And, if you have a young family, naming guardians for your children is likely to be the most significant part of your will. What is a guardian? A guardian will be responsible for any minor children in the event of your death. As the legal guardian of your children, they have the same legal responsibilities and duties that you had as parents. From marking birthdays, to making decisions about their school and consent to health care, your children’s guardians will take care of their wellbeing after your death. If ..read more

If you are considering a lasting power of attorney (LPA), your choice of attorney is the most important decision you will make. If you, as the donor, are ever in a situation where you lost capacity, your attorney will have legal authority to make decisions that can have a profound impact on your life. Indeed, with a Health and Welfare LPA, the attorney might even be making life and death decisions about medical treatment. You should ask yourself not just who can act as your attorney, but also who should act as your attorney. The basic criteria for an attorney There are some, very basic, legal ..read more