Laterlife planning law
"One of the best firms outside London"The Legal 500 - The clients' guide to the UK legal profession
We're all living longer and for many of us that's a good excuse to put off those "must do" things, such as making a will or planning for our retirement. Yet the truth is the sooner we start the easier it will be, both for ourselves and the next generation.
Our private client team can provide tailored advice and guidance on the issues that matter later in life; from inheritance tax planning to the creation of trusts; from making a will to arranging powers of attorney, and even how to plan for long-term care needs.
As you gain ‘assets’ such as a property, get married or have children, you need to start planning for any eventuality. Although we don't like to think about it, dying at an early age or becoming incapacitated through accident or illness does happen, and at such an emotional time, the last thing a family needs is the additional stress of having to go to court to access their money or fight to stay in their home because of a legal dispute.
This is especially important when, for example, individuals may have been married and divorced previously, with children from each marriage or; alternatively, where one person owns and runs a business and is the main earner as well as an employer.
Power of Attorney
We can advise of the arrangement of a power of attorney to help protect you or a loved one if the ability to take care of your personal affairs is later lost through mental or physical incapacity. We consider these an "absolute necessity" to ensure one's financial affairs run smoothly at a time when all other matters can be in turmoil.
Consideration should be given not only to your financial circumstances but also to those of your children and grandchildren through effective estate planning.
Trusts can offer bespoke solutions for different generations. For example, an elderly couple may consider leaving their share of their house by will into trust, so that on first death at least some of the estate is ring fenced for the next generation and hopefully disregarded in any means test assessment of the survivor's long-term care.
For the younger generation meanwhile, lifetime planning involves gifting assets into a trust for children and grandchildren so as to reduce the inheritance tax payable on death, whilst keeping those assets in an environment which offers protection for the young or vulnerable, or against a child's later divorce or bankruptcy.
The legal issues which affect older people, their families and carers are complex which is why it is important to seek early specialist legal advice which will mitigate or avoid any problems which can arise later. We can help you plan for an uncertain future by providing flexibility and protection for your later years and will provide clear and reliable advice, in an empathic and professional way.