Wills & Powers of Attorney

WILLS

We cannot emphasise enough the importance of making a Will. A Will allows you to specify exactly what will happen to your property, possessions and financial affairs (your Estate) after your death and who will inherit what. It will help safeguard your loved one’s and ensure that your wishes are carried out after your death. Every Will we prepare is tailor-made for each Client taking into account the personal circumstances of each and every client.

If you do not make a Will you run the risk of your money, property, and other assets, not being dealt with in the way you expected, and you might even find that a significant portion of your estate will be taken for tax purposes. This might also be the case if your Will is homemade or drafted incorrectly.

Charles Newton & Co are highly experienced in writing Wills to ensure your family, friends and other nominated beneficiaries benefit from your estate. Whether you have money, property, family photographs or other sentimental items, our expert Solicitors can produce a carefully tailored solution to suit your needs.

When you are drawing up your Will, it is important to consider inheritance tax. Inheritance tax is a government tax that takes a percentage of your assets when you pass away. At present you can leave £325,000 of your estate without your beneficiaries having to pay inheritance tax on it, but any amount above this is subject to Inheritance Tax of 40%.

There are certain exemptions and reliefs available from inheritance tax. Any assets left to a married spouse or civil partner are exempt from inheritance tax. It is important to seek legal advice so you can be sure that all aspects of your estate will find their way to the people and the places you want them to.

At Charles Newton & Co we assist with Wills for a wide variety of different clients and size estates. We are able to guide you through the entire Will writing process, and lend our professional expertise so that you can be confident of having your estate in order.

 

CARE HOME & RETIREMENT PLANNING

The thought of going into residential care is not something we like to consider but with increasing Care Home fee costs it is an important issue to consider when planning for your future. With some effective planning we can help minimise the stress and financial burden of funding long-term care to ensure that your loved one’s inheritance is preserved and your finances are working for you.

 

POWERS OF ATTORNEY

A Lasting Power of Attorney (LPA) is a legal document made by an individual (a Donor) that allows another person (an Attorney) to make decisions on behalf of the Donor. The document gives the Attorney power to act at a time in the future when the Donor may be unable to physically or mentally look after their own affairs themselves or that they simply require a bit of help and assistance in managing their affairs.

There are two different types of LPA:

(1)   Property and Financial Affairs Lasting Power of Attorney

This LPA gives your Attorney(s) the ability to make decisions about your money and property on your behalf, such as withdrawing funds to pay utility bills, care fees, weekly shopping bills, investing your savings, managing your tax affairs, collecting benefits, or even selling your home.

(2)   Health and Welfare Lasting Power of Attorney

This LPA give your Attorney(s) the ability to make decisions about your health and wellbeing, for example, deciding on your daily care routine, your medical care, moving into a care home, or even life-sustaining treatment.

An LPA is an extremely important legal document. Regardless of your state of health we would strongly recommend executing an LPA at any stage of your life, as they are only valid if you create one when you have full mental capacity. Without an LPA, should you begin to lack mental capacity, it will make it extremely difficult for someone to arrange to make decisions about your property and financial affairs, and other complications can occur, such as the bank freezing of your account. Setting up an LPA in advance fully prepares you for any eventuality that might result in a loss of mental capacity, such as a sudden accident or a stroke or that you simply would like help and assistance in managing your affairs even if you still have mental capacity.

As with most legal processes and procedures there can be a certain level of confusion and uncertainty when dealing with the jargon and what is expected of the individual applying, as well as the details and subtleties of an LPA. When does it come in to effect? How much does it cost? Can it be altered? Can it be cancelled? Where do you apply?

Seeking legal advice for a document this substantial is advised. Not only will it save you time, but you can rest assured that everything is being carried out correctly and that you are receiving relevant, expert advice. Not only that, but having legal help when setting up a LPA can be extremely helpful when difficulties arise, such as complicated assets, where there might be businesses or properties overseas to manage or when family members do not get along and disagree over decisions to be made.

At Charles Newton & Co we appreciate that discussing what might happen if your usual mental capacity diminished is uncomfortable but we also know that setting up an LPA will bring you much greater peace of mind knowing that you are well prepared for any eventuality. We have years of experience in setting up both types of LPAs, and are able to guide you through the entire process, so that you feel in control and informed the entire time.

To benefit from our expert Legal advice, efficient and friendly Will writing service and comprehensive advice about Inheritance Tax, Asset Management and Care Home fee’s planning or Powers of Attorney please call us today on (01773) 535535 (Eastwood Office) or (01159) 305070 (Ilkeston Office) to discuss your requirements. Home and hospital visits are available – please call us for further information.

Offices

Solicitors
5 Alexandra Street
Eastwood
Nottingham
NG16 3BD
Estate Agents
2 Alexandra Street
Eastwood
Nottingham
NG16 3BD

  01773 535535
Solicitors
6-8 Bath Street
Ilkeston
Derbyshire
DE7 8FB
Estate Agents
6-8 Bath Street
Ilkeston
Derbyshire
DE7 8FB

  01159 305070