Have you ever considered how you would manage your finances or make life decisions if the situation arose where you could no longer take care of your own affairs or are you a carer for someone in this situation?
Reviewing your Will, considering the benefits of a Lasting Power of Attorney and discussing the making of lifetime gifts which may be regarded as a potentially exempt transfer (PET) to reduce your inheritance tax bill if you survive the date of the gift by 7 years may all be relevant to you.
The law in this area is complex and there are important rules affecting “gifts with reservations”. We can help provide guidance as to the implications of gifting your property so that we can help you achieve your wishes with no unexpected consequences.
If you need to make an application to be appointed the Receiver for a near relative we can also guide you through this complex process.
People often turn to us when it is too late. It is far better to talk through any perceived problems early on.
You may have seen or heard the comments of retired senior Judge Denzil Lush concerning Lasting Powers of Attorney and why he would never sign one himself. This has prompted new and existing clients to consider whether they should retain their power of attorney or enter into one.
Andrew Jack, Probate and Wills Specialist with AMD Solicitors answers a frequently asked question regarding looking an elderly relative.