Tel: Legal Issues Pre-Death Hilary Cragg Specialist Elderly Client Advisor Blog: 12 May 2016

Tel: Get your affairs in order 1.Create a Will 2.Create Lasting Powers of Attorney 3.Discuss your wishes with your family 4.Get your paperwork in order

Tel: Will Planning Death is something most of us would rather not think about and maybe this is why over 75% of us die without ever having made a will Common misconceptions:- –Too expensive –Everything will automatically go to my spouse or children –My assets are too insignificant

Tel: Will Planning Why you should make a will? Wills direct your wishes Appointment of Executors / Guardians Legacies Funeral directors

Tel: Will Planning To think about… Divorce/ Remarriage affect validity of will Inexpensive peace of mind Help us help your family in a time of grieving

Tel: Intestacy But what if no will….. Rules of intestacy

Tel: Intestacy But what if no will….. Statutory rules operate where no will is left The estate does not automatically pass to the spouse –Children –Other relatives With no relatives – the estate can pass to the Crown (each year approximately £18m passes to the Crown in this way!) In short – put a will into effect to avoid the statutory rules

Tel: Intestacy Important things to remember Intestacy only relates to “blood” relatives There will be no gift to “step” relatives, eg –David & Sue marry later in life and already each have a child - Sam & Samantha –Each have an estate worth £150,000 –When David dies his estate will pass to Sue, when Sue dies her estate will pass to her daughter Samantha –David’s son Sam will receive nothing

Tel: Lasting Power of Attorney TypeProperty and Affairs Personal Welfare What does it coverAll financial decisions (unless restricted) All medical and social care decisions (unless restricted) Use unregisteredNo Use whilst the donor has mental capacity YesNo Registration by whom, how long and how much Donor or attorney, fee £110, 8-10 weeks

Tel: Property and Affairs Covers all financial matters (like an EPA) Can be restricted within the power Can be used before the donor has lost mental capacity, with their consent – eg when they become physically frail The attorney has the duty to act in best interests, the duty to preserve the estate and the duty to consult

Tel: Personal Welfare New kind of power Covers medical and social care decisions Includes an option to discontinue life-sustaining treatment Can be restricted within the power Can only be used after the donor has lost capacity The attorney has a duty to act in best interests and the duty to consult

Tel: You MUST trust your attorney If you are not sure – don’t appoint them

Tel: Dad has Dementia

Tel: Mental Incapacity Someone else will have to manage your affairs You will lose the ability to choose who takes care of you

Tel: Deputyship (previously Receivership) Power granted by the Court of Protection – as the donor has lost mental capacity Can be either Property and Affairs or Personal Welfare (but no decision on life sustaining treatment) Difficult to get Personal Welfare Order Complicated and time consuming Deputy monitored by the Court

Tel: Asset Protection Trusts Challengeable as Potential Deprivation of Assets May not be necessary Trust is taxable (IHT, CGT & IT) Trust requires annual tax returns and Trustee meetings

Tel: Discussions with your family Your care wishes Your end of life wishes Consider letting them know about your financial affairs –Where to find the information –Where your money is Your investment wishes Anything that is important to you

Tel: Get your affairs in order Keep your paperwork together & in order If you close an account, keep the records for up to 7 years Let your family know where your paperwork is

Tel: Other Ways We Can Help Nursing Home Fees Court of Protection Trusts Best interests meetings regarding care Probate Conveyancing/ Transfer of Property