Wills & Executries
The importance of making a Will cannot be overstressed. Each Will is tailormade for the client, taking into consideration his or her personal financial circumstances, family and commitments and the possible incidence of taxation and in particular inheritance tax.
After a death it is important to those who are left behind that the Estate is administered with sympathy as well as with efficiency. It involves obtaining valuations of all the assets of the Estate, agreeing to tax liability, applying for the Grant of Confirmation and then with the benefit of that Grant gathering in the assets of the Estate and administering them according to the will or according to law as the case may be.
In some cases a Trust may arise under the provisions of a Will or an intestacy and that trust could last for many years. It will normally require the advice and assistance of a solicitor and in many cases a skilled financial adviser.
Guardianship & Powers of Attorney
Powers of Attorney:
In dealing with the personal affairs of clients it is appropriate to mention Powers of Attorney. These are normally granted as a proactive measure to enable relatives, friends or professional advisers to administer the affairs of elderly or infirm persons who, in the future, may be unwilling or unable to manage their own affairs. Granting a Power of Attorney is just as important as writing a Will and can save a lot of time in the future if the person is unable to manage their own affairs.
Guardianship & Powers of Attorney:
If a Power of Attorney has not been granted and a person has already lost the ability to look after their own affairs, a Guardianship Application requires to be made to the Courts. The Court will then decide whether to intervene and appoint a Guardian. If granted, a Guardianship authorises someone to act and make decisions on behalf of the person who has lost capacity who is called 'the Adult'.
Whilst often necessary, this can be a long process and in order to avoid it, we would always recommend that, where possible, a Power of Attorney should be granted before the need for a Guardianship arises.
If you have any questions about Wills, Powers of Attorney, or Guardianships, or would simply like more information, please get in touch today.
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