Lasting Power of Attorney (LPA)
Managing our affairs as we get older can, for some, prove difficult.
Declining health, sudden illness and dementia can all mean that we struggle with day-to-day management of household and financial affairs and there may come a time when a trusted friend or loved one would be better suited to pick up the reins.
This is why Lasting Power of Attorney (LPA) suits many people as it is designed to help people share responsibility and decision making should the need arise. It offers you control, it does not mean that you hand it over. You will continue to make decisions and perhaps you may only need help with practicalities such as making phone calls or changing energy suppliers.
However, there is one crucial step to remember. LPA is only valid if you have the mental capacity to set it up - mental capacity means that you are still able to make your own decisions.
So, rather than waiting for illness or complications to arise, the best way to protect your interests is to think who you would trust to act on your behalf now. Delaying this decision can bring unnecessary expense and complications. Once you have lost mental capacity, it is too late.
Deeds of Variation
Deeds of Variation of an estate can be completed for a period of up to two years after a person’s death. They can be a useful way of restructuring an estate for maximum tax efficiency and also to suit family circumstances.
So planning ahead matters and at Graham Evans and Partners, we are always happy to discuss how to best protect your interests, both today and for whatever tomorrow may bring.