LPA, Business LPA and Will Services

Tel. 07501 716390

brett@blpawill.co.uk

Enterprise House,

Ocean Way,

Southampton

S014 3XB
 

  Brett Estry is a member of the Society of Will Writers
 

  Without a valid Will, assets will pass under the Laws of Intestacy, which may not give the outcome that the individual would have wished. It is likely to take longer than if a Will had been made and it could cost more money for the estate.

  If there are no valid people to inherit, it would lead to the estate passing to the Government’s coffers.

 


  There are other good reasons in favour of making a Will. For example, a Will can be drafted to cover the following matters.

                Guardians

  If a person has minor children, their Will could appoint a guardian to act if both parents had passed away. Without this, the courts would decide who should look after minor children.

               Married Couples

  Married couples cannot assume that their spouse will receive everything. Under the Law of Intestacy, children can have a right to part of the estate if it is large enough.

             Unmarried Couples

  Unmarried couples do not have the same legal rights as those who are married. Under the Law of Intestacy an unmarried partner would not automatically receive anything from their partner's estate.
 

                Will-based Trusts 

    Wills can be tailored for a wide range of circumstances and can include one or more Will based trusts, such as a discretionary trust or a life interest trust. Certain specific types of Will trusts are intended to make provision for more vulnerable beneficiaries in a managed way. Namely, a trust for any minor children, a trust for any adult children up to the age of 25 and a disabled person's trust.   

    For example, a disabled person's trust will name a principal beneficiary. During their lifetime, the trustees will apply the income and capital of the trust for the principle beneficiary’s support and benefit and will do so in a considered way.

 

   A discretionary trust protects assets and gives the Trustees the flexibility to make payments to one or more beneficiaries out of trust income and capital. The trustees will give consideration to the changing needs of beneficiaries.     

    A flexible life interest trust and a protective property trust could be included in a Will by a parent who requires that their spouse will benefit, whilst assets are protected for their children.
 

         Lasting Power of Attorney


   An LPA is made when the donor has mental capacity, in preparation for if a time comes that they lose capacity.

    The LPA is a document using which a person (the donor)  nominates one or more other persons as attorneys, giving power to them at the appropriate time to make decisions on behalf of the donor.
 

   There are two different types of LPAs. One covers health and welfare matters. The other type covers property and financial affairs.
 

   A person who has a self employed business or is the sole director of a limited company could also consider making a separate LPA that relates solely to their business. The aim is business continuation and stability.