Wills and lasting powers of attorney (‘LPAs’) are typically associated with later life, but should be considered at all ages and reviewed on any change of personal or financial circumstances.
A will (often in conjunction with an accompanying informal letter) ensures that, after death, a person’s estate is distributed in accordance with his or her wishes. As well as ensuring the correct succession plan is implemented, well-drafted testamentary documents may enable substantial tax savings through careful use of relevant reliefs and exemptions on death, and/or the creation of flexible ongoing trusts.
An LPA enables the appointment of one or more persons to make decisions on the donor’s behalf (relating either to their medical care or property and financial affairs) if they lose mental capacity. It is also possible to allow a property and financial affairs LPA to subsist prior to loss of capacity if the donor wishes to have another person act for them in particular circumstances or for a period of time
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