Children & Their Future

The Lasting Power of Attorney (‘the LPA’) was introduced by the Mental Capacity Act 2005 and came into effect on 1st October 2007. It replaces the Enduring Power of Attorney (‘the EPA’) although an EPA made before 1st October 2007 will continue to be valid.

A lasting power of attorney is a legal document where a person gives another person or persons (the ‘attorney’) authority to make certain decisions on his or her behalf.

There are two types of LPAs to cover the two areas, a health and welfare LPA and a property and financial affairs LPA.

Geldards can help you with both types of LPAs and also any EPAs made before 1^st October 2007.

If a person lacks the mental capacity to make decisions for themselves and they do not have an LPA or EPA in place, then an application can be made to the Court of Protection to become their deputy.

As a deputy, you’ll be authorised by the Court of Protection to make decisions on their behalf.

You can apply to be a deputy if you’re 18 or over. Deputies are usually close relatives or friends of the person who needs help making decisions.

As an LPA is done in advance, you can choose who you wish to be your attorney and make decisions for you if you are unable too.

When a deputy is appointed, the court will consider the application and have the final decision on who should be appointed.

The process of becoming a deputy is far more time consuming and incurs higher fees, compared to putting an LPA in place whilst you have the capacity to do so.

Yes, planning for the future of your family or business in the event of your death is one of the most important steps you can take to safeguard a comfortable future for those you leave behind.

Your will lets you decide what happens to your money, property and possessions after your death and ensure your estate is dealt with in the way you choose.

It is equally important that your will is safeguarded against disputes by seeking professional help, to ensure your will is not only legal but tax-efficient and takes advantage of the appropriate exemptions and reliefs to reduce the burden of Inheritance Tax.

Every person’s needs are individual and speaking with an expert Future Planning solicitor will ensure that your disabled or vulnerable child’s needs are protected.

This can include everything from setting up appropriate and tax efficient Wills and lifetime trust provisions to dealing with the Court of Protection.

A trust is a form of asset management. This can include money, investments, land or buildings.

It is a legal arrangement created either during lifetime by deed or on death under a will whereby trustee(s)) holds property on behalf of the beneficiaries.

Trusts are often set up in Wils to protect and control assets and affairs for someone who is incapable of doing so themselves.

For more information on trusts visit our Wills and trusts page.

Discretionary trusts are a more flexible form of trust where the trustee(s) can distribute capital and income at their discretion from a list of potential beneficiaries named in the trust document. No beneficiary of this type of trust has an automatic right to income or capital as it arises.

As previously mentioned, these trusts are more flexible as you might not know how much your beneficiaries might need in the future, so you can leave that responsibility to the trustees.

Probate is the legal process of dealing with the property, finances, and assets of someone who has died.

It involves proving the will is legal and confirming who has authority to manage the estate, who are called the executors.

If there is no will, they will instead need letters of administration so that an administrator can be appointed to deal with the estate.

Whether probate is needed will very much depend on the assets held in the estate and it is recommended to speak to a member of the Probate team if you have any questions.