CARA Estate Planning

14/06/2023

Setting up a power of attorney in Scotland can provide several important benefits and reasons. Here are the top reasons to establish a power of attorney in Scotland:

1. Incapacity Planning: A power of attorney allows you to plan for the possibility of future incapacity. By appointing trusted attorneys, you ensure that your financial, welfare, and healthcare decisions will be handled by someone you trust if you become incapable of making them yourself.
2. Personalised Decision Making: With a power of attorney, you have the opportunity to choose who will make decisions on your behalf. This ensures that your attorneys are familiar with your values, preferences, and priorities, and can make decisions that align with your wishes.
3. Financial Management: A power of attorney enables your attorneys to manage your financial affairs, such as paying bills, managing investments, and selling or buying property, ensuring that your financial matters are handled competently and in your best interest.
4. Welfare and Healthcare Decisions: By establishing a power of attorney for welfare, you empower your attorneys to make decisions regarding your personal welfare, medical treatment, and living arrangements. This ensures that your healthcare preferences are respected and your welfare needs are met.
5. Avoiding Court Proceedings: Setting up a power of attorney can help you avoid the need for costly and time-consuming court proceedings, such as guardianship or intervention orders. It provides a clear legal framework for decision-making, reducing the likelihood of disputes or conflicts among family members.
6. Peace of Mind: Knowing that you have appointed trusted individuals to act on your behalf can bring peace of mind. It alleviates concerns about who will handle your affairs in the event of incapacity and ensures that your interests are protected.
7. Continuity and Efficiency: A power of attorney ensures the smooth continuation of your financial and personal affairs. It allows your attorneys to step in immediately when needed, avoiding delays and disruptions that may arise from the absence of legal authority.
8. Family and Loved Ones: Establishing a power of attorney can help ease the burden on your family and loved ones. It provides clear guidance and reduces the stress of having to make critical decisions without legal authority.
9. Asset Protection and Management: A power of attorney allows your attorneys to manage and protect your assets, ensuring that they are properly cared for and utilised for your benefit. This includes managing investments, dealing with financial institutions, and handling property matters.
10. Flexibility and Control: By setting up a power of attorney, you retain control over who will make decisions on your behalf. You have the flexibility to define the scope of authority, establish preferences and instructions, and make changes as your circumstances evolve.

14/06/2023

Top 10 reasons for setting up a Will

1. Control over Asset Distribution: Creating a will allows you to have control over how your assets will be distributed after your death, ensuring they go to the individuals or organizations of your choice.
2. Avoiding Intestacy Laws: Without a will, your estate will be distributed according to the intestacy laws of the UK. This may result in assets being allocated differently than you would have intended, and individuals who you may have wished to inherit could be left out.
3. Protecting Your Spouse or Partner: A will allows you to provide for your spouse or partner, ensuring they are financially protected after your passing. Intestacy laws may not prioritize their needs, especially if you are not married or in a civil partnership.
4. Appointing Guardians: If you have children who are under the age of 18, a will enables you to appoint guardians who will take care of them in the event of your death. This ensures that your children will be looked after by people you trust.
5. Minimizing Family Disputes: By clearly outlining your wishes in a will, you can minimize the potential for family disputes over the distribution of your assets. A well-drafted will provides clarity and reduces the likelihood of conflicts among your loved ones.
6. Business Succession Planning: If you own a business, a will can include provisions for the smooth transfer of ownership and management to your chosen beneficiaries or partners. This can help protect the future of your business and minimize disruptions.
7. Tax Planning: A will can be a tool for estate planning, helping you minimize inheritance tax liabilities. By making strategic decisions in your will, such as utilizing exemptions and reliefs, you can reduce the tax burden on your estate and maximize the amount passed on to your beneficiaries.
8. Charitable Giving: If you have charitable causes that are important to you, a will allows you to make specific bequests or leave a portion of your estate to charitable organizations. This can help support causes you care about and leave a lasting impact.
9. Appointing Executors: Through a will, you can appoint executors who will be responsible for managing your estate and ensuring that your wishes are carried out. Executors handle tasks such as gathering assets, paying debts, and distributing the estate according to your instructions.
10. Peace of Mind: Creating a will provides peace of mind, knowing that you have taken steps to protect your loved ones and that your wishes will be honored. It alleviates uncertainty and provides a sense of security, knowing that your affairs are in order.

04/09/2022

We're here for all our clients, especially those who are first Time Buyers and may have a few extra questions.

If you or someone you know are looking for a friendly, efficient and professional service, look no further! 💙

☎️ Call 01592 773772
💻 Visit our website https://buff.ly/303vX01

23/11/2021

Even the £86,000 cap can have a serious impact on your legacy to your family. If you have loved ones who live in England and want to find out how this may affect them, please contact us on 03450345740 or email [email protected]

The new lifetime spending cap will be based on some, but not all, of people's private contributions towards care.

22/11/2021

No Law for “Common Law”

More and more people are choosing to simply live together rather than enter into either marriage or a civil partnership with more than 3 million people in the UK opting for this lifestyle.

Unfortunately, many people still wrongly believe that as a “common-law partner” they will benefit from the same legal rights as those in legal unions.

The harsh reality is that the only automatic rights available to them is in relation to jointly owned property, or financial provision for any children under 18 where both parties are the parents. All other claims such as contributions to mortgage repayments, home improvements, or contributing to the purchase, or claims made under the Provision for Family and Dependants Act 1975, will result in litigation costs.

Whilst a Bill to protect the rights of all couples who have lived together for more than 3 years was presented to the House of Lords in 2019 they are still less than for those in a legal relationship. The Bill is currently awaiting its second reading in the Lords but new laws can take years to implement.

In the meantime, the public need to be made aware that unless they have a Will in place they could end up with no rights over the family home or their partner’s estate.

Contact us TODAY: 03450345740 or email [email protected]

01/11/2021

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If you're a landlord/property investor or you're just not sure what you're Capital Gains Tax or Inheritance Tax position is; why not contact us today to book a consultation with one of our Estate Planners? It's never too early to plan but it can be too late! Call 03450345740 or email [email protected]

CAPITAL GAINS TAX and Inheritance Tax changes could be on the horizon for Britons, despite the Chancellor failing to make any significant alterations to the levies in yesterday's Budget, an expert has warned.

26/10/2021

As usual, we've been assisting some interesting clients! We've just helped a couple who had written their own will, put a valid will in place which reflected their wishes and objectives. More importantly, it will be legal and binding. Would you let a mechanic perform open heart surgery? Let one of our specialist Estate Planners look after you and your family. It's what we do. Contact us to find out how easy it can be. Call 03450345740 or email [email protected]

21/10/2021

Pets are a big part of life in the U.K.. This week we have helped three clients ensure that their pets will be provided for in their wills. An important detail sometimes overlooked! We leave no stone unturned to make sure YOUR Will suits YOUR needs. Find out how simple this could be. Call us TODAY 03450345740 or email [email protected]

18/10/2021

Appointments available this week folks!!
If you're looking to get your Will and Estate Planning sorted, feel free to get in touch.