Henceforth Trust and Wills

19/06/2024

A question we get a lot is "Can I Change or Revoke a Will"

Changing or Revoking a Will
The answer is yes. Below explains how a will can be changed or revoked

Codicils:

A codicil is a legal document that makes minor changes to an existing will. It must be executed with the same formalities as the original will.

New Will:

Creating a new will typically revokes the previous will. The new will should include a clause stating that all previous wills and codicils are revoked.

Physical Destruction:

Physically destroying the will (e.g., tearing, burning) with the intent to revoke it can also nullify the document, but this method is less reliable and harder to prove.

11/06/2024

What happens if a loved one has lost mental capacity and doesn't have LPAs in place?

If a loved one has lost mental capacity and does not have Lasting Powers of Attorney (LPAs) in place, the situation can become complex. Here's what typically happens:

1. Decision-Making Without Legal Authority
Healthcare Decisions: Medical professionals will make decisions based on the best interests of the individual, often consulting with family members, but family members won't have the final say unless appointed by the court.
Financial Decisions: Banks and other financial institutions will freeze accounts to prevent misuse, meaning bills may go unpaid and financial affairs cannot be managed effectively.

2. Court of Protection
If decisions need to be made about the person's welfare or finances, an application must be made to the Court of Protection.
The court can appoint a deputy to make decisions on behalf of the person who has lost capacity. There are two types of deputies:
Property and Financial Affairs Deputy: Manages financial matters, such as paying bills, managing investments, and selling property.
Personal Welfare Deputy: Makes decisions about medical treatment and how someone is looked after.

3. The Process of Appointing a Deputy
Application: An application to the Court of Protection includes detailed forms and supporting information about the person's circumstances and the proposed deputy.
Assessment: The court assesses the application to ensure the deputy is suitable and the decisions are in the best interests of the person.
Appointment: Once appointed, the deputy receives a court order outlining their powers and responsibilities.

4. Responsibilities of a Deputy
Deputies must act in the best interests of the person, keeping their finances and welfare needs at the forefront.
They are required to keep detailed records of decisions and may have to report to the Office of the Public Guardian (OPG).
Deputies must follow the principles of the Mental Capacity Act 2005.

5. Costs and Time
The process can be time-consuming and costly. Court fees, legal fees, and ongoing supervision fees for the OPG can add up.
It may take several months to appoint a deputy, which can delay important decisions.

6. Interim Arrangements
While waiting for a deputy to be appointed, temporary decisions might be made by social services or healthcare professionals to ensure the person's immediate needs are met.
Conclusion
It is significantly simpler and more efficient to have LPAs in place before losing capacity, as this allows trusted individuals to manage affairs without needing to involve the court. However, if this has not been done, the Court of Protection provides a mechanism to ensure that decisions can still be made, albeit through a more complex and formal process.

06/06/2024

Visit our website for more information on how you can start protecting your Estate henceforthtrust.com

28/05/2024

- One in three (33%) adults who are aged 55 and over don’t have a Will

- Almost one in six (14%) don’t ever intend on making a Will in the future

- A quarter of those without a Will don’t think they have enough wealth to require them to make one

- Over two-fifths (41%) have zero concerns about not having a will

22/05/2024

Over 40,000 Homeowners were forced to sell their home to fund care last year. It's a worrying statistic for all of us looking forward. If you would like to know how to minimize the potential risks and safeguard the property you worked so hard for, speak to one of our advisors today.

21/05/2024

Take a look at our latest Blog post

How can I/we protect our children’s inheritance for their future?

Protecting your children's inheritance is a paramount concern for many individuals as they approach retirement age. Ensuring that your hard-earned assets are safeguarded and passed on to your children in the most efficient and effective manner requires careful planning and consideration. In this com...

16/05/2024

Using allowances to give tax free gifts

Each tax year, you can also give away some money or possessions free of Inheritance Tax. How much is tax free depends on which allowances you use.

Annual exemption
You can give away a total of £3,000 worth of gifts each tax year without them being added to the value of your estate. This is known as your ‘annual exemption’.

You can give gifts or money up to £3,000 to one person or split the £3,000 between several people.

You can carry any unused annual exemption forward to the next tax year - but only for one tax year.

The tax year runs from 6 April to 5 April the following year.

13/05/2024

Happy Monday to everyone! Wishing you all a great week ahead

10/05/2024

Our history in trust

Trusts have been used for estate planning and asset protection for centuries, and their usefulness and flexibility for these purposes have been proven by the test of time. The origin of trusts can be found in the eleventh century crusades. Crusading English knights left their manors and estates in the care of trusted friends for safekeeping while themselves away on crusade. However, trusts are not just some dusty, antiquated notion from manorial England!

Not only are trusts a well-established feature of the common law with a staid history, they are quite resilient and endure today as an innovative element of modern legal systems. The flexible character of trusts has allowed them to be adapted to the ever-changing global legal and financial landscape, meaning new uses and adaptations of trusts are constantly being developed to suit the needs of property holders worldwide

09/05/2024

What do I do if I dont have my LPAs and I have lost mental capacity. This artical will explain the process for you. With life planning its always better to be proactive!

COURT OF PROTECTION - In this article we answer all the questions you may have about being a deputy, court fees and court orders.

08/05/2024

What is an Executor and why you need one?

Executors are legally responsible for dealing with someone's estate after their death. It can involve a lot of work and responsibility, so it's important to choose your executor (or executors) carefully.

Anyone who makes a Will must name an Executor (or Executors)

If you would like advice on apppointing the Executor of your Will, please get in touch and we will guide you through the options you have.