Trusts and Powers of Attorney

Everyone needs to plan ahead for the future, no matter how complex or how simple their estate is.

Trusts

A Trust is a mechanism of securing money or property by transferring it to a Trustee to be held (on trust) for others or yourself until a specified point or for a specific task.

A simple example could be a couple buying their first home together but contributing unequally to the purchase. They can enter into a Trust Deed which sets out that when the property is sold the proceeds are split as per their wishes (which can be equal or unequal).  This can avoid costly legal argument in the event that the parties relationship breaks down, the Deed also acts as a mechanism for sale should such a dispute arise.  We draft many such Deeds for our conveyancing clients and recommend this to any unmarried clients buying jointly.

Trusts are also a useful tool both during someone’s lifetime by entering into a Declaration of Trust, or following death by establishing a Trust when drafting their Will perhaps to protect funds for a child or a disabled person.

If you have any queries regarding setting up a Trust or protecting your interest in a property please do not hesitate to contact Luke Almond on 01227 812689 or complete the enquiry form below.

 

Lasting Powers of Attorney

We have an ageing population, nearly 1 in 6 people in are now over retirement age but we all know that accident and illness can strike at any age without warning and having a power of attorney in place can ensure that you have the right person looking out for you and your assets.

A Lasting power of attorney is needed where you (the donor) wish give power to a nominated person (attorney) of your choice to make decisions in relation to your personal welfare and/or your property and affairs on your behalf when you are no longer capable of doing so yourself.

You can’t use a lasting power if you can’t give instructions to us to prepare it and the alternative is much more longwinded, expensive and difficult to manage.

Through an attorney you can ensure your wishes are carried out, such as instructing when registering the LPA specific requests for your attorney to undertake also appointing an attorney of your personal choice ensures that your property and financial affairs are maintained and invested correctly by a person whom you trust.

Without a Lasting Power of Attorney (LPA), your family and friends will not have legal authority to manage your affairs on your behalf. Having an LPA in place will avoid the need to apply to the Court of Protection for a deputyship order, which can be expensive and time-consuming.

If you have any queries regarding setting up a Lasting Power of Attorney or questions regarding whom to name as an Attorney please do not hesitate to contact Luke Almond on 01227 812689 or complete the enquiry form below.