Are there different types of Powers of Attorney?
Yes – there are three different types; Enduring, Lasting and Ordinary. Enduring Powers of Attorney are Powers of Attorney which were in place before October 2007.
What is a Deputy?
A Deputy is appointed by the Court of Protection to make decisions on behalf of someone who has lost or lacks capacity to make decisions for themselves.
What is a Will?
A Will is a legal document which sets out your instructions for what you want to do with your assets and property when you have passed away. It also sets out who should look after any children that you have who are under 18 years when you have passed away.
Why would I want to set up a Trust?
Trusts are used to protect assets for a number of reasons, eg:
- For beneficiaries who are unable to manage their own affairs
- To protect compensation in personal injury or clinical negligence claims
- To specify your share in a property
- To protect assets for the family
- To mitigate capital gains tax or inheritance tax
- To ensure that a beneficiary continues to receive means tested benefits.
Will I need a Grant of Probate to deal with probate?
Not necessarily. Not all estates will need a Grant of Probate. It depends on the assets in the estate. If there is a property which will change hands, then a Grant is always required. If there is no property, then the financial organisations will determine whether a Grant is required and it will depend on how much that organisation holds for the person who has passed away. If one organisation needs to see the Grant of Probate, then it is often the case that they will all need to see it then.