24/11/2021
Making a plan and adapting it to meet your changing circumstances can help you make sure you don’t miss out on valuable tax allowances. Inheritance Tax is a complex subject which is why taking expert advice can help you not pay more tax than you need to and ensure your estate goes to the right people in your life.
If you were too ill, or injured to deal with your finances who would look after them for you? Spouse or partner?
Well, unless you have a Lasting Power of Attorney in place, they won’t be able to and if you have a joint account with them, then that could be frozen along with the rest of your assets too.
Mental capacity is the ability to make a timely decision or take a particular action for yourself. People who can’t do this are said to ‘lack capacity’. Dementia, a severe learning disability, a brain injury, a mental health illness, a stroke and unconsciousness caused by an anaesthetic or sudden accident can all be examples of this.
Financial decisions cover your financial affairs and business matters including:
• Using a bank account and credit cards
• Buying, selling or renting a room, house or flat.
• Getting a loan
• Insurance or mortgage from a bank or finance company
• Paying bills and household expenses
If you haven't made a Lasting power of attorney *(hint hint)* the Court of Protection will appoint someone for you. This may not be the person you would have chosen and not only that, but the process is also a long, costly one!
Feel free to get in touch if you wish to find out more!
Lasting Powers of Attorney are not part of the Quilter Financial Planning offering, and are offered in our own right.
Quilter Financial Planning accept no responsibility for this aspect of our business.
