Powers Of Attorney

Quite simply, everyone, over the age of 18, should have one of these in place! It may never be needed but like all good forms of insurance, the time to organise one is when all is well and mental capacity is not an issue. A Power of Attorney allows a loved one or trusted individual to step into the shoes of someone who may have suffered a sudden stroke, or who has started to demonstrate mental behavioural issues and who then starts to find it difficult to make decisions for themselves or handle financial matters. In Scotland, The Office of The Public Guardian (Scotland) administers the Power of Attorney process and they actively encourage GD Estate Planning and other like-minded organisations to spread the word and to arrange Continuing and Welfare Powers of Attorney for as many people as possible. The Continuing element of a Power of Attorney in Scotland means the loved one or trusted person (The Attorney) being able to look after the business and financial affairs of an individual (The Granter) and the Welfare element means just what it says in allowing the Attorney to make personal care and health decisions on behalf of the Granter.

Wills

Not surprisingly, GD Estate Planning would advocate that everyone should also have a Will in place. That is anyone over the age of 18 and who operates a bank account, works, owns property and may own other assets, regardless of value or quantity. Approximately 75% of the UK population do not have a Will in place and of the other 25% who do, very often the Will is out of date and may not be appropriate to the individual's current personal situation. A Will can be as complex or simple as circumstances dictate but it never needs to be set in stone as a newly-formed and signed Will automatically revokes or cancels out whatever has gone before. Wills can be used in a variety of ways to distribute wealth amongst family members but can also be used to protect assets during life and beyond if necessary. It is vital that a completed Will is safely and securely stored out of harm's way. A copy is no good after death and only the original document can do the job it was set up to do. GD Estate Planning can offer a legal document storage service, for a small annual fee, which also covers any future minor amendments that a client might wish to make to their Will over time.

Long-term care and later life choices

Nowadays, with advances in medicine and more accurate early diagnosis of various illnesses or physical ailments, people are generally living longer. The downside to this increasingly familiar trend is that mental capacity and often physical incapacity, can mean that a person is no longer able to live independently, deal with their own personal affairs (financial and/or health related) or make appropriate and safe decisions for themselves. Whilst a Power of Attorney can help in the early stages, very often long-term personal and/or nursing care is required, no matter how hard a family may try to cope on their own. Graeme Dunn, the Principal of GD Estate Planning speaking from very personal experience with his own Mother who suffered from severe Alzheimer’s, “I did try my best along with her local council carers calling four times a day. However, the time came when I had to concede that a care home was the best and safest option until she passed away”

The process of finding a home with a vacancy or short waiting list is only part of it. GD Estate Planning can talk you through the whole long-term care process regardless of whether the family member has assets which might need to be used to pay for long-term care or how things are handled if someone has no material assets to speak of but still needs the safe environment of a care home. A lot of people are completely unaware of what the legal position is when a local authority is involved via their Social Work Department, in finding a suitable vacancy for long-term residential/nursing care. It can be very confusing and upsetting, so we can provide advice on all aspects, thus de-mystifying the process and enabling clients to put plans in place well before long-term care ever becomes an issue, thus de-stressing any future scenarios and providing much needed piece of mind.

Other topics to be aware of at any time but particularly in later life

Inheritance Tax

Capital Gains Tax

Gifting assets to family members or friends

GD Estate Planning are happy to provide general or specific advice appropriate to each client’s situation regarding any of the above.