Personal Protection
Are you and your assets protected?
Most of us want to protect ourselves from the uncertainties that life can throw at us. This is why we insure our house against burglary and our car against theft. But, what steps have you taken to protect yourself and your assets should the worst happen? All too often we put this off until a 'later date' when it often turns out to be too late.
We can help you take the necessary steps to protect your assets as well as your health and personal welfare should you become unable to do so in the future. Set out below are some of the ways that we can help you and provide the protection that you might one day need.
Care Home Fees - As most of us are now living longer the chances that you will require some kind of professional care in old age have greatly increased. With the cost of even the most basic residential care at around £30,000 per year, the question of how you would fund that care can be a real worry. Some people wrongly assume that they can avoid care home fees just by putting their house into their children's names. Not only would this be ineffective to protect your assets, it could result in you losing your home if your children get into financial or matrimonial difficulties.
We can help you plan for the future by advising you of the ways in which you could protect your assets, including your home, from care home fees. Without professional advice everything for which you have worked so hard could be lost, depriving your family of the inheritance you had hoped to leave them.
Furthermore, if you or someone that you know is about to go into care, we can advise you on the complex funding rules that apply and ensure that you or your relative receive the help that you are entitled to. We can also advise on funding options such as long term care plans and offer financial advice on investment and equity release.
Lasting Powers of Attorney (LPA) - Another area of concern is who would handle your financial or personal affairs if you become incapable of doing so? This does not affect just the elderly: anyone can have an accident or suffer illness at any time which leaves them incapable of managing their own affairs even if only for a relatively short period of time.
Contrary to popular belief, in the absence of an LPA or an existing Enduring Power of Attorney (EPA) no one, including your spouse, has the legal right to manage your financial affairs or make decisions about your health and personal welfare on your behalf. It is crucial that someone you trust with the relevant experience is appointed as your 'Attorney' to handle your personal and financial affairs.
Property & Affairs LPA - This enables you to appoint someone, called an 'Attorney', who you trust and who has the relevant experience to manage your financial affairs. If you do not have anyone suitable, we are able to act as your Attorney and manage your affairs on your behalf.
If an LPA or EPA is not in place you can suffer real problems as bills can remain unpaid, there is no one to manage your finances and investments, there would be problems if you need to sell your house, and any business you own would face serious difficulties.
There are also sadly many reported cases of people taking advantage of those who become incapable of managing their own affairs. Some people have lost substantial sums of money because they have not made an LPA (or a valid EPA) to appoint someone they know and trust to manage their affairs. Personal Welfare LPA - This enables you to give someone who knows your views on your health and personal care the authority to manage your affairs. Under the LPA you can set out guidance for your attorney and also set out conditions regarding issues such as where you live or what medical treatment you receive.
We know from our clients that many do not want decisions about where they live and the care they receive to be made by total strangers. Similarly they do not want decisions about what medical treatment they receive or whether or not they have a life saving operation to be made by medical staff who are unaware of their moral, religious or personal views.
As highlighted on television recently, many people also want to have some control as to whether they should have to continue living with pain or whether they could be allowed to die with dignity. You can give your attorney the authority to refuse consent to life sustaining treatment on your behalf in order to end your life if you become incapable of making that decision yourself at the time.
At Symes Robinson & Lee our experienced and understanding staff will give you guidance and advice in all of these areas. We can also advise on related issues such as Wills, tax planning and trusts.
If you would like to discuss asset protection with us in more detail please call 01363 775566 to arrange your free initial appointment or email mrj@srl-solicitors.co.uk
