Planning For The Future

Our experienced private client solicitors explain a number of ways in which you can put legal protection in place for yourself and your loved ones.

Your home

When looking to “put your house in order” it is useful to check how the title to your house is registered. If it is in joint names does it include a “survivorship” provision so that the title automatically passes to the survivor if one owner dies? This might seem like an attractive proposition but is actually very inflexible and can lead to unexpected (and undesirable) consequences. We would always recommend that you remove any survivorship clause in the title – something which can be done quickly and cheaply.

Powers of Attorney

A Power of Attorney is a simple way to ensure that someone you know and trust can look after your affairs if you are unable to do so yourself. This is very important for people of all ages as, while the risk of dementia or strokes etc. may increase with age, accidents can happen to anyone at any time. A Power of Attorney makes things easier for those who have to care for you and, crucially, the alternative – a formal guardianship ordered by the Court – is an expensive, time consuming and difficult process.

Living Wills

Modern medicine can keep people alive long after their quality of life deteriorates to a level most would judge unacceptable and many people have a horror of the indignity and suffering which this implies – both for them and for their families. By granting a Living Will, or “advanced medial directive” you can give instructions to your doctors in advance, indicating that when the time comes you do not wish artificial means to be used to keep you alive at all costs but wish simply to be kept comfortable and to be allowed to die peacefully and with dignity.

Wills

Everyone should have a Will. The Scottish Law of Intestacy (where you die without a Will or “intestate”) is not well understood and can result in unexpected consequences – it is not true for example that a spouses or civil partners will automatically inherit everything. In making a Will you can choose your beneficiaries, obtain advice on the claims of other family members, put protection in place for young or vulnerable beneficiaries and in some circumstances mitigate your potential Inheritance Tax exposure. Preparing a Will is one of the most valuable things you can do to make life a little easier for those left behind.

Inheritance Tax

If you are fortunate enough to have a problem with inheritance tax – which only affects those with assets exceeding the current tax free allowance of £325,000 – or up to £650,000 for married couples or civil partners – then there are a number of things which can be done. There is no magic solution to Inheritance Tax but with expert advice it is certainly possible to reduce the Taxman’s share and to increase what goes to your loved ones. You can find the current Inheritance Tax rates and thresholds on the Gov.uk website.

At ELP Arbuthnott McClanachan, our solicitors offer a personal service providing legal advice tailored to your own specific circumstances. If you have any queries or if you would like to discuss any of the matters referred to in this article then please do not hesitate to contact us.