15 Dec Information about Estate Planning, Will and Testament, Power of Attorney and Probate by Mounteney Solicitors
Mounteney Solicitors have kindly provided some useful information about Estate Planning, Will and Testament, Power of Attorney and Probate.
Estate Planning
Estate Planning is simply a term used to arrange your financial wealth efficiently and to protect your loved ones both during and after death. It is vital to ensure that your family and loved ones are protected in the future.
Last Will and Testament
Writing a Will is one of the most important decisions when planning for the future. It ensures that assets are distributed exactly as intended, helps to prevent disputes, and can reduce the burden of inheritance tax, legal costs and administration for loved ones.
Lasting Powers of Attorney and Court of Protection
A Lasting Power of Attorney (LPA) is a legal document which allows an individual to appoint someone they trust to make decisions on their behalf if they become unable to do so themself. It can cover financial affairs, health and welfare decisions, or both. Preparing an LPA is one of the most important steps that can be taken to protect an individual’s future and ensure that future decisions for and about them, are made by the people they trust most.
The Court of Protection makes decisions on financial, or welfare matters for people who can’t make them for themselves.
Probate
Estate administration is the legal process of managing and distributing a deceased person’s assets e.g. their property, money and possessions, known as their estate. Probate is the legal right to deal with ‘estate’ when death occurs. All financial institutions have their own rules and thresholds when it comes to probate.
Losing a loved one is difficult, and dealing with their estate can feel overwhelming – this is completely normal.
Mounteney Solicitors have an Estate Planning team with offices across the Stockport area in Bramhall, Cheadle, Hazel Grove and Heald Green.
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Jonathan Alcock and Sons Ltd and George Hill Funeral Directors are not affiliated with or sponsored by any of the entities referenced.