PROMOTION Later Life Planning Jane Burbidge of Forbes Solicitors explains the importance of planning for later life. etirement is a significant life event and often coincides with a change in your financial circumstances. Whilst soeting your legal affairs might not be at the top. inheritance tax (1HT) and consider how you could reduce any tax payable, either in your Will or during your lifetime with gifts or the use of member or friend would have to make an expensive and time consuming application to the Court of Protection and suffer annual administrative requirements trusts You can give authority to your attorneys to assist you with your financial affairs, inclading property of your to do list, dealing with matters If the value of your estate is less than sooner rather than later will give you peace of mind that you are peotected. the IHT threshold currently E325,000 (Nil Rate Band NRB) then there will be no HT payable. Anything which passes to a surviving spouse/civil partneris free of tHT. An additional allowance is available in certain and/or your health and welfare. Wills The most important consideration is to make a Will. We spend our lives working to provide for ourselves and our loved ones and a Will is the An LPA can only be drawn up whilst you have mental capacity, the key is to deal with it sooner rather than circumstances if your home is left to your children or grandchildren. later whilst your health is not surest way of prowiding for others after your death, ensuringyour estate passes to who you want it to. If you do not make a Will your estate may not automatically pass to a surviving spouse/civil partner and unmarried partners will not automatically inherit Unused allowances can be an issue transferred to surviving spouses civil partners, which could double Think of LPAs like an insurance policy to protect you should you need it in the future, giving you and your family piece of mind. the allowances available. Lasting Powers of Attorney Have you considered what would happen if you were unable to manage your financial affairs or make decisions over your healthcare or medical treatments due to an accident, old age or illness? Ifyou already have a Will it is also important to consider reviewing it. Changes in family, financial circumstances or the law may mean your Will no longer reflects For more infomation visit www.forbessolicitors.co.uk or contact Jane Burbidge by email jane.burbidge@forbessolicitors.co.uk Lasting Powers of Atormey (LPA) allow you to appoint the person or people (your attorneys) you would like to take those key decisions for you. Without it, a family or call 01772 220 022 your current wishes or includes unnecessary complications You should also think about whether your estate is likely to be liable to Together forbes we are forbessolicitors. Offces in Accrington, Blackbun, Central Lancashire, Chorley Leeds, Manchestor and Preston www.forbessolicitors.co.uk PROMOTION Later Life Planning Jane Burbidge of Forbes Solicitors explains the importance of planning for later life. etirement is a significant life event and often coincides with a change in your financial circumstances. Whilst soeting your legal affairs might not be at the top. inheritance tax (1HT) and consider how you could reduce any tax payable, either in your Will or during your lifetime with gifts or the use of member or friend would have to make an expensive and time consuming application to the Court of Protection and suffer annual administrative requirements trusts You can give authority to your attorneys to assist you with your financial affairs, inclading property of your to do list, dealing with matters If the value of your estate is less than sooner rather than later will give you peace of mind that you are peotected. the IHT threshold currently E325,000 (Nil Rate Band NRB) then there will be no HT payable. Anything which passes to a surviving spouse/civil partneris free of tHT. An additional allowance is available in certain and/or your health and welfare. Wills The most important consideration is to make a Will. We spend our lives working to provide for ourselves and our loved ones and a Will is the An LPA can only be drawn up whilst you have mental capacity, the key is to deal with it sooner rather than circumstances if your home is left to your children or grandchildren. later whilst your health is not surest way of prowiding for others after your death, ensuringyour estate passes to who you want it to. If you do not make a Will your estate may not automatically pass to a surviving spouse/civil partner and unmarried partners will not automatically inherit Unused allowances can be an issue transferred to surviving spouses civil partners, which could double Think of LPAs like an insurance policy to protect you should you need it in the future, giving you and your family piece of mind. the allowances available. Lasting Powers of Attorney Have you considered what would happen if you were unable to manage your financial affairs or make decisions over your healthcare or medical treatments due to an accident, old age or illness? Ifyou already have a Will it is also important to consider reviewing it. Changes in family, financial circumstances or the law may mean your Will no longer reflects For more infomation visit www.forbessolicitors.co.uk or contact Jane Burbidge by email jane.burbidge@forbessolicitors.co.uk Lasting Powers of Atormey (LPA) allow you to appoint the person or people (your attorneys) you would like to take those key decisions for you. Without it, a family or call 01772 220 022 your current wishes or includes unnecessary complications You should also think about whether your estate is likely to be liable to Together forbes we are forbessolicitors. Offces in Accrington, Blackbun, Central Lancashire, Chorley Leeds, Manchestor and Preston www.forbessolicitors.co.uk