Wills, Powers of Attorney and Deeds of Variation
Our sister firm, jBwills Ltd, provides Wills, Powers of Attorney and Deeds of Variation preparation services, providing security, peace of mind and freedom of choice when dealing with complex situations.
Anyone, regardless of their age, can benefit from the peace of mind of setting their affairs in order. Preparing a will is also a perfect opportunity to review inheritance tax liability and put in place any planning to reduce the burden of inheritance tax.
Powers of Attorney
A Lasting Power of Attorney (LPA) is a legal document which enables you to appoint a person or persons to look after your affairs in the event of mental and/or physical incapacity, whether due to infirmity and old age, illness or accident. There are two types of LPA:
- LPA Property and Financial Affairs – An LPA to cover the management of your financial affairs.
- LPA Health and Welfare – An LPA to cover the management of your personal matters, such as medical care.
Deeds of Variation
A Deed of Variation is a device by which the original beneficiary of a Will can redirect the legacy or entitlement to a third party without any tax consequences for the original beneficiary. This allows the terms of the Deed of Variation to be written back into the Will (or alter the Intestacy rules) for Inheritance Tax & Capital Gains tax purposes as though the new gift had been made by the deceased.