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Why do i need a lasting power of attorney (property and affairs)
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Submitted by APS Legal And Associates (Amersham) If you do not have a Lasting Power of Attorney (Property and Affairs), then if for any reason you suddenly become unable to manage your own affairs, e.g. · If you are hospitalised or confined to bed · You become permanently incapacitated · You become mentally incapacitated as a result of stroke or dementia or for some other reason … then the only way that your financial affairs can be managed is by an application to the Court of Protection by a relative or your representative. This can take many months and cost up to hundreds of pounds to process. The Court will nominate a deputy to handle your affairs on your behalf who may not be who you would have chosen - it may even be a Court Official who will charge each time he or she acts for you. If you have a Lasting Power of Attorney (Property and Affairs), once registered with the Office of the Public Guardian your chosen representatives can act for you straight away if you become unable to handle your own affairs or if you become mentally incapacitated, but you can still carry on making your own decisions while you have the capacity to do so. You must be mentally competent to make a Lasting Power of Attorney – so act now so that when you need it, you have it in place. You may also want to consider a Lasting Power of Attorney (Personal Welfare) so that should you lack capacity, decisions may be taken by your chosen attorney(s) about matters such as where you will live and about life sustaining treatment for you. 
The effect of intestacy on the nil rate band.
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Submitted by Shaws Wills ´Married Couples´ includes same sex registered civil partners. The Nil Rate Band is that part of the estate which is not charged to inheritance Tax. In 2009 the NRB is £325,000. Certain types of business property and agricultural property , and some gifts and regular expenditure are also exempt. Clients should seek advice . From the end of 2007 when the first person dies if they leave everything to the surviving spouse and have not made gifts in the last 7 years then the surviving spouse will leave two Nil Rate Bands. however if there have been gifts within 7 years of death or in the Will ( other than to spouse) the NRB of the first to die is reduced proportionally. In order to carry forward the NRB of the first to die there has to be documentary proof. This may be difficult to produce where the death was many years ago. In many cases it may be possible to obtain copies of documents from the Probate Registry, but in the case of small estates, the administration of the estate may not have required Probate. It is therefore most important that widows and widowers are advised now to find those papers if at all possible. If a person has died intestate leaving a spouse and children ,then only the first 250,000 and a life interest in half the remainder is inherited by the wife. The remainder of the estate goes to the children. This portion uses up part of the Nil Rate Band and will be expressed in percentage terms. It will reduce the amount available free of Inheritance Tax at the time of the death of the second spouse. It is clearly important NOT to die intestate and to take expert advice about asset protection and provision for the family.
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