Inheritance and Trustees' Powers Bill enacted.
The Inheritance and Trustees' Powers Bill has received royal assent and will come into force on 1 October 2014. It simplifies the intestacy rules for England and Wales, in particular abolishing the spousal life interest trust. It also amends the Inheritance (Provision for Family and Dependants) Act 1975 and the powers for trustees to apply income and capital under the Trustee Act 1925.
Dealing with money and paperwork can be difficult if you become unable to manage your personal affairs for any reason, and in ill health it may be impossible. The same can be equally said if you are a business owner.
Before that happens it might be easier to appoint a trusted representative – known as an Attorney – who can look after your personal finances and welfare for you should the situation arise. It is arguably more important that this is done for your business.
The Lasting Power of Attorney or LPA is a legal document which allows you to do this. If required you are able to have an LPA that deals with your personal affairs and another dealing with your business affairs.
Please click here for details on the Lasting Power of Attorney.
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