The legal provisions that provide vital protection for your property and assets

WHILE MANY OF US HOPE TO LEAVE AN INHERITANCE FOR OUR LOVED ONES, THERE ARE SOME KEY COMMON MISCONCEPTIONS IN PLACE - BUT EXPERT HELP IS AVAILABLE FROM THE TEAM AT ILAWS

FOR most of us, the home we live in will be the most expensive thing we ever buy. It will be the destination for a significant amount of the money earned over the course of our lifetime, but it will also represent so much more than that financial investment.

Not simply bricks and mortar, it is the place where a family grows and develops and regardless of how long is spent in any one property, memories will be made there that last a lifetime.

In many cases, the intention will be to pass the property on to your loved ones in the form of an inheritance. But that’s by no means guaranteed, particularly if yourself or your spouse are required to go into care something which is becoming an increasingly common occurrence.

In these cases, should they be required to do so to cover the costs of your care - which on average total around £50,000 per year - local authorities across Scotland are able to seize your assets, including any property and savings.

But there are certain legal protections you can put in place to prevent this from happening - and ILAWS are the experts in this field.

Tony Marchi, principal of the independent legal and Will-writing specialist explained how it is of the utmost importance to ensure you have a valid will, but that not even that provides full protection in and of itself. “A Will is a good start,” explained Tony. “But you should look at the legal ways of protecting your home via trusts or titles - a route that thousands of our clients have now gone down. “Lots of people put off writing a Will

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“The coronavirus has shown us how uncertain life can be. Now is the perfect time to set out your wishes for the future.

“If you own a property, you should 100 per cent have a Will. Most people think that when you die, all your assets will automatically go to your next of kin, but that’s not the case.”

Without a valid Will document in place, the unfortunate passing of one partner, even if the couple have been legally married for some time, can cause significant issues for those left behind.

“Nowadays, there are many blended families, and a Will makes sure your estate goes to the people you want it to go to,” said Tony.

“But even if you’ve been with your spouse since high school and there are no children from previous marriages, if you don’t have a Will in place, it will take a lot of time, money and hassle to settle your estate.

“Should you end your days in care, the Government will attack all your assets, including your home.

“Although you cannot be seen to be delibritatly depriving the local authority of care fees, with proper planning, this need not be the case as there are ways to protect the family home for the next generation.

“This can be done through transferring the title of your home, or through lifetime trusts, also known as property protection trusts or asset protection trusts.”

In addition to Wills and trusts, there is a further legal provision called Power of Attorney, which grants the authority to someone you trust to make decisions relating to your care and assets on your behalf should you ever find yourself incapacitated and unable to do so.

“It doesn’t mean you are giving power away or not having control over your own life - PoA can only be exercised with your permission, or if you are unable to act for yourself,” explained Tony.

“If you and your family are faced with a medical emergency, having a PoA can be a life-saving document. If you’re in hospital, no one can make decisions for you if you can’t make them for yourself unless you have a PoA.

“And sometimes doctors won’t administer treatment or medication or carry out an operation if there’s any risk to you, even if your spouse or children wish them to do so.

“There’s a common misperception that ‘next of kin’ has the same official standing, but this is not the case.”

It is not only in matters relating to dementia or Alzheimers where a valid Power of Attorney can prove so significant.

“Recently, a client’s daughter was on the phone to 111 because her mother had a urinary infection,” added Tony.

“After two hours of waiting to speak to someone, she was told that unless her mother came to the phone, it would not be possible to discuss the case or her medical history - unless there was a PoA in place.

“Her mother was in such significant pain she could not move and get to the phone, but because she had taken out a PoA with us six months earlier, the daughter was able to deal with all and ultimately ended up collecting a prescription for her mother that very same day.

“That’s not the sort of incapacity you generally think about, but it’s a real-life situation that does happen, so everyone should have a PoA in place.”

Power of Attorney can easily be set up over the phone, online or by booking an appointment in an ILAWS office. Bookings can be made now on Freefone 0800 049 9688.