The near-Dickensian language of a Will doesn’t half make the clarity of its contents harder to grasp, doesn’t it?
And then there’s LPAs, which come with limits that catch you out. Things like what an attorney can and can’t gift, whether they can set up a trust, what happens if the attorney themselves loses capacity.
So if you’re prone to befuddlement – and, let’s be honest, who isn’t? – then tune into this conversation with Shaun Moore, Technical Specialist at Quilter.
Because Shaun joined us for a lunch-hour conversation that’s all about deciphering what wills and LPAs actually say.
But this isn’t about which form to fill in or which portal to log into. It’s a planning conversation about why these documents matter, what they can and can’t do, and what paraplanners need to look out for.
And with pensions becoming vulnerable to IHT, and plenty of plans now out of date, this is the ideal time to revisit both documents.
So during this Assembly we covered
- why pensions coming into the estate means old wills need a second look
- Residence Nil Rate Band (RNRB) pitfalls and old discretionary trusts left over from before the transferable nil rate band
- deeds of variation, and what your options are when a will hasn’t been drafted well
- investment powers in will trusts, including bonds for life tenants, STEP provisions and when the Trustee Act 2000 defaults apply
- the limits on what an attorney can do, including gifting and setting up trusts
- LPAs and discretionary fund management, and the Office of the Public Guardian’s reversed guidance on discretionary fund management (now allowed unless the document says otherwise)
- what happens when an attorney themselves loses capacity, and whether a will can be changed or revoked
What can you expect to take away?
Watch or listen and you’ll gain a clearer idea of the role of wills and LPAs so you can spot the planning opportunities.
