A lasting power of attorney (LPA) is a document by which one person (the “donor”) gives another person (the “attorney”) the power to act on their behalf and in their name.
There are two types of LPA – health and welfare and property and financial affairs. Without an LPA, no one is permitted to make decisions in your best interest should you become unable to make decisions for yourself.
Here's our quick guide to lasting powers of attorney.
It's never too early to organise lasting powers of attorney. As independent financial advisers, we can help you and your loved ones to organise lasting powers of attorney. Call 0117 3636 212 or email office@haroldstephens.co.uk to book a free consultation.
If a loved one has lost the capacity to make decisions before arranging Lasting Powers of Attorney (LPAs), you will need to apply to be a Deputy with the Court of Protection in order to assist them.
There are many difficulties in following this process which is not only costly but also time consuming and will sadly not always been granted.
Find out what’s involved and how you can avoid having to deal with the Court of Protection.
We are delighted to announce Richard Higgs has joined the Board of Trustees for Bristol charity, BRACE Dementia Research. BRACE funds world class clinical and laboratory research into Alzheimer's and other forms of dementia to find better treatments, achieve earlier diagnosis and one day, a cure.
Richard becomes the twelfth member of the Board which is made up of a mix of financial, legal, business and medical experts. The Trustees are responsible for the good governance and strategic direction of the charity.
Richard is hoping his extensive experience in finance and marketing will further strengthen the Board and help the charity achieve its aims.
Without a property and financial affairs Lasting Power of Attorney, no one is permitted to manage your financial and legal affairs should you become unable to make decisions for yourself. Even if you are married, in a civil partnership or have adult children, no one will be allowed to make important decisions without going through an extremely intrusive, time-consuming, and expensive guardianship process.
Find out how engaging with a financial adviser to organise your LPA could help.
Finding it hard to keep up with all the budget changes this year?
Join Richard Higgs for an analysis of what the Autumn Statement means for your later life financial planning. The webinar covers income tax, dividends, capital gains tax, EIS and VTCs, inheritance tax, pensions and social care - a very comprehensive analysis for you!
An update on what BRACE Alzheimer's Research charity have been working on this autumn. We loved attending the Together 4 Dementia Conference and can't wait to attend more BRACE events!
We are passionate about helping people living with dementia and their families. If you need help with financial planning, be assured we have extensive experience and the training required to give you clarity and confidence to make the right decisions for your circumstances.
The end of the year has come around so quickly, I can’t believe it’s time to start planning for 2023 already!
I want to share a checklist to help you get financially prepared for 2023. If you manage to tick all of these off, you’ll have the clarity and confidence to make your financial plans a reality.
Did you know you can reduce your inheritance tax rate from 40% to 36% through charitable gifting in your Will? This could result in a significant reduction to any large inheritance tax bill. Watch to find out more.
For many, the prospect of passing on wealth to future generations is a significant motivation for carrying out financial planning. Knowing that your hard-earned nest egg is going to be used to help loved ones with major milestones such as going to university, getting married or buying a house can be extremely gratifying.
Having a conversation with your family about your intentions is not always easy especially when managing other’s expectations. Read on to find out how we can help.
Introduced in 2017, the Residence Nil Rate Band (RNRB) is an amount additional to the Nil Rate Band (NRB) that could be passed on tax-free against the value of the family home. The RNRB could save you tens of thousands of pounds worth of inheritance tax but the rules aren’t that simple.
Richard Higgs explains what you need to know in this brief video.
We are delighted to announce Harold Stephens have won the ‘Company of the Year - up to 5 advisers’ award in the 2022 Just Group Vulnerable Customer Awards! We are also ecstatic to report Richard was Highly Commended in the Vulnerable Customer Champion award.
The whole team are over the moon at receiving this recognition from industry peers!
You may be aware of the '7 year rule' for gifting with regards to inheritance tax (see our guide for full details if not). It is news to some, however that you may need to look even further back - 14 years to be exact - to ensure you are not liable to pay inheritance tax. Find out more in the video and as always, if you have any questions please don't hesitate to get in touch for a complimentary review of your financial circumstances.
Independent Financial Adviser, Richard Higgs takes you through a simple to understand explanation of the care process in England. It can feel daunting when faced with planning and organising the care you or a loved one might need. This video will help you to understand the steps you may need to take.
It can be difficult to feel confident in your investments when things aren’t going your way but there are simple rules to follow to ensure you stay on the right path.
Have you heard the saying, ‘time in the market, not timing the market’? There is no sure fire way to predict the best time to invest but there are some general rules to try to stick to in times of volatility.
We are looking for a financial adviser to work alongside our entrepreneurial Director, Richard Higgs, a Chartered Financial Planner with over 20 years’ experience to help service his ever-growing client bank..
We are delighted to announce Richard Higgs, Chartered Financial Adviser has achieved the SOLLA Later Life Accreditation, the gold standard for advice in the Later Life market.
The Society of Later Life Advisers (SOLLA) was established in 2008 as a not for profit organisation dedicated to higher standards and accessibility to regulated financial advice for older people and their families. SOLLA helps people find trusted accredited financial advisers who specialise in the financial needs of older people.
Pension consolidation is a buzz word in financial planning with many articles and videos produced which make it sound more complex than it perhaps needs to be. Simply put, it means if you have more than one pension, getting them organised, but getting them organised in a sensible way.
After the last 20 years of economic highs and lows, it is fair to say we may be getting used to living in volatile times. The last two years have been no different. It can be difficult to feel confident in your investments when things aren’t going your way but there are simple rules to follow to ensure you stay on the right path.
A power of attorney is a document by which one person (the “donor”) gives another person (the “attorney”) the power to act on their behalf and in their name.
Lasting Powers of Attorney (LPAs) were introduced in 2007 by the Mental Capacity Act and replaced the old system of enduring powers of attorney (EPAs). Like the EPA, the LPA remains effective after the donor loses mental capacity. There are a few very important differences between the two.
When an individual dies without making a Will, they are described as having died intestate, which means that their assets and belongings (estate) will be distributed according to the rules of intestacy.
