Celebrating Bisexuality Visibility Day!
LPAs are important estate planning tools, especially to protect in instances when an individual loses capacity. We have previously blogged about LPAs here.We have seen a rise in popularity as individuals are increasingly realising the necessity of LPAs to support friends and family in the unfortunate event of a loss of capacity. The Covid-19 pandemic has also had an effect on the steady increase in LPAs.
However, making and registering LPAs are notoriously more difficult than anticipated. The need to ensure the donor, attorney and certificate provider all sign their respective pages in the correct way, with a suitable witness and in the correct order mean LPAs are often plagued with problems and signed incorrectly. This often results in a rejection from the OPG, which is not always communicated quickly. Recently, there have also been delays in the registration of LPAs and there is currently no way to expedite an LPA when it is urgent. Even once an LPA has been made, having it registered with the various financial institutions is often just as time consuming and onerous.
The current paper based system is both cumbersome and slow and third parties on the receiving end of LPAs often simply do not know what they are or how to deal with them. There is no doubt that modernisation is needed and welcomed.
In recent months, we have seen digital services being utilised to simply the way certain documents are executed. Emergency legislation was introduced to allow for wills to be validly witnessed remotely to overcome social distancing restrictions and electronic signatures are now acceptable for certain probate and land registry forms.
The question is what will happen with LPAs?
The overarching objectives of the modernisation project are to:
The consultation also intends to review the following aspects of the existing regime:
The current proposals would see the entire LPA service become predominantly digital.
Modernising the LPA process offers the opportunity for a more simplified and user friendly process, which is likely to encourage more individuals to see the merits of making an LPA. Whilst a move to digital is welcome, this needs to be balanced with the risks of abuse (both power and fraud), especially for those older or more vulnerable individuals. The new process must have safeguarding measures to ensure the protection of individuals. The move towards digitalisation also needs to ensure that there alternatives for those who are unable to use the internet.
The need to make a LPA is commonly associated with the older generation. However, loss of capacity could happen at any time due to accidents or illness so LPAs really should be considered by all ages. The main benefit of the proposals is to make LPAs more accessible to individuals. Any change which results in promoting the importance of LPAs, simplifying the ability to make an LPA and safeguarding those who are vulnerable is welcome.
Diva Shah is an Associate in the Private Client team. Diva acts for various clients including high net worth individuals, entrepreneurs, executors, trustees and individuals who lack mental capacity on a broad range of matters.
We are pleased to announce that Laura Harper has joined the firm as a partners in the Private Client team.
James Ward, partner and head of our Private Client team, was quoted in ePrivateClient and thewealthnet on 25 March 2021. The article was about ‘Tax Day’ and the key takeaways from people in the private wealth industry. James was commenting on the reduced reporting requirements for most estates
The last 12 months have put an awful lot of pressure on the family unit and sadly this has led to a spike in separation and divorce amongst married couples. With the end of the tax year fast approaching (last day Monday 5th April – Easter Monday) it is timely to consider the tax consequences of separations.
James Ward, head of our Private Client team, was quoted in Solicitor's Journal, Accountancy Daily, Professional Advisor, Investment Week and International Investment on 09 December 2020. James was commenting on a proposed wealth tax on UK individuals by the Wealth Tax Commission as a response to the effects of the Coronavirus Pandemic.
Kingley Napley's Private Client team have once again been named by eprivateclient as a top private client law firm.
The coronavirus crisis has caused huge disruption across the world. The distress that it is causing is compounded in circumstances where intended parents of surrogacy children are in the middle of their surrogacy journey. In this blog, we address some of the most common issues people are experiencing and provide practical tips on how to navigate the current situation. These challenges include access to fertility treatment, pregnancy and birth, international travel restrictions, immigration status, parental orders and Wills among others.
Sameena Munir, associate in our private client team, has been featured in the Law Society Gazette's article, "Pioneers in private client work".
With an increase in the number of client wanting to write new, or update existing, Wills or Lasting Powers of Attorney while either self-isolating or remaining within the government's social distancing guidelines, Diva Shah discusses the possible changes to the Wills legislation.
The Chancellor, Rishi Sunak, has written to the chair of the Treasury Select Committee to confirm temporary changes to the Statutory Residence Test (SRT).
Anxieties to put a Will, or new Will, in place may be heightened by the difficulties in executing a will in the presence of two witnesses at a time of social distancing and isolation. But for some of us, more than ever alert to the reality of our own mortality, would dying without a will really be a complete disaster for our assets and our family – or would things work out OK?
The 6th April 2020 sees the start of a new tax year and, if a person dies on this day or in the future, the introduction of the maximum Residence nil rate band increase,
The coronavirus outbreak has sparked a dramatic rise in people making wills and led to calls for the law on witnesses to be relaxed. James Ward and Diva Shah's blog on the topic is quoted in This is Money.
International clients with a UK footprint often like a good spread sheet: specifically, a spread sheet covering their days spent in the UK and those spent overseas in the period 6 April to the following 5 April. This period is the UK tax year, and well-advised international clients – those considered neither resident nor domiciled in the UK - are all too aware that not keeping track of their UK day count may make them UK resident and within scope of UK income and capital gains tax on their worldwide income and gains. Numbers matter.
The news is dominated at the moment with the dreaded C word – COVID-19. Our TV screens, phones and newspapers are filled with the death count, panic buying and now “lockdown”. For many, being isolated or maintaining social distancing means that you may well be thinking about your future.
In the current crisis, we find ourselves with time (perhaps too much time…) for worry and reflection over an uncertain future. That reflection could usefully and responsibly be channelled, in part, to issues of Wills, tax planning and general succession.
Skip to content Home About Us Insights Services Contact Accessibility