Why our Wills, Probate & Private Clients Injury Team?
Whatever your background, you can be assured that our talented lawyers have both in-depth sector knowledge and experience of the issues which clients face daily. They also have the skills and understanding which enables them to provide pragmatic and strategic advice.
What can Obaseki Solicitors do for you?
At Obaseki Solicitors we take honour in our ability to bring our collective experience. This has been earned through working with families over many years, while looking after their national and international assets to create strategic and practical solutions to the issues which clients face.
A power of attorney is a legal document that allows someone to make decisions for you, or act on your behalf, if you’re no longer able to or if you no longer want to make your own decisions. You can cancel your power of attorney at any time, if not cancelled, it will last until you pass. There are different types of power of attorney, and these include:
A lasting power of attorney (LPA) is a legal document that allows you to appoint someone you trust to make decisions on your behalf if you become unable to make them yourself. This person, known as the attorney, can handle matters such as your finances, property, and healthcare. An LPA ensures that your interests are protected and your wishes are honoured even if you are no longer able to express them.
EPAs were replaced by LPAs in October 2007. However, if you made and signed an EPA before 1 October 2007, it should still be valid.
A trust is a legal arrangement where a person, known as the settlor, transfers assets to a trustee who manages and administers those assets on behalf of one or more beneficiaries. The trust is created through a legal document called a trust deed or agreement. In law, a trust has several key characteristics:
The settlor is the person who creates the trust and transfers their assets into it. They define the terms and conditions under which the trust operates.
The trustee is responsible for managing and controlling the trust’s assets in accordance with the instructions provided by the settlor. The trustee has a fiduciary duty to act in the best interests of the beneficiaries.
The beneficiary is the person or entity who benefits from the trust. They may receive income generated by the trust’s assets or have the right to the trust’s assets at a specified time or event.
The assets transferred into the trust by the settlor are collectively referred to as the trust property or corpus. This can include various assets such as money, real estate, investments, or personal belongings.
A trust is created for a specific purpose, such as providing financial support to family members, managing assets for minors or individuals with disabilities, charitable purposes, or estate planning objectives.
The trust deed or agreement outlines the specific terms and conditions that govern the trust. It includes details about the beneficiaries, the trustee’s powers and responsibilities, the distribution of assets, and any other provisions set by the settlor.
A trust is considered a separate legal entity from the settlor and the beneficiaries. It has its own tax identification number and can own property, enter into contracts, and conduct legal transactions.
Some trusts may be irrevocable, meaning they cannot be modified or terminated without the consent of all involved parties or specific circumstances outlined in the trust document. Other trusts may be revocable, allowing the settlor to make changes or revoke the trust during their lifetime.
Trusts offer flexibility and can serve various purposes, including asset protection, wealth preservation, charitable giving, and efficient estate planning. The specific characteristics of a trust can vary depending on the jurisdiction and the type of trust being established. It is recommended to consult with a legal professional for detailed advice and guidance on creating and managing a trust.
An ordinary power of attorney is a legal document that grants someone else the authority to act on your behalf for a specific period of time or for a specific purpose. It allows the appointed person, known as the attorney, to make decisions and take actions on your behalf, such as signing contracts, managing financial matters, or handling legal affairs. Unlike a lasting power of attorney, an ordinary power of attorney typically becomes invalid if you become mentally incapacitated or unable to make decisions on your own.
If you are named in someone’s will as an executor, you may have to apply for probate. This is a legal document that enables you to distribute the deceased person’s estatein accordance with the terms of the will. It entails establishing the accuracy of the deceased’s will, locating and gathering their assets, paying off any outstanding bills and taxes, and then distributing the remaining assets to the beneficiaries.
Deputyship involves the appointment by the Court of Protection of an individual to act on behalf of someone who lacks mental capacity. The deputy assumes responsibility for managing the affairs of the incapacitated person, which can pertain to either Property and Financial Affairs or Health and Welfare Matters, and sometimes both.
If appointed as a property and financial affairs deputy, your role would entail handling tasks such as managing the person’s finances, paying their bills, or arranging their pension. On the other hand, as a personal welfare deputy, you would make decisions related to their healthcare and overall well-being, including medical treatment and their general care arrangements.
The main distinction between a deputyship and a lasting power of attorney (LPA) is that with an LPA, the individual appoints the person who will act on their behalf, but with a deputyship, the Court of Protection appoints the deputy.