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A Lasting Power of Attorney for Property & Financial Affairs enables the appointed individuals (known as Attorneys) to make decisions regarding bill payments, managing bank accounts and investments, handling benefits arrangements, and even executing property sales on behalf of the Donor.
On the other hand, a Lasting Power of Attorney for Health and Welfare authorises your Attorney(s) to make decisions concerning the Donor’s care, place of residence, and, if specified by the Donor, providing or withholding consent for life-sustaining treatment.
If you die and your spouse/parter remarries, your share of your property is protected, therefore your share will go to your beneficiaries, preventing sideways disinheritance.
A Property Protection Trust is also used for couples whom have children from different relationships. It ensures that each partner’s share of the property goes to their own child or designated beneficiary, while allowing the surviving partner the legal right to live in the property for the rest of their life
In simple terms, an Asset Protection Trust functions like a safety deposit box for your house and other financial assets. This arrangement safeguards these assets against potential future risks.
As the trustee and beneficiary, you retain full control, allowing you to move, sell, and invest your assets as you normally would. This ensures that while your assets are protected, you still have the flexibility to manage them according to your needs and preferences.