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Individuals can make a lasting power of attorney (LPA) which enables them to choose a person to make decisions regarding their health and welfare, and/or their finances.
Unless you make a Will, you cannot guarantee that your possessions will be distributed as you wish upon your death.
Generally speaking, we are all free to dispose of our assets as we want to. However, the law does provide protection for people who have been financially dependant on the deceased. This protection comes in the shape of the Inheritance (Provision for Family and Dependants) Act 1975; known as the Inheritance Act.
When someone dies there are many decisions and arrangements to be made and sadly, these have to be made at a time of personal distress. Some of these things can be done by a close relative or friend; others need to be done by the executor or administrator of the estate.
Inheritance tax (IHT) is levied on a person’s estate when they die and on certain gifts made during an individual's lifetime. We set out the principles.