WHAT IS MY PORTFOLIO AND HOW WILL IT HELP ME?
We set out here details of our PORTFOLIO service. You can also see these details and you can "start the ball rolling" online by visiting the Purple Portfolio website.
There are four parts to your PORTFOLIO, that together help you to get your affairs in order and to ensure that everything can be dealt with if you become less able to look after your affairs or when your assets pass on to your spouse or to the next generation. These parts are:
1. A properly structured Will
2. A Lasting Power of Attorney
3. Secure storage, in your free PORTFOLIO, of all of your key documents, contact details, certificates, and policies
4. An annual free review to see whether anything needs updating or changing and a system whereby you are informed as soon as there are changes in the law or the tax rules
PART 1: MAKING A WILL
We offer you the opportunity to have Wills drafted by specialist solicitors, at fixed prices. But why make a Will?
- A Will lets you say how your assets are dealt with after you have passed away. Without a Will, the law says who will get what. It might not be what you want!
- By a Will, you could reduce the amount of Inheritance Tax that has to be paid on your death
- To reduce challenges later, you can give reasons in your Will as to why you are doing what you are doing
- You can say in your Will what should happen to any young children or elderly relatives
- You can leave gifts in your Will to charities or to causes that you support, or to friends
- If you are not married, your partner could get nothing if you died without having a Will
- If you have a business, you can say in your Will what will happen to it, rather than it just being sold
- By your will, you can allow people to use particular assets whilst putting those assets into trust for future generations
The first part of building your PORTFOLIO therefore is for us to draft a tailored Will for you.
PART 2: PUT IN PLACE A LASTING POWER OF ATTORNEY
By a Lasting Power of Attorney, you authorise someone of your choice to make decisions on your behalf in relation to your assets, and / or in relation to your welfare.
In relation to your assets, if no Lasting Power of Attorney is in place and you become unable to deal with your own affairs, your family would have to go to the trouble and expense of applying to the Court of Protection to get permission to deal with your assets. Far easier to put a Lasting Power of Attorney in place now, so that if you do need help it will come quickly and from someone you have chosen. (Your chosen person under such a Lasting Power of Attorney can also assist you with your affairs now, if it suited you to have someone help you with those things.)
The other form of Lasting Power of Attorney, relating to your welfare and health, allows someone of your choice to influence and make decisions about your care and welfare (and about any medical treatment) if you do later lose the capacity to make decisions for yourself.
Our PORTFOLIO scheme offers you the opportunity to put in place either or both of these Lasting Powers of Attorney drafted by specialist lawyers, at fixed prices.
Please feel free to speak us and we will talk everything through with you, free of charge and without obligation - just click on "Please Contact Me Now” or call us on 01865 811700.
PART 3: KEEPING EVERYTHING SAFE AND IN ONE PLACE
Once you have a properly structured Will and Lasting Powers of Attorney, you will have gone a long way to getting all your affairs in order. Your assets will be under control, the Inheritance Tax payable on your death could be minimised, and there should be no delays or expenses in dealing with all of your wishes.
There is an extra step that you can take though that makes this all easier still. We help you, by giving to you your own PORTFOLIO free of charge when we draft your Will, to clearly set out and store all details of your bank, your advisors, your accountants, and so on, on user-friendly, structured sheets. Your PORTFOLIO also allows you to bring together all your policies, certificates, deeds, and other relevant documents (such as any letters that you wish to go to people) so you can store them safely and conveniently in your PORTFOLIO. Everything is thus organised and is easily accessible if others need to assist with your affairs.
PART 4: FREE ANNUAL REVIEWS OF YOUR ARRANGEMENTS AND KEEPING UP TO DATE WITH CHANGES IN THE LAW
Once arrangements have been set up to your satisfaction, it does not follow that they will remain satisfactory forever. Things could change in your life or in the tax laws. You may change your wishes. For all of these reasons, we carry out an annual review with you to explore whether it is okay for you to leave everything as it is. The annual review is free.
We will happily work with any financial advisors that you have.
If changes are needed, we give you a fixed price for that work. You are then free to 'shop around'.
We will also let you know as soon as there are any changes in the law or the tax rules that affect you. You can thus avoid any pitfalls or take advantage of any opportunities that arise.
