Lasting Powers of Attorney: A vital part of succession planning for farmers

Farming families have had a particularly difficult period during the Covid-19 pandemic, facing increased demand from consumers with limited time and resources at their disposal. Farming is an already demanding occupation with heavy machinery, livestock, dangerous chemicals, silos, and slurry pits as daily hazards encountered as part of running the business. With so much relying on the physical health and capability of key individuals, having a contingency plan in place in case something goes wrong is a must. Lynne Smith, Private Client Specialist and part of the agricultural law team at Pearsons & Ward Solicitors in Malton* advises that making a Lasting Power of Attorney (LPA) should be a vital part of business succession planning for farm owners, who are at increased risk of becoming physically or mentally incapacitated at any time. An LPA is…

Wills and how to protect your wealth

What is a trust? A trust is a legal arrangement where individuals are chosen (known as Trustees) to look after assets for the chosen beneficiaries.  Trusts can take effect during a person’s lifetime or alternatively, they can be incorporated into Wills which take effect on death.  This article focuses on Will Trusts.   Circumstances where a Will Trust would be beneficial Most of us are unaware of the various ways in which setting up a Trust in a Will can help safeguard assets and protect beneficiaries including existing family members and also future generations.  Some key uses of Will Trusts are set out below: Vulnerable beneficiaries. This could be relevant if the beneficiaries of your estate are physically or mentally disabled, are insolvent or have issues with substance abuse, for example. Setting up a Will Trust…

Equity release, your questions answered

Record numbers of homeowners are choosing to unlock the money tied up in their homes through equity release schemes.  The promise of access to cash without having to move is an attractive proposition but taking out money from your home to enjoy your retirement or provide financial help to family members comes at a cost. Holly Stevens, Head of Residential Property with Ware & Kay in York outlines the risks and answers some frequently asked questions. What is equity release? To understand what equity release is, you first need to understand what ‘equity’ in the context of homeownership means.  Put simply, equity represents the difference between what your property is valued at and any money you owe on it. For example: Property valuation £300,000 minus mortgage £100,000 = equity £200,000 Equity release provides a way for…

Property People – as featured in the Yorkshire Post

Susan Poole – Commercial Property Solicitor What are the prospects for the property sector in Yorkshire and Humber? Had I been asked this question at the start of the year I would have said that they were generally good, but then Covid 19 struck! We currently have a second wave and further restrictions in parts of West Yorkshire so it is a very different picture now. The retail, hospitality and leisure sectors have been hit particularly hard with city centres such as Leeds suffering from the lack of footfall, resulting in a number of store closures. Tenants have struggled to pay rents and many Landlords in turn are facing pressure from lenders. For some this second wave may be the final straw. For local High Streets the position is slightly different. Whilst some businesses are still…