Other WTP Services
Court of Protection
If you are unfortunate enough to get to a stage in your life where you lose the capacity to handle your affairs and you haven’t put in place a Lasting Power Of Attorney, then in order for someone else to take over your affairs they will have to apply to the Court Of Protection.
This will mean the submission of a Deputyship application and involves a lengthy application process which takes around six months for the Order to be obtained. Once the Deputy is appointed they can then be entrusted to look after your affairs.
Deputies have an obligation to produce accounts detailing how they have managed your money and these have to be submitted to the court every year. This is a costly process as there is also an annual supervision fee, so the preferably option is always to make sure you have a Lasting power of Attorney in place with someone you trust.
Declaration of Trust
A Declaration of Trust is for people who are purchasing a property or properties together and this is particularly relevant when they are making unequal contributions to the purchase price.
It is used to set out each party’s respective interests in the property and to show how the sale proceeds will be divided when the property is sold. It is also used to protect any financial contribution made by a third party who is not going to be on the title deeds, e.g. a parent contributing to a deposit.
The Declaration of Trust should be drafted during the purchase process so that the signed document is in place on completion of the purchase. This document only sets out each person’s share in the property and does not define where the interest in the property will go if one of the party dies so it’s always vitally important to make a Will(s) as well as the Trust Deed.