Advocates, Solicitors & Attorneys. An incorporated legal practice
"M&P Legal has a large private client and trust following, dealing with contentious and non-contentious trust matters for trustees, beneficiaries and fiduciaries."– Legal 500
- Enduring Powers of Attorney and Mental Health Probate and Administration of Estates
- Probate and Administration of Estates
- Trusts and Estate Planning
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Enduring Powers of Attorney and Mental Health Probate and Administration of Estates
Many clients sensibly choose to simplify matters for their loved ones in the event they lose the ability to control their affairs and property. This concern increases with old age but equally can affect young and old alike when a person has a serious accident and suddenly is unable to manage. If the person concerned had put in place an Enduring Power of Attorney beforehand then ongoing management of their finances is straightforward. An Enduring Power of Attorney allows one person (the Donor) to grant legal authority to another (the Attorney) to look after their affairs. This power continues after the Donor becomes mentally incapable. When the Attorney has reason to believe that the Donor is or is becoming mentally incapable, then they must (as soon as practicable), make an application to the Court giving notice to the Donor's relatives for the registration of the Power of Attorney. M&P Legal can assist with the application following which the Attorney can act on behalf of the incapacitated person.
Having an Enduring Power of Attorney makes the process of dealing with an incapacitated person's finances easier for the relatives concerned. Where there is no Enduring Power of Attorney they will have to make an application to the Court under the provisions of the Mental Health Act for a mental health receivership or for a specific order. The receivership process is a more costly, lengthy process and does not enable you to choose who will act as your receiver. This is why clients put in place Enduring Power of Attorney. M&P Legal are able to assist and advise you on making Enduring Power of Attorney or its registration. Should you be faced with an incapacitated relative we can make an application to the Court for the appointment of a receiver or for any other matter which is required.
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Probate and Administration of Estates
Following the death of a loved one M&P Legal offer a sympathetic, professional and efficient service to enable the assets of the deceased to be collected and distributed. Our service is tailored to your specific requirements. We do as little or as much of the administration as you wish. We understand some clients prefer to leave the entire administration to us so that they do not have the worry of it. M&P Legal offer a cost effective fully inclusive administration service. Alternatively both local and foreign clients sometimes require us to obtain the Grant of Representation which then allows the estate to be administered. We welcome enquiries from Manx residents, overseas lawyers or individuals. Our service can normally be provided on a fixed fee basis.
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Trusts and Estate Planning
M&P Legal offer most Wills on a fixed fee basis – see Wills details below. However, we can prepare more complicated arrangements and Will trusts. For example, two wealthy co-habitees who keep some separate property and some joint property may need a complex Will to preserve the separate property for two different sets of beneficiaries. This may include a Will trust. Other trust arrangements may require the establishment of discretionary or charitable trusts. Proper considered thought is required and an ability to find the simplest yet most effective solution. We also assist individuals with their estate planning requirements. Tax planning is important because although there is no inheritance tax in the Isle of Man there might still be exposure in other jurisdictions such as the UK. Working together with tax planning advisers we put in place the legal structure necessary to effect your chosen scheme. M&P advise the trustees of existing trusts and assist with the administration of existing trusts or charities.
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Making a Will is something which many people put off. Nobody likes to think about death. However, a failure to do so may mean money and property may pass to people who you would not wish to benefit to the disadvantage of close family. This is particularly true when parties cohabit and the untimely death of one of the partners results in homelessness of the survivor or the sale of their home. Therefore, it is very important for those who have not made a Will to do so and also for those who have a Will to review it in light of any changed circumstances. For simple Wills a fixed fee service is generally available. This is highly popular as it enables you to know in advance the cost of the work. Once we understand your circumstances and requirements we can draft a Will suited to your situation.
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