InsightsInsight - Powers of Attorney, Wills and Probate - POSTED: November 26 2020
When Santa got stuck up the chimney… luckily he had a Will and LPA in place
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What a year it has been! Santa has been glued to the news in the hope that his plan for delivering presents this year is not under threat. He’s hopeful that at the very least he will be deemed a key worker and will still be able to deliver presents in time for the big day.
Santa, like most, has struggled with getting the materials to make all the presents whilst also shielding with Mrs Claus due to their age. The elves have been in and out of school and the reindeer haven’t had as much exercise as they should have.
For Santa, this was quite a difficult thing to do as he has a lot of people to consider.
In his Will he decided that he would like Mrs Claus and his Chief Elf to be his executors. The executor is responsible for seeing that the terms of the Will are carried out, defending it against any challenge and applying for probate if necessary. His Chief Elf has a better knowledge of the business activities at the North Pole and Santa feels he would be a great support to Mrs Claus.
Santa was shocked to hear that if he didn’t leave a Will in place only Mrs Claus and his children would inherit under the intestacy provisions. The elves have been living with Santa for hundreds of years, but without a Will in place, they won’t inherit anything.
Although Santa wanted to ensure that Mrs Claus was provided for in his Will, he was very concerned about her increasingly close relationship with Jack Frost. Santa decided on a life interest trust to Mrs Claus. This means that she has the benefit of his assets during her lifetime, but the capital of the assets (significant pieces of property such as homes, cars and investment properties) is kept for their children and the elves.
Some of the younger elves are quite mischievous and Santa was worried that any money left to them would be spent on sweets. Santa’s solicitors advised him that a trust structure may be best for the younger elves with instructions that the money can only be spent on Elf University fees or be distributed once they reach a certain age.
When Santa finalised his Will he was encouraged to put in place LPAs. These appoint someone to deal with his finances and health decisions if he were to lose capacity or be unable to deal with his financial decisions.
This decision was timely as a few weeks after his LPAs were registered Santa got stuck in a chimney doing a Christmas Eve run through. Santa put this down to the chimney being made too small… Mrs Claus was convinced he indulged too much during the first lockdown!
Mrs Claus and his Chief Elf were able to use Santa’s Financial LPA to ensure all business decisions were made and all documents signed, guaranteeing everything will be ready in time for Christmas day so that Santa can focus on delivering presents (to those who have been good of course!)
If, like Santa, you would like to make a Will during this time, we have a team of experts on hand to support you. For more information, please get in touch with the Brachers Wills team today.
Or you can start your Will online at a time that suits you using our new free, no-obligation online tool.
This content is correct at time of publication
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