Wills & Estate Planning
Grant yourself peace of mind
People put off making a Will for a variety of reasons, either believing they are too young to plan ahead or believing that the people they would wish to inherit will automatically do so.
However you can put off making a Will until it is too late and this poses many problems for your loved ones left behind and in the worst case scenario your inheritance could go to the wrong person or the state.
Safeguard your family’s future
Thinking about your Will and how you would like your assets to be passed after death can be an uncomfortable thing to do, however writing a Will can grant you the peace of mind of knowing that you have safeguarded the future of your loved ones. From the simplest Will to the most complex Estate we can advise on planning you would really like, rather than leaving your loved ones guessing what you may have wanted by not making a Will.
If you die without a Will…
If you die without a Will (intestate) then the Laws of Intestacy will decide who inherits your money and assets. Who your wealth will go to is dependant on a number of factors such as whether you are married or have children.
Your partner
If you are not married, your partner will not receive anything.
Ex-partners
Ex-partners could make a claim on your estate if you do not re-draft your Will to exclude them.
Children
Children you have from a previous relationship may not receive anything. This is because under the laws of intestacy, if someone dies without a Will then the majority of their assets goes to their current spouse.
Guardianship
Children you have under 18 may be taken into care while the courts choose who looks after them.
Lasting Power of Attorney
A lasting power of attorney (LPA) is a legal document that lets you appoint one or more people to make decisions on your behalf, should you lack mental capacity to make your own decisions in the future.
Who would you like to manage your affairs if you were unable?
Many of us care for, or know someone who is caring for, a person with alzheimer’s or dementia. There are around 850,000 people with dementia in the UK, of whom 40,000 are under 65. This number is forecast to exceed one million by 2025 according to the Alzheimer’s Society.
With this in mind, it’s more important than ever to plan ahead to ease the potential burden on relatives should you lose mental capacity in the future. A lasting power of attorney (LPA) is a legal way to give another individual the legal authority to make decisions on your behalf should you lose the capacity to do so. It’s not just for the elderly; younger people may also become incapacitated through accident or illness.
Make a Lasting Power of Attorney before it’s too late
A lasting power of attorney can only be made whilst you still have mental capacity. After you have lost mental capacity your family will have to apply to the court of protection in order to become your ‘deputy’ and make decisions on your behalf. This is an extremely timely and costly process and the powers a deputy has are limited compared to those of an attorney.
Two Types of LPA
There are two types of lasting power of attorney, one that deals with your finances and another that deals with your health.
LPA for your Health and Welfare
Making a lasting power of attorney for health and welfare allows your chosen attorney to make important decisions in your best interests including; giving or refusing certain types of medical care and the choice of your care home.
Choice of care home
With an LPA for health and welfare your loved ones will be able to move you to a different care home if they do not feel you are being well looked after.
Life sustaining treatment
You family, rather than doctors, will be able to make a decision regarding life sustaining treatment, based on what you write in your LPA.
Daily routine
You are able to specify guidance in your LPA regarding your preferred daily routine, dress and diet for your chosen attorney’s to follow.
LPA for your Property and Finances
This allows your chose attorney to operate your bank accounts, sell your property and claim benefits to use on your behalf. It is extremely important for those with joint assets such as a home or joint bank accounts.
Accessing bank accounts
Your chosen attorney will be able to access bank accounts and pay bills on your behalf. If you do not have an LPA for finance then your partner may be left unable to access joint bank accounts.
Accessing your benefits
An LPA will allow your chosen person to continue to access your pensions and other benefits on your behalf to pay for things in your best interests.
Selling your home
Should you require care in the future you will be unable to sell your home to fund care fees unless you have full mental capacity. By making an LPA you can give authority to a trusted person to do this for you, ensuring they can access money from your home to pay for the best possible care for you.
Request further information
Any advice given is free and you are under no obligation to proceed.
01425 546272
Please note: Wills and Estate Planning are not regulated by the Financial Conduct Authority.