Your New Year’s Resolution: Plan for your future

Friday 3 January 2014

If you promise to do only one thing for yourself this year, why not plan for your future by making a Will and Lasting Power of Attorney.

Wills

Writing a Will is one of the most important arrangements a person can make during their lifetime. By writing a Will, you ensure that upon death your estate is divided exactly in accordance with your wishes. You have complete control over who does (and who does not!) receive a share of your assets when you die. Given that this division of assets is so important, it is hard to believe that around 30 million people in Britain still do not have a Will.

Could it be that people are simply unaware of the importance of making a Will? Or perhaps ignorant of the law regarding what happens if they do not? It is a common misconception that even without a Will, a person’s estate will pass automatically to their spouse or partner. This is absolutely not the case.

The only way to give you complete control as to who your estate is passed to upon your death is by making a Will.

Lasting Powers of Attorney

Incapacity can be caused by many conditions, including alzheimers, or after suffering a stroke. Looking after a relative or friend who is suffering from some form of mental incapacity can be extremely difficult. Have you ever thought about what would happen to your finances, if you were suddenly incapacitated and couldn’t deal with your property and finances?  Who would be able to step in and help you?

Unless you had made a Lasting Power of Attorney (LPA), the answer is, no-one. Not even your spouse or civil partner can do this.

The LPA is a legal document in which you specify who you want to be able to look after your financial affairs for you, in the event of your incapacity. Once registered, the LPA gives your chosen attorneys the power to step in and help you.

If a person becomes unable to deal with his or her finances because of mental incapacity without having made an LPA, the only way forward for the family is to make an application to the Court for permission to take over conduct of the finances. Believe us when we say that this procedure is long, expensive and could easily have been avoided, if an LPA had been made.

If you would like an appointment to make a Will or Lasting Power of Attorney, or simply to obtain more information, please contact a member of the Wills & Probate team on 0113 207 0000.