Wills and Powers of Attorney
Are you too young or don’t have the time to consider making a Will and Powers of Attorney (LPA)?
So often people say they are either too young or the time is not quite right, it can be done later. We would explain the reasons and importance for making Wills and Powers of Attorney.
What happens if I do not make an LPA?
An LPA is an important legal document that is written and registered with your instructions. It states who has the right to make decisions on your behalf should you lose mental capacity.
If you don’t make an LPA, and later loose mental capacity and are unable to make decisions for yourself, then no one can legally make decisions for you. This can result in issues regarding your property, financial, health and welfare. If the Court of Protection appoints a Deputy, then they would have the power to make all decisions on your behalf, leaving those closest to you without any say or authority.
There are two types of LPA: health & welfare and property & finance. An LPA can be set up to allow your attorney to act once you have lost mental capacity.
Why do you need a Will?
If you do not have a Will, you have no say over what happens to your assets when you die. The Rules of Intestacy would be used.
It is a common belief that, if you are married or in a civil partnership, your spouse or civil partner will automatically inherit your estate when you die. In fact, the rules of intestacy would determine how your assets are to be divided.
A Will gives you an opportunity to set out your wishes of what should happen when you die. This would include appointing executors who would carry out your wishes and administer your estate.
If there are children who are under the age of 18, then you have the opportunity to appoint guardians. A guardian needs someone who is responsible and would make sure your children have the same standards as if you had raised them.
- Life & Critical Illness Insurance
- Income Protection Insurance
- Business Protection Insurance
- Building & Contents Insurance