Do YOU want to decide who benefits from YOUR assets and possessions? Do YOU want to decide who will have parental responsibility for YOUR CHILDREN? Do YOU want to decide who would take care of your finances and make your decisions should you become unable to do so yourself? OR WOULD YOU PREFER THE STATE TO DECIDE?
If YOU want to decide you need to have a legally binding document.
It is commonly believed that husbands and wives are automatically entitled to inherit everything from each other, but this is not the case. Around 70% of the population does not have a will, leaving a very uncertain future for their families.
Making a will ensures your hard earned possessions will go to those whom you want to benefit from them. It also states who will have parental responsibility for your children – without this they will become wards of the court and arrangements will be made by social services.
A well drafted will can also help ease the burden of care fees and help mitigate Inheritance Tax.
Dying without a will means your possessions will be distributed according to the laws of intestacy.
LASTING POWER OF ATTORNEY
MAKING A WILL IS ONE THING BUT WHAT IF SOMETHING HAPPENS TO YOU DURING YOUR LIFETIME?
Most people acknowledge that it is important to organise their affairs in the event of their death, which is why so many people make a Will these days. However, practically no one makes similar provisions to organise their affairs should they become unable to look after themselves during their lifetime – an ever increasing possibility given the advances in medical care.
We are able to produce a Legal Document called a PROPERTY AND FINANCIAL AFFAIRS LASTING POWER OF ATTORNEY (PFALPA) – a document that enables you to appoint people of your choice to look after your financial affairs in the event of mental incapacity, perhaps due to old age, illness or accident. We can also draft a HEALTH AND WELFARE LASTING POWER OF ATTORNEY (HWLPA) which enables you to appoint people of your choice to deal with your personal and medical affairs, rather than your financial affairs, if you are unable to manage them yourself.
It is important that such arrangements are made when you are fit and healthy since the Law states that such arrangements cannot be made after the event, which can leave families with all sorts of practical problems.
Potential risks of not having one
- The state will decide who manages you health and or financial affairs following application by a family member
- Current application cost to the court of protection is a £400 application fee and if required £500 hearing fee. There may also be annual supervision charges currently up to £800 pa depending on the level of supervision required
- This process can take several months
- All bank/building society accounts are frozen until the LPA is registered including joint accounts
For further information please complete the contact form below and a member of The Institute of Professional Will writers who comply with the IPW code of practice will contact you to discuss this further.