Some people find it difficult to think about their future, believing that Wills are something of a ‘morbid’ concept, or that powers of attorney aren’t relevant because they are in good health.
However, putting in place legal documents that ensure your wishes are followed in the event of any potential incapacity, or after your death, is a crucial step for us all.
Just what legal documents an individual needs depends on their particular circumstances, but there are certain legal protections that are beneficial to everyone.
In this blog, our experienced Private Client Solicitors consider the two legal documents every UK adult needs.
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Will.
What is a Will?
A Will is a written legal document that sets out what you want to happen to your assets, such as money, property and other possessions, when you die.
If you have any minor children, you can also include provision in your Will for what should happen to them in the event of your death, by appointing a guardian.
Why do you need a Will?
Making a Will:
- Means you retain control over your assets.
- Reduces chances of disputes.
- Protects unmarried partners.
- Provides for dependants.
- Helps to manage inheritance tax (IHT).
- Gives valuable peace of mind.
What happens if you don’t make a Will?
If you die without a valid Will in place, you are said to have died ‘intestate’, and your estate is distributed according to the laws of intestacy. This means that the people you wish to benefit from your estate may not do so.
The intestacy rules prioritise spouses and children. Cohabiting partners cannot inherit under the rules of intestacy, nor can relations by marriage, close friends and carers.
If you have children and both parents die without a Will, a court will appoint a guardian to care for them until they turn 18.
Read more about what happens if you die without a Will in our previous blog by clicking here.
Work out who is entitled to a share of someone’s money, property and possessions if they die intestate by using the government’s calculator.
When should you make a Will?
It is recommended that all UK adults over the age of 18 make a Will. Key life events, such as buying a home, having children or receiving an inheritance also further trigger the need to create or update your Will.
Once you have made a Will, it is important to review it every three years or so or after a significant life event to ensure it continues to reflect your wishes.
How do you make a Will?
Although it is possible to make a Will using a template you find online, the only way to ensure it is properly drafted to meet your needs is by using a specialist Wills solicitor.
If you need to write or update your Will, please get in touch with Bookers & Bolton by calling 01420 558 335, emailing enquiries@bookersandbolton.co.uk or filling in an online enquiry form.
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Lasting Powers of Attorney.
What is a lasting power of attorney (LPA)?
An LPA allows someone (an ‘attorney’) to make decisions for you if you’re no longer able to.
There are two main types of LPA:
- Property and financial affairs. This gives an attorney the power to make decisions about your property and finances, including paying bills, selling your home, collecting a pension, or managing a bank or building society account.
- Health and welfare. This LPA enables an attorney to make decisions involving your health and welfare, such as about your medical care, moving into a care home and your daily routine.
Why do you need a power of attorney?
A power of attorney helps people of all ages and backgrounds safeguard their futures by appointing someone they trust to make certain decisions for them should they lose the capacity to make those decisions themselves.
What happens if you don’t have a power of attorney?
If you lose capacity without a power of attorney in place, your loved ones will not automatically be able to access your finances, even if it is to pay for your care.
Instead, they may have to apply to the Court of Protection to act as your deputy, which can be costly, time-consuming and stressful.
When should you make an LPA?
Lasting powers of attorney act as an insurance policy to protect against any accidents or unforeseen events that may mean you lose capacity.
Everyone aged 18 and over should make an LPA.
How do you make a power of attorney?
To make a power of attorney you must complete various documentation and register it with the Office of the Public Guardian (OPG).
The forms can be complicated, and it is easy to make mistakes. A solicitor can help. Getting a specialist power of attorney solicitor reduces the chance of errors, provides valuable peace of mind and can be a valuable part of wider estate planning.
Private Client Solicitors Alton
At Bookers & Bolton, our private client team has a reputation for offering high-quality advice in all areas of estate planning, management and administration.
Our specialist lawyers in our private client department offer clear, tailored solutions for our clients.
We help individuals and families ensure they have the best legal protections in place.
Our private client solicitors are based in Alton, Hampshire, and assist individuals and families in the local area and across the UK.
Our private client legal services include advice on:
- Wills.
- Probate and Estate Administration.
- Powers of Attorney.
- Deputyship and Court of Protection.
- Elderly Client Services.
- Deed of Trust.
Get in Touch
For legal advice from our experienced private client team, please get in touch with us on 01420 558335, email us at enquiries@bookersandbolton.co.uk or make an online enquiry here.
