WILLS
A Will is an important legal document which will determine precisely who will inherit your property and let your loved ones know that you have considered their needs. It enables you to determine who will administer your estate and who will act as guardian for your children. You can also express wishes and preferences for burial or cremation. If you have substantial assets, it enables you to consider possible ways of reducing your Inheritance Tax Liability. The creation of a Will ensures security and peace of mind for you and your family.
Some of the reasons to seriously consider the need for a Will:
Changes in the family, e.g. if you have child or if your child is now 18 years old.
Marriage automatically revokes a Will, so this may be a time to consider preparing a new one. Divorce also has an effect and although it does not revoke the Will that you have, it could cause complications whereby the former spouse is a beneficiary or indeed a named executor.
Change in financial circumstances.
Moving abroad.
Without a Will in place you cannot control how your property will be distributed . It will then be subject to the rules of intestacy and be distributed according to law which is likely to be inconsistent with your personal wishes. If there are no known relatives it may be the case that your assets will go to the Crown.
It is always prudent to have a valid Will rather than rely on the intestacy rules.
LASTING POWERS OF ATTORNEY
Any one wishing to plan ahead must do so by making a legal document called a Lasting Power of Attorney (LPA). There are two types of this document:
1. A Lasting Power of Attorney for property and financial affairs
2. A Lasting Power of Attorney for Health and Welfare Matters.
The importance of both or either of these is to give you peace of mind in relation to your finances, your personal security and comfort. They provide reassurance that your affairs can be placed in safe hands and that the authority given to those you trust can start at any time it appears necessary, without the need for court application or legal letters in the future. They are useful tools which give you the choice to appoint your attorneys to conduct matters and make decisions on your behalf once you lose the ability to do so yourself, or even if you do have full capacity, but are finding difficulty e.g. following a period of recovery due to an accident or when you are out of the country.
You choose your own attorney who could be your next of kin, your partner or members of your family or simply someone that you trust. The attorneys you choose will work alongside you to ensure your best interests are at heart, and it can be arranged that the attorney’s power will automatically continue if at any stage you no longer have capacity.
If an LPA is not in place, those that you trust will not be legally entitled to manage your affairs and this will then need to be referred to the Court of Protection. This could prove to be a lengthy and costly procedure and does not necessarily mean the person appointed as your Deputy is someone of your choice.
“ Our lives can change at any time and if we do not plan ahead, it could lead to devastating consequences for our family members.”
Benefits of LPAs
LPAs are legally binding documents that are enforceable and widely recognised by both financial and medical institutions.
Accidents can occur at any stage in our lives. An LPA will ensure that your financial and health affairs are conducted in accordance with your wishes.
LPA’s take the burden of family members by making decision-making easier without any court application or intervention
The Attorneys role is governed by the Mental Capacity Act 2005 and there are controls and guidance for the way they make decisions. They do not have the freedom to do as they please.
Ultimately decisions will be made with you or for you in your best interests.
FEES FOR PROFESSIONAL SERVICES
Wills £140.00
Mirror Wills £220.00
LPA - Health and Care Decisions £285.00 court fee: £82.00
LPA - Property and Financial Affairs £285.00 court fee: £82.00
Instructions recevied for both £510.00 court fee: £82.00 x 2
For more advice, information procedure and process contact Saroj Bahia at enquiries@planaheadlegalservices.co.uk.
Advice can be given in the comfort of your home or residence.