Here’s why you need a will and Lasting Powers of Attorney

Most people know that having a will not only makes sense but is essential. But it’s often relegated to the “I’ll do it one day” pile. We advise you not to do that because if a health event or accident makes you mentally incapacitated, preparing a will would be extremely difficult.

Prior to facing a life-changing event, you can protect your interests with a legal document that covers the above scenario; Lasting Powers of Attorney (LPA). Like your will, it’s about legally protecting your wishes. If you’ve lost the mental capacity to make decisions for yourself, a properly prepared LPA has you covered.

Given anything can happen to change our lives in a split second, it’s seriously worth pausing and considering getting a Lasting Powers of Attorney and a will. Let’s explore this.

Life can change in a split second, which is why a will and Lasting Powers of Attorney are essential legal tools for you and your family.

Your will plans for life without you.

A will is critical for anyone over the age of 18.

Having a professionally drafted will helps ensure that your wishes are clearly expressed after your death. This is one of the most important things you can do for your family.

Why? The death of a loved one is already a difficult time and your family’s grief can be compounded if you don’t have a will. It is possible that different people can have different views upon what a deceased person’s wishes were. A professionally drafted will can help to avoid this.

Moreover, if you die without making a will you are said to have died ‘intestate’. This means the law decides who should deal with your affairs and who should inherit your estate (property, funds, etc). So your estate might not pass in accordance with your wishes or in a way that is appropriate to your family’s circumstances.

The reality is that your will is the best way to ensure that your spouse, partner and/or relatives inherit what you intend.

Many wills are straightforward and simple to prepare, however others are more complex and subject to unique personal circumstances that will need to be taken into account. There are many things you need to consider including within your will:

The appointment of executors
Legacies or occupancy of your home
Legacies of personal property
Legacies of liquid assets
Protecting your assets from liability to care home fees
Reducing your potential inheritance tax burden
The appointment of guardians
Funeral, burial or cremation arrangements.

When you engage a solicitor to prepare your will, and handle any estate administration, it is more likely to stand up to any potential challenge from disgruntled beneficiaries. A badly drafted will can lead to difficulties for your loved ones after you pass away, for example through poor or vague drafting, so please use a reputable and qualified solicitor to prepare your will.

With relatively minimal effort and cost, there is no excuse for not having everything mapped out for your family’s transition into life without you.

Keep your will updated

Even if you have already made a will, you must ensure that it continues to meet your needs. You should always review your will periodically or after a major change in your circumstances. The only constant in life is change, including family circumstances and relevant taxation laws.

Also, be aware that most wills are revoked when you enter into a marriage/Civil Partnership, and that divorce/dissolution also affects the interpretation of your will.

Next…

Prepare a Lasting Powers of Attorney like your life depends on it

Any adverse event can alter your life, leaving you physically and/or mentally incapacitated, for example through an accident or stroke. A Lasting Powers of Attorney (LPA) helps ensure that your interests are protected, and that your affairs can be administered and your wishes honoured if you can no longer do so for yourself. It’s about peace of mind for you and your family.

An LPA lets you designate an attorney who, along with others you choose, is authorised to provide support to manage your personal matters.

There are two types of LPA. The first deals with your property and financial affairs.

In the first instance, an attorney is appointed to assist you to make your own financial decisions and then to carry out those decisions on your behalf, should you require any assistance to do so.

However, in the second instance, if you lack the required mental capacity to make your own financial decisions, your attorney can make a decision for you and on your behalf, provided that decision is in your best interests.

In this situation, your attorneys can make a range of decisions on your behalf, including the buying and selling of your house and other assets, dealing with your tax affairs, operating bank and building society accounts and claiming benefits on your behalf.

The second type of LPA deals with your personal welfare and health decisions.

If you lack the required mental capacity to make your own decisions about your health and care arrangements, your attorney can make a decision for you and on your behalf, provided that decision is in your best interests.

This can involve an attorney consenting to or refusing medical treatment on your behalf, and on day-to-day matters such as diet and dress. This can only be used, however, if you have lost the capacity to make decisions for yourself.

Registration

Both types of LPA need to be registered with the Office of the Public Guardian (OPG) before they can be used by your attorneys. This happens when the signed forms are completed in paper form or online and sent to the OPG together with payment of the registration fee. Then it’s a waiting game, sometimes many months, so it’s always best to start this process as soon as you can and when you have no immediate need of an attorney’s assistance.

Next steps
Hutchinson & Buchanan are solicitors for life. We’ve been looking after our clients’ plans and needs since 1919. We’re the go-to firm in North Yorkshire for exceptional and cost-effective wills, Probate & Estate Administration and Lasting Powers of Attorney.

Click the following links to learn more about our Wills, Probate and Administration, and Lasting Powers of Attorney.

If you have any questions or are ready to plan ahead now, we’re here to help. Call Richard Storey, partner at Hutchinson & Buchanan on 01765 602156 or email mail@hb-law.co.uk.

Address

77 North Street
Ripon
North Yorkshire HG4 1DP

Email

mail@hb-law.co.uk

Phone

01765 602156

Fax

01765 690018