Making a Will is the only way to make sure that your wishes are carried out after your death. If you have not made a valid Will, your property and estate will pass under the laws of intestacy.
This may have the following consequences:-
Lasting Powers of Attorney give responsibility and authority regarding your care and estate to your loved ones if you lose capacity and can no longer make decisions for yourself.
Without the Lasting Power of Attorney for Property and Financial Affairs no one can access your bank accounts, sell your property, re-mortgage your property, activate your insurance cover, or continue to run your business, which could lead to your financial position and that of your dependants quickly becoming problematic. Choosing a trusted person to take control of your affairs, whilst you are unable to deal with them, gives peace of mind and security to you and your loved ones.
The Lasting Power of Attorney for Health and Welfare gives your attorneys the legal right to make health and welfare decisions for you, rather than the doctors on their own.
Whitchurch Wills can help guide you in the decisions you need to make when putting these documents in place and include some essential instructions that make the documents the most usable and workable for your attorneys.
It is also essential though to register your Lasting Power of Attorney with the Office of the Public Guardian as otherwise the process can take a minimum of 22 weeks - at just the point when you need your trusted person(s) to handle your affairs.
Nevertheless, you may wish for your estate to be distributed amongst your relatives, friends and charities of your choice in the proportions that you specify. It also ensures that your loved ones are not faced with the stress of an intestacy at a very difficult time.
You cannot rely on this, the value of your estate can be a major factor. Your brothers, sisters and parents may have claims against your estate. Under the intestacy rules, your children will have a right to part of your estate, which happens where you have children of a first marriage and a second marriage partner.
If you are living as an unmarried couple, your surviving partner could receive nothing at all, even if you have been living together for many years. They may not inherit your property if you do not leave a Will. They may have to bring a court action for maintenance and the court likely would not award them as much as you would have chosen to give them.
It is never too early to make responsible financial decisions to safeguard your loved ones. Unforeseen circumstances can arise at any time, and it never hurts to be prepared – even just for peace of mind.
Yes, a Will enables you to leave instructions for them to have guardians of your choice, rather than leaving their welfare to chance.
A valid Will nominating guardians prevents the situation where no one knows what you would have wanted and a court deciding the future of your children.
Ideally, you should review your Will every 3-5 years, particularly if you have recently married, divorced, been widowed, had children, retired, or come into a substantial inheritance.
At Whitchurch Wills, we offer the first meeting free of charge – so, if you are unsure as to what you need, I can help you figure that out, with no obligation!
Trusts are one of the best routes to protect your assets and the future. Contrary to popular belief, Trusts are not just for the wealthy. The key is in choosing the right Trust for the particular circumstance. We can advise on bespoke Will Trusts, and life-time Trusts with special attention to ensuring the minimum (if not negligible) amount of administrative duties.
We provides a Solicitor level of knowledge, understanding and service at an affordable cost.
In today’s difficult financial environment, a Will and LPA etc appear to be a cost. However, not having the right documentation in place is a far higher cost and risk and this is only apparent when the said documentation is needed the most. Time runs out, just when it is of the essence.