It has been reported that one in three of us will die without making a Will.
There are numerous beneficial reasons for making a Will which include making future provision for a spouse/partner, distribution of sole assets, appointment of guardians for minor children, ensuring inclusion of step children as beneficiaries, future care needs for a beloved pet(s), avoidance of potential family conflicts and appointment of suitable Executors
An appointment to make a Will or review an existing Will would include a discussion of personal circumstances together with some advice regarding Inheritance Tax planning, if necessary.
Preparing for the inevitable is important and having a Will and keeping it up to date is essential. Many leave it late and for some it’s too late and so distribution of their estate would be subject to the intestacy rules.
Most of us can look forward to increasing life expectancy, but unfortunately that could come with the loss of full mental capacity to manage your own affairs. A registered Lasting Power of Attorney enables you to rely upon trusted person(s) of your choice to make important financial, health and care decisions on your behalf, if and when, you need it in the future. This puts you in control.
An Attorney appointed by you under a Lasting Power of Attorney for Property and Financial Affairs can manage bank accounts, pay bills and sell a property for essential funding if required. Under a Health and Care Lasting Power of Attorney, the Attorney can attend meetings when key decisions are being taken to ensure your wishes regarding future care and even your wishes regarding life sustaining treatment are fully considered. The Attorney would always be entitled to receive relevant personal information and attend important meetings despite the much tightened General Data Protection Regulations (May 2018).
Please do not hesitate to contact me if I you would like a helpful discussion and advice about the process.
Porter Dodson LLP