Wills & Power of Attorney
Wills
We provide a comprehensive advisory and drafting service for the preparation of your Will. Our service includes free storage of Wills for safekeeping.
We are happy to provide you an advance estimate for preparing an individual Will or a pair of Wills for a couple.
Whatever your individual circumstances, it makes sense to make a Will. This helps ensure that your wishes concerning your property and affairs are carried out when you die and that your loved ones are provided for. A well-drafted Will can also help to prevent practical difficulties or disputes arising when you die.
Your Will sets out how you want your assets to be distributed after your death. It is the most important document that you leave on your death and it is therefore vital that it is a true reflection of your wishes.
The main issues which should generally be considered when preparing a Will include:
- Making provision for the people who are important to you, e.g. your spouse, Civil Partner or if you are not married, your life partner.
- Your choice of executors/trustees (especially important if your children are still young).
- Your funeral wishes.
- Appointment of guardians for young children.
- Legacies of cash or personal items.
- Effective use of the inheritance tax (IHT) nil-rate band.
- Effective use of the spouse or Civil Partner exemptions from IHT, via outright gifts or gifts into Trust.
- Making the most effective use of IHT reliefs, for example, business property.
If you die without a Will, you are deemed to have died “intestate” and this will result in the law automatically determining who will inherit your Estate and look after your children, and will also preclude you from giving to friends or charity.
As your family circumstances change, we also recommend that you review your Will. For example, you should do this on the death of a loved one, when you marry or divorce, if your children have grown up or if you have grandchildren you may wish to benefit, or if your adult children’s marriages fail. If you would like help with your Will, please contact our offices.
Power of Attorney and Deputyship (court of protection)
Preparing for your future and ensuring that your best interests are looked after is an important decision. Completing a Power of Attorney allows you to control who is able to make decisions on your behalf when you come to lack mental capacity. It allows you to nominate someone you trust to look after your affairs.
You can legally name one or more people to make decisions on your behalf in a document called a ‘Lasting Power of Attorney.’ A lasting power of attorney (LPA) can be used to allow someone (the ‘attorney’) to make future decisions in case you’re unable to make them at the time, for example, because of illness.
There are 2 types of LPA:
- Health and Welfare. Your attorney can make decisions about things including your medical care, daily routine and living arrangements.
- Property and Finance. Your attorney can make decisions about things including your home, bank accounts, bills and pension.
For all decisions about your health and welfare, your attorney can only start making decisions if you are not able to make the decisions yourself. For decisions about your property and finance, you can decide if you want your attorney to act immediately or only when you’re not able to make the decision yourself. Without an LPA, no one has the automatic right to make decisions on your behalf. They would need to apply to the court to get permission – this can cost a lot more and could take around 6 months to get a decision.
If you would like to know more or need our help, please contact our offices.