Will and Power of Attorney
In 2014, approximately 60% of people who died in the UK did not write a will – meaning that they had no control over how their assets were distributed.
Many people mistakenly believe that their relatives can distribute their assets as they think fit. However, without a will in place, the estate is distributed according to the laws of intestacy.
These strict laws determine who gets what, and don’t take account of family wishes, so making a will, (or reviewing an existing will made a while ago) should really be at the top of everyone’s agenda to protect their family’s interests.
By 2025, the Alzheimer’s Society predicts that more than one million people in the UK will suffer from dementia. The advice from charities caring for the elderly is that everyone should plan ahead to a time when they might not be in a position to handle their financial affairs.
A Lasting Power of Attorney (LPA) is designed to protect you in the event that, whilst still alive, you lose the ability to make financial or care decisions on your own behalf. Making an LPA allows you to choose someone you know and trust to make important decisions on your behalf, should you be unable or not wish to do so.
Most people don’t think about putting an LPA in place because they automatically assume their loved ones could step in. However, if you lose mental capacity and haven’t made an LPA, a family member would have to apply to The Court of Protection to be appointed as your Deputy.
The role of Deputy provides reduced powers and an annual fee is payable. If an acceptable Deputy can’t be found, the local authority is appointed. They will be given access to your financial affairs and be able to decide where you live and what care you receive.
Preparing a will and Lasting Power of Attorney isn’t a daunting task; in reality it’s a straightforward process. A qualified legal practitioner will be able to guide you through the information required and ensure that the documents are legally watertight and in place in case of need.
Here at Logic Wealth Planning we can give you the best professional help and advice.