Wills & Lasting Power of Attorneys
Making a Will helps preserve your wealth and minimise its exposure to third-party threats.
Look around you. How much are you worth – your house, possessions, savings, investments, business – everything you own?
Make sure it goes to those you want, not the taxman and those you would prefer not to have it.
Five Points to consider when making your Wills.
Value your Estate-You should prepare a summary of everything you own.
Funeral Arrangements-Decide whether you want your body to be buried or cremated.
Appoint Executors– An executor is the person (or people) you appoint to safeguard your possessions, deal with the wills and apply for a Grant of Probate.
Children– If you have children under 18, appoint guardians.
Legacies & Gifts– You can leave sums of money or specific gifts.
What is an LPA
LPAs allow you to appoint a third party (“Attorney”) to make decisions about your finances and property and health and welfare where you no longer have the capacity to do so yourself.
In the UK, people need more awareness or willingness to accept that they might need an LPA.
The perceived complexity of creating these documents means many people neglect to consider this planning until it is too late.
Five points to consider when making an LPA
There are two types of LPA -Property & Financial and Health & Welfare.
The Property and Financial Affairs LPA -Allows you to appoint attorneys who can look after your financial & property affairs.
The Health and Welfare LPA -Allows you to appoint attorneys who could make decisions about your health & welfare if you cannot make those decisions yourself.
Who should you appoint as your attorneys?– Your attorneys should be people you trust, who you are confident will act in your best interests.
Do you want to give your attorneys any special instructions? -You specify instructions for your attorneys; they will be legally binding and must follow them.
Who will be your certificate provider?– Your certificate provider is the person who confirms that you have the capacity to understand and create the LPA.