Wills and Lasting Powers of Attorney (LPA’s)
Wills and Lasting Powers of Attorney (LPAs) form an essential element of estate planning as they can enable you to plan for what happens now and in the future.
Why make a Will?
If you die without making a valid Will, the government will decide who inherits your possessions, property and money (your estate), according to the Laws of Intestacy. Through application of these laws, your spouse may end up sharing your wealth with your children or parents – if you and your partner are unmarried, it will certainly mean that your partner gets nothing from your estate. In the case of separation without a divorce, your estranged spouse would still inherit from your estate.
Not having a valid Will can also lead to a lengthy, and costly, probate process, which can be an incredibly difficult experience for your loved-ones at an extremely painful time. Many solicitors will agree that they make far more money from picking up the pieces from badly written ‘D.I.Y.’ Wills than they would have done if the Will had been put together by a qualified Will Writer. Although they may seem like the cheaper alternative to paying for a Will, in many cases it is the relatives who end up footing the bill for ‘D.I.Y.’ Wills further down the line.
Although putting your Last Will and Testament together may sound quite daunting, our specialists at Key Wills will be able to take you through the process at your own pace, ensuring your Will meets with your specific circumstances and requirements.
What is an LPA?
A Lasting Power of Attorney (LPA) is an in-depth legal document which gives the person or persons of your choice the power to deal with your affairs, if you are unable to do so, on a temporary or permanent basis. These trusted people will then become your attorneys and will be able to use the documents to act on your behalf and carry out your wishes, when necessary. There are two types of LPAs which deal with entirely different aspects of your life: one your property and affairs, the other your health and personal welfare.
Without an LPA, your loved ones may find themselves powerless to help you in a situation where you need it most.
A common misconception about LPAs is that they are solely for elderly people with dementia, but this isn’t accurate. By acting now and putting LPAs in place, you are ensuring that those whom you trust are well-placed to act in your best interests as and when they need to. By “waiting until something happens,” you could place your family in a traumatic and costly situation as it may be too late to apply for a Lasting Power of Attorney when it is needed.
In this situation, your loved-ones’ only alternative is to apply to the Court of Protection for permission to deal with your affairs. This is both a lengthy and costly process, which could still deny your loved ones the ability to act wholly within your best interests as the Court may impose restrictions upon them. In some cases the Court may choose a professional person to act on your behalf, instead of your loved-ones, meaning a total stranger would be managing your affairs.
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