Get your legal affairs in order
11 February, 2022
More and more people are living longer in today’s society. Unfortunately a longer life does not always mean a long healthy life. How can you safeguard your affairs in the event of receiving a diagnosis like dementia or if you become temporarily incapacitated? Sadly, solicitors are often asked this question when it is already too late. It is not possible to act on instructions if a person’s condition has advanced to a point where they are unable to manage their own affairs and sign legal documents. Here are the two most important things you can do to ensure your legal affairs are in order for your family and loved ones.
Make sure your Will is up to date
Having a carefully drafted Will in place should give you peace of mind. Unfortunately, you can only make or change your Will if you have the mental capacity to do so. By making a Will you can control family inheritance to make sure that your spouse or partner and children inherit exactly what you intend. You can choose who your executors should be. Those executors will have control over and be responsible for administering your estate. Wills can ensure that your estate is as inheritance tax efficient as possible and also include how any business assets should be dealt with. You can provide for different scenarios in your Will depending on the size or nature of your family.
If you die without a valid Will, the intestacy rules apply and your relatives, in a strict order, will inherit your estate. Unmarried partners are not entitled to anything under the intestacy rules.
Your Will should be reviewed and updated on a regular basis to ensure that it remains fit for purpose as circumstances change.
Make Lasting Powers of Attorney
A Will appoints executors to manage your affairs when you die. You should consider what would happen if you are unable to manage your affairs whilst you are alive. Lasting Powers of Attorney (LPAs) appoint people, of your choosing, to make decisions for you and safeguard your affairs during your lifetime, if you need assistance. Like a Will, LPAs can only be made if you have the mental capacity to understand and sign that legal document. There are two types of LPA. One covers your finances and property and the other covers health, medical and welfare decisions.
If you lose the ability to manage your own affairs and have not made an LPA, the only alternative is for someone to make a Court application which is a costly and time consuming process at what will already be a stressful time. This may not be a person you would have chosen. LPA’s therefore must be made in advance, at a time when you don’t actually need them. If you do this, you can have peace of mind that the LPA documents are ready to be used should you need help in the future.
For further information about Lasting Powers of Attorney and Wills please contact Gill Knowles on 01244 400567 or email: gillian.knowles@storrarcowdry.co.uk
