People put off making a Will for a variety of reasons, but the reality is that putting it off until it is too late can cause a range of problems for those left behind. Without a Will:
- You cannot be sure that those you would wish to benefit will actually do so.
- Your spouse or partner may not automatically inherit all of your estate.
- ‘Common Law’ partners will not receive anything.
- Children can be taken into the State care system until Guardians are appointed.
- There could be lengthy delays and disputes for your beneficiaries to deal with.
The simple fact is that everyone needs to have a Will and we will be happy to work with you in arranging this.
Trusts are also useful as part of a financial planning exercise to protect your assets in the future from taxation, care fees and bloodline issues such as divorce. Trusts can be set up during lifetime or on death as part of a Will and may be used in conjunction with other financial products or investments to achieve an objective.
Just as important as making a Will is the setting up of a Lasting Power of Attorney. There are two types of Lasting Power of Attorney: ‘Health & Welfare’ and ‘Property and Finance’ that enable you to appoint one or more people to act on your behalf should you lose mental capacity. Not having these in place will leave your family having to apply to the Court of Protection to deal with your affairs, which can be costly and take several months to organise.