As we head towards Christmas, making a Will or putting in place a power of attorney is probably not on our list of priorities, but, maybe it should!
As thoughts then turn to the New Year and resolutions, why don’t you make it your resolution to put your financial affairs in order by making a Will and power of attorney?
A Will ensures that your estate and wealth is passed on in accordance with your wishes. Unfortunately, many people do not get round to making a Will and the law then sets out how their estate will be divided because their wishes are not known. It is important to ensure that once made, your Will is kept up to date. For example, you should review your Will if your personal circumstances change (through marriage, divorce, inheritance or the birth of children or grandchildren). Furthermore, changes in the law mean that a Will made many years ago may not be the most tax efficient.
A Lasting Power of Attorney (LPA) is a legal document entirely separate to a Will. It allows you to choose who should make decisions on your behalf if you ever become unable to make those decisions yourself through, for example, becoming ill. There are two types of LPA dealing with property and finances and health and welfare respectively. By making one or both types of LPA, you can ensure that your best interests are protected should the worst happen.
If you have any questions, Beers’ friendly and helpful team is always willing to help and are happy to hear from you. Simply contact us on 01548 857000 and 01752 246000.