The importance of a Will and Power of Attorney
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If you do not have a Will in place, you should consider making one to set out your wishes after your death and ensure that your assets go to the intended parties. A Will can give you peace of mind over what will happen to your estate, which should help to prevent family disputes following your death.
What are the benefits of a Will?
Having a Will allows you to make gifts, such as money, items of sentiment or a large sum to benefit your favourite charity. You can protect property, children, as well as other beneficiaries via trusts or appoint trusted roles such as guardians, trustees, or executors.
Currently in the UK, only 35% of the population have a Will in place. If you made your Will a long time ago or your circumstances have changed, you should ensure you review your Will and make sure it continues to meet your needs.
Alongside a Will, a Power of Attorney is one of the most important documents a person will ever make. It is a legal process that allows you to appoint another person to look after your affairs for you if you are no longer able to. This can be any person or persons, who will act on your behalf and may be a spouse, relative or friend. In some cases, it is more appropriate to nominate a solicitor or professional attorney.
There are two types of Power of Attorney:
Property and Financial – This allows your attorney to make decisions on your behalf about managing your bank accounts, paying bills, paying for social care, managing your pension and investments, and even deciding what to do with your property.
Health and Welfare – This allows your attorney to make decisions on your behalf such as around medical care, what care home you live in, how you would like to be looked after and even end of life care.
You can appoint different attorneys for each Power of Attorney, but if not, it is important that all parties like and respect each other’s judgement.
Arranging a Will and Power of Attorney
We urge all of our clients to put Wills and Power of Attorneys in place. They are simple to set up and could make the world of difference to you and your family. If you would like help in arranging these, please get in touch.