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Planning, Preparation and Peace of Mind
By Katie Collis Associate Solicitor at Girlings Solicitors
Writing a Will ensures that your wishes are clearly understood and are legally binding. Having a Will helps to minimise disputes and reduce stress for your loved ones when you pass away. By writing a Will with a solicitor, they can make sure that you have considered all eventualities and ensure that your Will is valid, thus preventing any potential issues later on.
If you don’t leave a Will, your assets will be dealt with in accordance with the intestacy rules which decide who is entitled to a share of your assets. This may not be in accordance with your wishes and may mean that people important to you don’t get the support that they need; for example, assets don’t always pass automatically to spouses.
It is also important to plan ahead if you have a business, for example, to ensure that it can continue to run if you are no longer able to manage it or in the event of your death. An independent financial adviser will be able to help you to plan and protect your business for the future.
In addition to making plans with a financial adviser, it is also important to consider making provision for a time when you may no longer have capacity to make important decisions for yourself. It is sensible to discuss how to protect yourself and/or your business interests, in the form of a Lasting Power of Attorney (LPA), in the event capacity is lost.
LPAs are legal documents which allow you to appoint people who you trust to act in your best interests, make decisions on your behalf and in accordance of your wishes. They may also help manage your affairs should you be unable to yourself.
There are two types of LPAs – one which deals with property and financial decisions
Katie Collis Associate Solicitor
Tel: 01227 768374
Email: katiecollis@girlings.com in which attorneys can act on a range of matters including paying bills, overseeing investments, managing utilities and even selling property.
The second type of LPA relates to health and welfare decisions, which includes but is not limited to, speaking to medical professionals, arranging social care and making decisions on life-sustaining treatment.
You can tailor the LPA to include instructions to ensure that your affairs are managed exactly how you wish.
Many people think LPAs only need to be put into place if they become unwell or at a later stage in life but you may not be well enough to put one in place exactly when you need one so it is important to plan ahead especially as the registration process can take up to twenty weeks leaving you without the support you might really need in the meantime.