Wills and Power of Attorney
Your Will is unique to you. Whether your means are large or small we can help you draft a Will that properly protects your family and achieves your estate planning objectives.
A Lasting Power of Attorney (LPA) can assist as it allows you to appoint a representative to deal with your decisions when you are no longer able.
When a loved one passes away, it can be hard to deal with what happens to money, property and other assets/belongings. This can be distressing for those left behind, even where there is a valid Will.
Given how important having a Will is, it is alarming that:
1 in 3 people who pass away every year have not left a Will
over 70% of those under the age of 64 in the UK have not prepared a Will
Thinking about what will happen after you die is never easy, but it is still important to make a Will, so you can be sure that your family is protected, and your assets will be distributed according to your wishes.
Not drawing up a Will can have terrible consequences for your already suffering family who may need to get a court to allow them access to money to pay for your funeral costs, and there could be a dispute over what happens to your estate.
In addition, many people leave behind a family who have no legal right to access the estate. If you are in a long-term relationship but are not married or in a civil partnership with your partner, unless you make provisions for them, they may inherit nothing.
Making a Will does not need to be complicated, but it is important to get it right.
At New South Law we can give you advice on writing your Will and how to minimise the effect of inheritance tax on your estate.
Whether your means are large or small we can help you write a Will that protects your family and loved ones.
How much will it cost?
We offer fixed fees for Wills.
What should I do now?
Call us free on 01903 931 043 or leave your details on our contact form and we will be in touch. knowing your finances and estate are in order will give you the peace of mind to enjoy life, knowing the ones you love will be taken care of.
POA (Power of Attorney)
With people living longer than ever, many are living out their days confused and worried by financial decisions that seemed so simple a few years earlier.
Others might be involved in accidents or suffer illness that affects their ability to manage their day to day lives.
Who will manage your finances and medical treatment if you should become too ill to deal with these issues yourself?
A Lasting Power of Attorney (LPA) helps as it allows you to appoint a representative to deal with these matters on your behalf. Should you become mentally or physically impaired, or simply decide that you no longer wish to make certain decisions, an LPA will give your nominated representative the power to act for you.
An LPA can allow your family to manage just your finances, health or care, or all of three of these areas depending on your circumstances.
An LPA for financial decisions can cover things such as:
buying, selling and dealing with repairs to your property
paying your mortgage and bills
managing your tax and investments
You can limit the types of decisions your attorney can make or give them full authority. You can ask them to take effect right away or only if you lose the ability to manage it yourself.
To protect you, your financial attorney must keep accounts and make sure to keep your money separate from theirs. You can ask for regular updates and, if necessary, these details can be sent to a solicitor or another family member to review.
An LPA for health decisions only comes into effect if you lose the ability to make decisions for yourself.
Your attorney can decide:
where you live
what treatment you receive
how your daily needs of cleaning, food and entertainment are met
You can also give special permission for your attorney to make decisions about life saving treatment.
While none of us want to think about a time where we may lose this ability, it is a sad fact that with increasing life expectancy comes increasing frailty.
Having an LPA can ensure that if you become too unwell to manage things yourself your nominated representative will step in and ensure you are properly cared for.
What should I do now?
This is not a decision that should be made lightly as you are relinquishing considerable control over your affairs. You need to be sure that the person you entrust with the LPA are suitable and will work in your best interests.
At New South Law we can advise you regarding both types of LPA and liaise with you and your proposed representative to complete the necessary paperwork and make sure you can relax in the knowledge that you are protected if you become unable to make decisions for yourself.
How much will it cost?
Call us free on 01903 931 043 and we can advise you of the costs involved at the outset. You are under no obligation to use our services and we encourage you to take your time to make your decision.
If you think you have a case and would like to find out some more information, fill out the form below and one of our team will be in touch.