Peace of Mind Paperwork
Having an up-to-date Will, Lasting Powers of Attorney and a simple list of your assets will make dealing with your affairs much easier both during your lifetime and when you have passed away.
If you lose ‘mental capacity’ even if only temporarily, leaving you unable to deal with your own finances, then family and friends are faced with a difficult situation. Not even your spouse or civil partner has the authority to operate with anything financial or legal on your behalf. Without a Lasting Power of Attorney (LPA) in place, someone has to make an application to the Court of Protection to become a ‘Deputy’. This is a lengthy and costly process and to be avoided. The answer is to have a LPA in place. LPAs can cover property and financial decisions and also health and welfare decisions. It is your opportunity to legally appoint one or more people to make decisions on your behalf. They are invaluable and mean that the people that you choose are in control.
In your Will you decide whom your executors are and whom should benefit from your estate. Whether you have close family or not you shouldn’t think the Intestacy rules (that apply when someone doesn’t have a Will) will do what you wish. Close family may not inherit in the shares that you would choose and in the absence of close family, the rules do not look to benefit your friends or favoured charities but instead will leave your estate to be being divided between remote relatives or even the Crown.
Why make a list of my assets? Property, bank accounts and pensions are fairly easy to identify but in this day and age you may also have ‘digital assets’, perhaps an online bank account? Your list of assets and appropriate passwords will be invaluable to those helping you with your affairs, whatever the circumstances.
Take control now and you will have peace of mind.
Visit our Wills and Trust page by clicking here
Visit our Lasting Powers of Attorney page by clicking here