Wills & Lasting Power of Attorney
Lasting Power of Attorney
In the event of ‘loss of mental capacity’, unless you have already set up an LPA, your family members or those close to you will need to assume legal responsibility over your finances and healthcare as a ‘deputy’ via the Court of Protection, which can be time consuming and costly. An LPA nominates this person or persons before such events arise, and if you choose more than one, ensures they will work jointly. You may wish to nominate one to act on matters around your healthcare and another on behalf of finances. In all cases you should appoint someone you trust and who will take care of your affairs according to your wishes.
This legal document outlines how you wish to allocate any and all of your property and estate in the event of your death. It’s important to note that without one, your next of kin may have to spend additional time and money in an attempt to settle your affairs themselves. It may even be the case that final decisions are made by judges or officials, those of no relation or sentiment to yourself. Once you make the decision to have a will in place, it is a good idea to have it witnessed by a legal professional such as an Trusts and Estates solicitor. Whilst we recommend you have a will in place as early as possible, it is also necessary to keep it up to date over the years, should yours’ or other’s circumstances change.
If you were to pass without a will in place, this is called ‘intestate’ and much like with the lack of an LPA, the important decision of distributing your assets would be made by court officials via a generic means of allocation.