Olivia Clifford of Goughs Solicitors considers the importance of having Wills and Powers of Attorney in place for anyone over the age of 18
There is a general misconception that the older generation or elderly individuals are the only ones who should have Wills and Lasting Powers of Attorney. This is not true.
Anyone who is over the age of 18 with assets, and especially individuals with children, should have a Will and Lasting Powers of Attorney in place to ensure that their assets pass in accordance with their wishes. They should also appoint Attorneys who can make decisions on their behalf in the event they were to lose mental capacity through illness or accident.
Life is unpredictable and can change instantly. Sadly, death or serious injury can come to us at any point in life. It is important that the relevant documents are put in place to ensure that our wishes are carried out and that our needs are met.
Firstly, Wills come into effect on death. Having a Will in place allows you to appoint individuals to administer your estate, as well as choosing who you wish to inherit your assets. This ensures that your wishes are met.
You can also include in your Will
- Funeral wishes.
- The option for a Trust
- Who is to receive your personal belongings.
- If you have children under the age of 18, you are able to express the wish for an appointment of a guardian who would care for them after you pass away.
If you do not make a Will, then your estate would pass in accordance with the rules of Intestacy. This may mean that your estate will pass to individuals that you would not wish to inherit your assets. Furthermore, your estate would be administered by these individuals whom you may not want, to be involved in your affairs.
Lasting Powers of Attorney
Secondly, Lasting Powers of Attorney for Property and Financial Affairs and Health and Welfare are used during your lifetime. These allow you to appoint people to make decisions for you if you are unable to make those decisions yourself.
By appointing Attorneys, you can ensure that your affairs will continue day to day and allow your chosen Attorneys to make decisions with regards to your health and wellbeing. If Lasting Powers of Attorney are not in place and you were to lose capacity, your bank accounts and finances would likely be frozen, and your health and welfare decisions would be made by social services or an attending doctor, depending upon the type of decision that needs to be made.
If you were to lose capacity without having Lasting Powers of Attorney in place, a Deputyship Order would be needed. This is where an individual applies to the Court for authority to deal with your property and finances. Not only can this result in somebody you would not choose managing your affairs, it is also a far more costly and time consuming process. Whilst Deputyship Orders to cover Health and Welfare do exist, the Courts are much more reluctant to grant these Orders.
Every individual is unique and has different circumstances. Please get in touch with our experienced advisors who will be able to guide and assist you. We will be able to offer you our expertise and a service tailored to your individual needs.
