As a mortgage adviser I have probably spoken to over 2000 clients over the years, and a question we always ask when buying a home, is do you have a will? Sadly, in the majority of cases the answer is no, which is why I decided to set up Asset Plus Legal. Buying your home is likely to be your biggest financial commitment, therefore it is essential you consider the financial security of your family in the event of your death.
Every adult should have a Will (it is your voice when you no longer have one), to make sure the things that are important to you (assets/ children) go to the right people at the right time, rather than letting the state decide.
Two areas of financial planning every adult should have, are Wills and Lasting Powers of Attorneys. It is your voice when you no longer have one. To make sure the things that are important to you (assets/ children) go to the right people at the right time, rather than letting the state decide. As a proud member of the Society of Will Writers all advice follows their ethical standards.
When thinking about a Will, you may be thinking of what assets you will leave to your family. But if you have dependant children it is important to consider who you would like to look after them if you and their other parent have died. Without stating your wishes, the state will decide who should look after them, and in fact could mean your children have time in care while the courts decide.
Lasting Powers of Attorney allow you to appoint someone to make both health and financial decisions on your behalf in any event where you have lost the mental capacity to do this for yourself. This may be due to illness such as dementia or due to an accident that caused a short term or long term coma.
There are 2 types of Powers of Attorney and it is beneficial to have both:
Property And Financial Affairs Lasting Power Of Attorney
Gives authority to deal with all your financial matters including:
Income & expenditure | Debts | Investments | Property Businesses
Health And Welfare Lasting Power Of Attorney
Gives authority to deal with all health and welfare matters including:
Doctor | Medicines | Care
What Happens if I don't have Lasting Power of Attorney?
Currently if you do not have Lasting Power of Attorney your loved ones will have to apply to the Court of Protection to obtain permission to administer your affairs. This is a lengthy process which can be costly and stressful.
Where Should I Start?
The best place to start is to book a no obligation meeting with Justyna.
She can talk you through the areas that are important to you as well as explain legal terminology that can be off putting in starting the process!
What Else Should I Consider?
You have to think carefully about what you would like to happen in the event of your death.
Who you want to be your children’s legal guardians. Who would look after your pet. Who you would like to benefit from your assets and who can you leave to make sure your wishes are carried out.
How Can We Help?
Planning Wills and LPA’s takes a lot of considerations, having an expert to walk you though the process will mean help you consider all aspects and get it right for your peace of mind.
Wills and Estate planning are not regulated by the Financial Conduct Authority.
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