Wills, Trusts and Power of Attorney
If you were to pass away tomorrow what would be your final wish today? The usual answer is that you would want to make sure your family are looked after financially. So why do only 1 in 3 people have a valid will?
The vast majority of people put off writing their Will for a number of reasons. In general people believe that an untimely death will not happen to them or believe that their family will automatically receive their estate. Unfortunately none of these are true.
The reality is that you can delay writing your will but one day it will be too late.
This will cause a whole host of problems to your loved ones at this difficult time and could also mean that your inheritance goes to the wrong people or even worse the tax man.
Peace of mind
Writing your will and ensuring that your loved ones are looked after will give you piece of mind. Making a Will enables you to distribute your property as you would have had you still been alive.
This ensures that the loved ones you want to benefit actually do so and in accordance with your wishes. This also avoids any family disputes or claims from ex partners etc.
Who needs to write a Will?
In truth, everyone needs to make a will.
This is particularly a priority for anyone with Children under 18, elderly relatives who rely on you for care or if you have children with disabilities or special needs.
Any kind of asset can be directed by a will so whether you own a family heir loom that you wish to pass on or a property that you wish to leave this to a special person, YOU NEED A WILL.
Surely everything will pass to my spouse/ Partner and children automatically? Wrong!
This is a common misconception that everyone has and it could not be further from the truth.
Depending on how large your estate is, the rules of intestacy (passing without a will) have set rules that will be applied. These rules determine who inherits what and how much if you do not make a Will.
Power of Attorney
Many people with dementia will eventually reach a point where they are no longer able to make decisions for themselves – this is known as lacking ‘mental capacity’. When this happens, someone else – often a carer or family member – will need to make decisions on their behalf.
A Lasting power of attorney (LPA) is a legal tool that gives another adult the legal authority to make certain decisions for you, if you become unable to make them yourself. The person who is given this authority is known as an ‘attorney’. They can manage your finances, or make decisions relating to your health and welfare. Please contact us for further information regarding setting up a Lasting Power of Attorney.
Toddington Independent Financial Advice can help you write a will and plan your estate to be tax efficient and pass on to the loved ones of your choice. Please contact us today to discuss your individual needs.