Make a Will – it won’t kill you!
A Will or the lack of one – has featured in many a tale, from Dickens to plots in Eastenders! There is a real risk of family falling out when dealing with the estate if a deceased person who has not made a Will or updated and existing one.
It can cause Financial and Emotional misery causing deep seated rifts that do not heal, this is probably not what the deceased would have wanted.
The fractured nature of modern families and an increasing society where people make a claim for just about everything means that making a Will is now more important than ever.
Many people cannot face the prospect of their own death but unfortunately that wont stave off the Grim Reaper! It is not just the elderly and those who are terminally ill that die.
There are many reasons to make a Will:
Saving of Inheritance Tax (IHT)
Saving of potential care home fees
Appointment of guardians for infant children
Appointment of Executors to look after your business and to ensure that your wishes are carried out.
To ensure that those you wish to benefit are named and those you DONT are left out.
Dealing with the estate of someone who has died can be a challenging task, sometimes involving the sale of property and investments or settlement of outstanding debts or tax issues. Taking on such a task may prove to be a challenge especially at an emotionally distressing time.
Before any financial institutes will release any sums of money they will require you to send to them a document confirming who is the legal administrator of the estate. This is normally called a Grant of Probate (depending on the circumstances it may be called something else)
Lasting Power of Attorney (LPA)
This is a legal document to let you appoint one or more people to help you make decisions or to make decisions on your behalf.
It gives you more control over what happens if you have an accident or an illness and cant make your own decisions. (this is know as losing mental capacity)
You must be over 18 and have mental capacity when you make your Lasting Power of Attorney
There are 2 types of LPA and you can have both
- Property and Financial Affairs
- Health and Welfare
Please contact Mrs Wild for further details or to make an appointment on 01226 341111