What are my options for making a Will?
There are different options for making a Will. Choosing the right one is the most important decision you need to make.
Do it yourself
If cost is a concern when making your Will, you can always make a Will yourself for little cost, either online or templates.
Making your own Will at home, there are some things you’ll need to be aware of before you do:
- Make the instructions very clear, leaving no errors or vagueness
- There are set guidelines for Will making which need to be adhered to
- Do not over complicate but also cover all of your wishes
- Mistakes will be very hard if not impossible to correct
- There is no legal protection
- Correct signing and later storage of the Will
You may/should want to consider an expert to ensure that your wishes are accurately documented.
What is a Will?
A Will is a legal document which allows you to express your wishes about the people you want to inherit your money, property and possessions (known as your estate) after you have passed away.
Sometimes known as your last Will and testament, it should include information such as how you would like to distribute your assets, who you would like to bring up your children and what sort of funeral you would like. If you die without writing one, people you care about might lose out, as your estate will be distributed according to strict Intestacy rules.
Despite the knowledge of the importance of Wills, more than 1 in 2 adults do not have a Will. This is mainly due to the thought of death, and its something to deal with later in life.
From the simplest Will to the most complicated estate you can get a professionally written Will drawn up – all from the comfort of your own home.
What is a lasting power of attorney (LPA)?
A lasting power of attorney (LPA) is a legal document which gives you the choice to appoint a Trusted family member or friend (known thereafter as the Attorney) the authority to deal with your affairs. They would become your legally appointed Attorneys (always advisable to have a minimum of two). It grants them the authority to make decisions on your behalf if you’re no longer able to make them, they become “your voice”.
There are two types of LPA:
Health and Welfare LPA
A Health and Welfare LPA allows you to name Attorneys who you would like to make decisions about your healthcare, medical treatment and living arrangements if you’re no longer able to. For example, if you capacity through illness or accident and you can no longer communicate.
Your Attorneys, via the Health and Welfare LPA will step in to make decisions for you on your behalf regarding your treatment and other aspects of your life.
Property and Financial Affairs LPA
A Property and Financial Affairs LPA allows you to name Attorneys who can deal with any money, bills, insurances or property that you own in England or Wales if you can no longer do this yourself.
Why should you make an LPA?
Setting up an LPA means your family will avoid potentially lengthy and costly court proceedings to access funds to pay for your care if you do lose mental capacity. You can make your LPA’s in preparation of when you could need them in the future as they are a lifetime legal document, too many times they are left until they are needed which inevitably is too late.
It’s important to think about what you want to do carefully and ensure the Attorneys you trust to fulfil your wishes.
Setting up an LPA means your family will avoid potentially lengthy and costly court proceedings to access funds to pay for your care if you do lose mental capacity.
What happens if I don’t have a lasting power of attorney?
Don’t assume that someone can automatically step in and help if you’re no longer able to look after your own affairs. Your spouse or family cannot do this without permissions. Therefore, if you’re unable to access your bank account, family members will need to become a ‘deputy’ to use your finances. The application is made through the courts, and it can be very time consuming, expensive and needs to be renewed annually.
Whether you’ve got utility bills to pay, a mortgage or other outstanding contracts, your family members may find themselves in a situation where they’re unable to help you.
Having a lasting power of attorney can prevent these very stressful situations and secure the support you need.