Frequently Asked Questions
Do I need a Solicitor to set up a Will or Lasting Power of Attorney?
No, you don't need a solicitor to set up your Will or Lasting Power of Attorney. This is an unregulated industry. I choose to be a member of The Society of Will Writers which is a independent regulatory body for the industry. This proves I have the correct knowledge, insurance and keep up-to-date with industry guidelines.
Lasting Powers of Attorney documents are standard 20 page documents. So whether you use an independent Estate Planner like myself or a Solicitor, the outcome will be exactly the same.
Who needs a Lasting Power of Attorney?
A Lasting Power of Attorney is useful in a whole range of situations, for example if you had an accident, lost mental capacity, or became seriously unwell and unable to make day-to-day decisions about your health, welfare or financial situation.
Lots of these situations can come out of nowhere, without much warning. Which is why every adult should consider having a Lasting Power of Attorney, so you’re prepared for whatever life throws your way.
What happens if I don't make a Will?
If you don't make a Will, then your property, money and belongings at the date of your death will be dealt with by a set of rules, known as the intestacy rules.
If you are married and have children or grandchildren, then your partner will only inherit the first £322,000 of your estate and then the rest will be split equally between your partner and your children.
If you jointly own your property your partner will automatically inherit the property, and this will not be included in the £322,000.
If you have no children or an estate worth less than £322,000 they your partner will inherit everything.
If you have no surviving spouse or civil partner at the date of your death, then your estate will be left to your children (if any) in equal shares.If you have no spouse or children/grandchildren, it will pass to your parents, siblings, nieces and nephews.This may not be in line with your wishes and if it isn't then you need to make a Will to ensure your wishes are followed.
When should I make a Lasting Power of Attorney?
I recommend for you to get it sorted way ahead of time, because it makes a world of difference when it matters.
It can be more important the older you are as illnesses such as dementia become a higher risk.
What is the purpose of a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a document that allows you to appoint someone you trust, as your Attorney, which gives them the legal authority to make decisions on your behalf if you lose the mental capacity to do so in the future.
There are two types of Lasting Power of Attorney Documents; Health & Welfare and Property & Finance.
