Having a Lasting Power or Attorney,(LPA), and a will written is vitally important no matter what age you are.
Whilst making plans for if you become incapable of making decisions or passing away is not a pleasant thought, ensuring these plans are in place will help protect you and most importantly, it will help protect your family. Without having a will or an LPA in place, your family will have to go through many lengthy government processes in order to carry out your wishes, which sometimes costs thousands. In order to save your family from going through this process, you will need to appoint an LPA and set up a will whilst you are declared to have sound body and mind.
How Do Wills and LPAs Work?
LPA – An LPA is a document that grants a person of your choice Legal Power of Attorney if you become incapable of making your own decisions. Generally, LPAs have only been considered as a concern for older people, with illness and dementia making them incapable of running their financial affairs or making choices for their health. Whilst having an LPA in place for an older loved one is important, an LPA should be in place, no matter how old you are. Many people are under the impression that the person they have listed as their ‘Next of Kin’ can make legal and medical decisions for them, however, this is not the case. Only a registered attorney is allowed to make legal, financial and medical decisions for you without first obtaining an order of the Court.
Will – A will is a legal document which details how you would like your property and possessions to be distributed after you die. Creating a will is vitally important as it is the only way that your assets will be divided in the way that you want them to be after you pass away. Without a will, the law will decide who will get your possessions. Often your assets would only be divided between close family. If you had a partner, to whom you were not married or in a civil partnership, they would not be entitled to anything. It is vitally important to have a will in place in order to be sure your exact wishes will be carried out. It is also important to keep your will updated. After a change of family circumstances such as a birth, death or divorce, make sure your will is updated.
Having both a will and an LPA set up will make sure that your best interests, your wishes, and your family are protected in the event of your death or incapacitation. It will also save your family money in the future. If you were to have an accident or illness that left you unable to make your own decisions, without an LPA, your family will have to apply to the Court of Protection to be appointed as a ‘Deputy’, to make any necessary decisions for you. This can prove to be a very costly process. This is also similar if you have not made a will when you pass away.
To set up a will and an LPA, you will have to visit a solicitor. Getting your LPA and will drafted by a solicitor will ensure that the documents are legally binding and correct. It will also mean that you have easy access to amend your documents if you choose to. Make sure you choose a solicitor who has a wealth of experience providing LPA and Wills.
Hill and Company Solicitors have been established solicitors for over 170 years. In terms of LPAs and wills, we are experts at drafting, amending and advising in respect of them. We are also happy to be nominated as attorneys and/or executors, and are attorneys and exutors for many clients.
If you would like any more information, contact one of our expert legal team. We can offer you a free consultation to go over all of your options.
Call us on 0161 928 3201 to book your free consultation.