This section explores the need to have not only a Will, but in many occasions also a Lasting Power of Attorney. We can provide a complete package offering both a Will and A Lasting Power of Attorney to ensure that your interests will be well protected.
Why You Need A Will
Over 70% of the UK population does not have a current Will that is an accurate reflection of their financial circumstances and their personal choices at the time of their death. Making a Will gives you the peace of mind of knowing exactly how your money, property and possessions will be dealt with after your death. A Will guides those who are left behind and saves worry and heartache at a time of great emotional stress.
Making a Will is usually the first step to take in structuring your affairs in order to minimise your liability for Inheritance Tax (IHT). This is especially important these days, particularly in the South East, where rising house prices mean that more families are being hit by IHT. Research has calculated that in eight years all average price homes could become liable to the tax, if house prices continue to rise, and if the IHT threshold grows as slowly as it has done over the past ten years. Households with average savings or other taxable assets will be affected even earlier.
Why You Need A Lasting Power Of Attorney
Many people however simply obtain a will, believing they have put all the arrangements needed in place. However, what if you become a victim of a disease which results in mental capacity and the loss of the ability to manage your own affairs, and remember mental incapacity can affect not only the elderly – premature dementia as a result of an accident can have the same effect. A Lasting Power of Attorney (LPA) is the answer and enables you to appoint a person of your own choosing to make decisions in the event that you become incapable of looking after your affairs. It must however be signed whilst you are still mentally capable and it must be in the prescribed form.
An LPA will need to be registered with the Court of Protection before it may be used by the Attorneys.
A person can make two types of LPA, one dealing with financial matters and one concerning personal welfare. A Personal Welfare LPA (PWPLA) can be used to set up an ‘advance directive’ regarding giving or refusing medical treatment in circumstances where the donor has lost the capacity to make such decisions themselves. The PWLPA is legally binding if it is valid and applicable to the treatment proposed. This new power has caused anxiety for some people, who worry that making a PWLPA might allow a relative to ‘pull the plug’ when they themselves might not wish that to happen.
No matter what the PWLPA states, the final decision regarding any treatment given will rest with the responsible clinician. The PWLPA cannot compel treatment to be given which is contrary to medical advice.
There are considerable legal safeguards built into advance directives, which in any event will only apply when the person creating the directive no longer has mental capacity. Where there is genuine disagreement about the existence, validity or applicability of an advance decision, those providing care or treatment will be able to apply for a ruling from the Court of Protection.
Take Advantage Of Our Peace Of Mind Service
To find out more about our complete "Peace of Mind" Wills and Lasting Power of Attorney package, please contact Lisa Simpson on 01634 811118 or email email@example.com