Wills

Do you have a Will in place to protect the futures of your loved ones?

A written Will is one of the most important legal documents a person will ever prepare.  If you don’t have a Will in place when you die, the government effectively writes one for you and decides who gets what from your estate.  Even worse, without a Will detailing your choice of guardian for your minor children, Social Services will decide who should look after them and bring them up.

There are many things to consider when writing a Will and, written correctly, it can offer the following benefits:

• Ensure that your estate is distributed according to your wishes
• Offer protection from the clutches of the Tax Man
• Protect your home from being sold to pay for long term care fees
• Protect your children’s futures by appointing guardians of your choice and placing their inheritance in Trust until they are of an age to make mature financial decisions
• Ensure the fair distribution of assets for unmarried couples
• Ensure the fair distribution of assets where there are children from more than one relationship
• Ensure your business interests are satisfactorily dealt with upon your death

Writing your Will brings security and peace of mind not just for you but for those you care about.

As part of your financial planning, there are other documents to consider as well.

Who will manage your affairs should you become incapable due to a stroke, dementia or Alzheimer’s? What if you are incapacitated by a serious accident? Who will sign cheques, documents, withdraw money from your account to pay the bills? Unless you have a Lasting Power of Attorney in place you may end up with your partner or children going to court for permission to handle your affairs. All of these problems can be resolved by putting a Lasting Power of Attorney in place whilst you have the mental capacity to do so.

A Living Will (also known as an Advanced Directive) is recognised by the British Medical Association and specifies your wishes if you are seriously ill and unable to speak for yourself.  It is held with your medical records by your GP and local hospital.

Should you ever end up on a life support machine and in the opinion of two independent medical consultants, you are unlikely to recover to a rational existence, this document expresses your wish that the life support machine should be switched off. It also states that the only intervention you desire in such circumstances is pain relief.

A great benefit of having a Living Will in place is that your loved ones know your wishes and are not left to make what would be a very difficult decision for them, wondering what you would have wanted.

With any of these documents, you should seriously consider having them professionally written, as a simple misplaced word or oversight can lead to problems and hardship for those you care about.

This type of service is not regulated by the FSA.