16/12/2024
Why you should consider making a will, setting up a Lasting Power of Attorney (LPA) and
protecting what you work hard for!
- Writing and reviewing your will
A professionally drafted, up-to-date will can protect your assets for those you care about. Without a will in place, you could be risking letting the law decide who should inherit everything you own when you die. Standard wills are available – single or joint, plus also ’Trust’ wills which can provide added protection. - An important consideration is ‘Rules of Intestacy’.
Among those that are not recognised under these rules are cohabiting partners. If a couple is living together without being married or in a Civil Partnership, this is known as cohabitation. There is currently no legal recognition for cohabiting couples under the intestacy rules, regardless of how long the couple have been together. This means that if one person died without having a will in place that named their partner as a beneficiary, they would not be automatically entitled to inherit anything at all from their estate. Also bear in mind that stepchildren are also omitted under these rules, with only biological or legally adopted children being recognised. This could impact on a significant number of families across England and Wales. - Arranging a lasting power of attorney (LPA)
An accident or illness can strike anyone at any age, often without warning. For this reason, an LPA is an important legal document for you to consider putting in place. If you lose capacity to make decisions and don't have an LPA, no one has the legal authority to manage your finances for you or make decisions about your healthcare. If you wish to retain control over the decisions that are made on your behalf and give this authority to someone you trust, you should consider making an LPA. Without an LPA, someone you might not have chosen could be appointed by the court to manage your affairs for you, under a deputyship order.
If you want peace of mind that a particular person will have the legal authority to look after your affairs, without them needing to go through the costly and complicated process of making a deputyship order, consider making an LPA.
You can only put an LPA in place whilst you are capable of understanding the effect of the document. If you wait until it's needed, it will be too late for you to put an LPA in place.
Our specialist partner is offering a complimentary review meeting where you can discuss your circumstances and options available. Whether you’re single or have a family, take the opportunity now to get your ducks in a row.
Contact your dedicated Owl Financial Adviser or email us at enquiries@owlfinanical.co.uk for more information.
The will writing / lasting power of attorney service working with our specialist partner is only available in England and Wales. Will Writing and Lasting Power of Attorney is not regulated by the Financial Conduct Authority.
Approved by Openwork Limited on 16/12/24
Source:
Rules of intestacy and inheritance law in the UK explained | Co-op Legal Services
