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How Can an LPA Give You Peace of Mind?
None of us know what’s around the corner, but having an LPA in place gives you peace of mind that whatever life throws at you, you’re prepared. No matter what, you know that there’s someone ready to step in and take control of your care and finances, someone who you’ve chosen and who you trust.
By creating an LPA, you can nominate someone (or a group of people) you trust to act on your behalf, known as your “Attorney(s)”. They can access your finances, manage your personal affairs, plan your healthcare when you need them to, and only then. Dream team!
An LPA gives you complete control, even if you find yourself in a position where you’re unable to exercise it. You can choose when the document becomes active and revoke it again if the situation changes; it’s flexible. This is ideal if you have mental health issues and may need someone to step in now and again.
Why Do You Need a Will?
Dying without leaving a valid Will is known as dying intestate. This basically takes away your control of who inherits your estate, and the government’s guidelines kick in to decide where to distribute any finances, property or other assets you have (England & Wales have different rules to Scotland, so make sure you get the right service for you!).
If this happens, your assets might not go where you’d want them to. The rules of intestacy follow a strict path and don’t take your personal circumstances into account. This could potentially cause a lot of upset for those you leave behind.
60% of UK Adults don’t have a Will
£15bn of inheritance has been left unclaimed
72% of those aged 35-54 haven’t made a Will
19% of people admit they don’t like discussing death
If you leave a valid Will, you can:
- Make it easier for your family to organise your estate
- Help reduce the amount of inheritance tax paid on the estates of your loved ones
- Nominate guardians for any children or pets you leave behind
- Ensure your loved ones are provided for by safeguarding your assets
Busting the myths of intestacy
Every day we hear common misconceptions around inheritance and Will writing. These misunderstandings result in many people not bothering to get a Will, because they’ve heard they don’t need one! They’re more than happy to let things run their course, in a false sense of security that everything will work out fine when they’re gone. But they won’t, and we’re here to explain why, to help your family avoid the heartache caused by a simple misunderstanding.
So what are the rules of intestacy?
Use the handy little chart here to figure out what the rules are intestacy are, which are set out by the UK Government. You can use this guide to see where your estate would go if you did nothing about making a Will and remember, these rules are followed to the letter. The Government aren’t bothered if you have any step-kids, really close friends you wanted to have something, or a partner who you lived with for years but never got around to marrying. Rules are rules, unfortunately.
Don’t like the look of how things could pan out? Don’t sweat it, it’s very easy to fix. Just make a Will and you can sit there and divvy out everything exactly how you want to and it will be followed when your time comes. Get in touch to speak to us to see how we can help.
Choose the Bespoke Will Writing Service if…
You have complex wishes about how you’d like your assets distributed.
You have a large estate which will fall above the threshold for inheritance tax.
You have major health complications or ongoing support needs.
You own a business or hold any assets overseas.
You think your Will might be contested by family or other beneficiaries.
You want to leave any of your assets in a Trust (see more about Trusts here).
Your Batley Based Wills Specialists
Live outside of West Yorkshire? That’s no problem, we can also do everything over video call if you prefer!
Appointments are available during our business hours of 9am – 5pm, but if you need to speak to someone outside of these hours, we can always accommodate. Please complete the contact form or give us a call to chat to us about what works best for you.
Things of value you have in your possession, which are able to be passed on to another person.
A person who receives money or other benefits from a Will or Trust.
Challenging the legal validity of a Will.
The sum of a person’s assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time.
Someone who is responsible for executing, or carrying out the instructions of a Will.
Passing on private property, rights, and other assets upon the death of an individual.
A tax on the estate (the property, money and possessions) of someone who’s died.
Government standard rules which apply when someone dies without leaving a valid Will, which dictate who is able to inherit that person’s assets.
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How will this questionnaire help me?
Wills can be complex legal documents and there are more than one type available. We offer a range of will services, because we know it’s important to ensure you get the service that’s right for you, at the best possible price.
By answering a few important questions, you can be confident that you’re not missing anything major which could cause complications in the future, and mean that your will is not fit for purpose.
Click the button below to start the questionnaire.