Nearly 2/3 of UK adults do not have a Will. We are here to change that.
This article sets out why it’s so important to have a legally effective Will and also why with more people getting dementia in the UK, it’s strongly advisable to take out a Lasting Power of Attorney.
At Penrose Wills we invest time and effort into each and every one of our clients. We care and we want to help secure the future for you and your loved ones.
If we can assist in any way please feel free to call us on 0203 488 5495, email us at email@example.com or visit our website www.penrosewills.co.uk
For more informative articles follow our Facebook and Instagram pages at @penrosewills
Writing your Will
Of course, you don’t want to think about dying. Nobody does. This alone explains why nearly 2/3 of UK adults do not have a Will.
However writing your Will does not mean anything bad is going to happen. The complete opposite in fact.
By writing your Will, you decide what happens to your estate when you do eventually pass… not the state. Furthermore you can put assets into trust and if you survive by more than seven years, this will no longer form part of your estate and there will be no inheritance tax to pay on this.
We outline six fundamental reasons why you need a Will:
- You can decide who will inherit from your estate
- You can minimise taxes through careful estate planning
- You can choose guardians for your children if they are under 18
- You will be able to make provisions for your partner if you are not married. Under current laws only spouses / civil partners inherit
- You can appoint executors to carry out your instructions
- You can donate part or all of your estate to charity
Lasting Power of Attorney (LPA)
A Lasting Power of Attorney allows you to appoint one or more people to look after your finances and make decisions on your behalf if you are unable to do so yourself or lack mental capacity. With people now living longer, unfortunately more people are getting dementia.
There are two types of LPA’s which are:
- Property and Financial Affairs
- Health and Welfare
Outlined are six reasons why it’s strongly advisable to take out a Lasting Power of Attorney:
- Making a Lasting Power of Attorney puts you in control
- You are able to appoint one or more people (attorneys) to take decisions on your behalf
- If you lose mental capacity and do not have an LPA in place, this can cost your family a huge amount of money to gain permission to manage your affairs
- There can be severe restrictions on joint bank accounts if you lose mental capacity and do not have an LPA
- By having an LPA you know that your wishes will be respected
- An LPA is lasting and you can also state any limitations that you would like attorneys to have
To speak with once of our consultants please contact us and we will be happy to help.
Jamie Howell – Director
11th April 2020