It’s never too early to put plans in place which will best protect your loved ones after you die. It may not be an easy subject but it makes sense.
Estate planning may sound like something exclusive to others – those with greater wealth, those who are older, those who own multiple properties, those who have more time on their hands – but in reality, it’s something we should all do, whatever our circumstances if we want to take care of those we love after we’re gone.
Contemplating old age and death is hard but life can take unexpected, difficult turns which can cause further stress during an already difficult time if proper planning isn’t in place. At Next Law, we’re here to help start those hard conversations, provide options and put together a plan which allows you the chance to get on with the business of living, knowing your future – and those of the people you love – is taken care of.
We can advise on all aspects of estate planning including:
Power of Attorney
A Power of Attorney is a legal document which enables you to appoint people you trust to deal with your financial affairs and to take decisions on your welfare, should you become incapable of doing so for yourself.
Frequently Asked Questions
Minor changes to a Will such as updating addresses can be made by a simple note on the file and most solicitors will offer this service free of charge. For more significant changes, such as removing a beneficiary for example, a codicil (a legal document which amends a will) will need to be prepared. There is a fee for this but it often works out less expensive than creating a new Will altogether.
Although there is no limit to the number of codicils which can be added, if there is a complicated amendment required such as, for example, a beneficiary death which requires redistribution of the assets, it may be worth drawing up a new Will.
Internet and DIY Wills are available so yes, you can write a will yourself but it’s still worth consulting a solicitor for personal advice and to ensure all legal requirements have been met otherwise it risks being invalid.
While Wills are often straightforward, some involve complicated arrangements and financial affairs which are best drawn up under an expert eye.
A Power of Attorney is a legal document which enables you to appoint people you trust to deal with your financial affairs and to take decisions on your welfare, should you become incapable of doing so for yourself.
Putting your trust in someone to deal with your welfare and affairs isn’t easy but by appointing a Power of Attorney, you can help eliminate much uncertainty during what can be a really stressful time and make things simpler for you and your loved ones.
Unfortunately incapacity isn’t just associated with older age. It can happen if you were temporarily knocked unconscious in an accident and unable to make decisions for yourself.
When you seem so capable now, it can be hard picturing yourself being unable to retain information or make reasonable decisions.
Providing you still have the mental capacity to make decisions, you are able to make changes to the Power of Attorney document. Reasons for changing might include adding or removing powers or an attorney.
There are two types of amendments which can be made – simple amendments which can be done free of charge and include changes to an address for example or full deed of amendments which cover significant changes and require accompanying legal documentation from a solicitor.
The Power of Attorney document must be certified by a solicitor or medical practitioner who must interview the person granting the Power of Attorney before they sign to ensure they have full capacity and are not under undue influence from any third parties.
A Will holds details on how you wish your estate to be divided after your death. Amongst other matters, it details who should deal with your estate, who should benefit from your estate and what funeral arrangements you’d like put in place. In drafting a Will, it’s important to have detailed as much as possible to ensure your estate is divided in accordance with your wishes.
Having a Will in place means there is no uncertainty surrounding your assets in the event of your death. As a legal document, it clearly outlines the way you wish your estate to be divided and who you want appointed to make sure those wishes are met. It also ensures any exposure to tax is mitigated as much as possible. Without a Will, what happens to your estate is determined by the courts with delays and unnecessary expenses often incurred.
Trusts are another way of protecting your assets and looking out for the futures of your family and loved ones, so no, they’re not just for rich people! Where wills come into effect following the death of the person who set it up, trusts can be put to good use as soon as they’re created. They are also used to benefit those who are too young to handle their own affairs or do not have the mental capacity to do so.