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Putting Your Affairs In Order: A Guide to Wills, Probate & Lasting Powers Of Attorney

March 05, 2019  |   Posted by :   |   Blog

A shocking two-thirds of British adults do not have a Will, 40% of which are over the age of 55. We get it. No one wants to think about the worst case scenario, but there comes a time when you have to stop putting it off and start putting your affairs in order. End of life legal documentation is essential if you want to take care of your loved ones – and yourself – in the future:

  • If you die without a Will in place, your family may be left with financial or legal difficulties when it comes to inheritance, guardianship, the distribution of your assets, and paying inheritance tax.
  • If you fall ill, are injured, or otherwise unable to manage your own affairs and have not set up Lasting Powers of Attorney (LPA), you will have no say in the way your estate, your healthcare, and your future is handled.

Making a Will and arranging Lasting Powers of Attorney needn’t be complicated or expensive – so what are you waiting for? Make a start today with our simple guide to putting your affairs in order.

STEP 1:

Think about what and who you want to include in your well, what kind of decisions need to be made regarding dependents, property, business, and possessions, and who you would like to appoint as your executor and/or attorney.

STEP 2:

The more information you can provide your solicitor with, the more comprehensive your Will and Lasting Powers of Attorney will be. They may even be able to help reduce your inheritance tax with some savvy financial advice.

STEP 3:

This is probably the most time-consuming part of the process, but once you’ve got all your paperwork together, your solicitor will do the rest! Be as thorough as possible to streamline the process and don’t forget to update your Will whenever a major life change occurs, such as a new grandchild, moving home, or making a significant investment.

STEP 4:

Lasting Powers of Attorney help to safeguard your wellbeing and your estate if you should find yourself unable to manage your own affairs. There are two types of LPA: one that handles your health and welfare, and one that handles property and finances. You will need to appoint somebody you trust to act as your attorney in each case.

STEP 5:

Speak to one of our friendly, experienced team of family lawyers at Frances Lindsay & Co to find out more. We can help you organise every aspect of making a Will and arranging Lasting Powers of Attorney. Call us on 01628 634667 or email info@franceslindsay.co.uk for more information.

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