Estate Planning

A Last Will and Testament allows you to legally record your intentions for your positions after you pass. A Will also allows you to appoint guardians to care for any children or adult dependants, nominate someone to care for your pets, or other scenarios. A well-drafted Will may also reduce the amount of Inheritance Tax due. 

A Will is a document that sets a legal obligation upon your Executors (the people who administrate your estate) to follow your instructions. Although a Will can be contested in law, it is the only way to record your wishes to ensure they are legally binding.

A well-drafted Will may help to achieve many things such as the below points.

• Distribute my assets to family, friends and charities
• Appoint an Executor (the person or people who will distribute your estate)
• Appoint guardians of any dependants
• Provide financial stability for any dependants 
• Protect your partner if you are not married
• Instruct who should look after your pets
• Appoint a Trustee to run your business while your estate is being administrated
• State any funeral wishes
• Mitigate family stress by making the decisions ahead of time
• Reduce the time it takes to distribute your estate
• Allows access to your digital assets like email and online shopping accounts
• Stop intestacy
• Tax efficient
• Put the choices in your hands

A Mirror Will is simply a set of Wills that copy each other. They tend to suit people with less complex affairs and can be an efficient way to draft matching Wills of married couples.

A Lasting Power of Attorney or LPA is a legal document that can appoint an attorney (trusted person) to make decisions on your behalf if you are unable to do so. 

An attorney is the person whom you appoint to look after your affairs.

There are two types of Lasting Power of Attorney

This is something that you entrust to those closest to you. It is paramount that the people you entrust with the responsibility of your welfare are able to carry out this duty unhindered. The attorneys that you appoint for this will only be able to act once the LPA is registered, and only when you are no longer able to make the required decisions for yourself. 

You can decide to give your attorneys the power to make decisions about any or all of your personal welfare matters, including healthcare matters. For instance, this could involve:

Giving or refusing consent for certain healthcare, liaison with Social Services, Doctors, and Occupational Health. Whether you continue to live in your own home or perhaps have support from Social Services, or whether residential care is more appropriate. 

This allows for you to plan ahead, choosing a person or a number of people that you trust to make decisions and take appropriate action on your behalf should you become incapacitated. It gives you reassurance that your finances and affairs will be handled appropriately.

Your attorney can manage your finances and property whilst you have capacity as well as when you lack capacity. For example, it may be easier for you to give someone the power to carry out tasks such as paying bills. It is possible for you to decide what power, and the extent of that power, which you wish to give your attorneys when making decisions surrounding your property and/or finances. You may make express conditions that your attorney has to meet. 

This type of LPA does not allow your attorney to make decisions on personal welfare. That must be dealt with by the creation of a separate LPA.