Senior Living Planning on living forever?
GREAT, YOU DON’T NEED A WILL
Wills
As we live our day to day lives it feels as if we are going to live forever. But deep down, we all know that one day we will no longer be here. Pausing to accept that fact is the first step in making a Will. For those who put off making their Will until it is too late, the consequences for the surviving loved ones can be huge.
The laws of intestacy (dying without a
Will) may mean that your estate does not go where you want it to. Making a Will can be easy and cheap but take care. One mistake can make it invalid and many home-made Wills suffer from this. Using a solicitor or a professional Will writer is not as expensive as you think.
In addition, your Will can be a good
opportunity to make sure your money stays in the family down through the generations. Standard mirror wills leave the door open to money being lost through taxation, remarriage or divorce. Having the right sort of Will can avoid these risks.
Lasting powers of attorney
Similarly, we all assume we can manage our affairs forever. Sadly this is not the case. Even if we avoid dementia, a stroke could happen at any time and leave us unable to manage. If you cannot make decisions for yourself, don’t assume that your spouse or grown-up children can take over for you.
Unless you have lasting powers of
attorney (LPA), your affairs are taken over by the Court of Protection and your family have to apply to the court to act
on your behalf. Even a joint bank account can be frozen if one of you has lost mental capacity. Applying to the court is expensive and can take a very long time.
As with Wills, you can create your own
LPAs but you do need to be careful as LPAs are legal documents and a mistake could cost you a lot of money.
Written by Peter Camrass of Camrass Wills
Peter is a professional Will writer who is an associated member of the Society of Will Writers and a retired independent financial adviser.
Wills | Powers of Attorney | Funeral Plans
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Camrass Wills can be relied on to give you the best advice on these and related topics;
Inheritance Tax, Trusts & Probate.
With over 30 years’ experience in financial services and 5 years as a professional will writer, Peter Camrass will visit you at your home, find out what you need and advise you accordingly.
All fees agreed before you proceed. Contact Peter Camrass DipPFS Aff.SWW 01622 720985
www.camrasswills.co.uk Mid Kent Living 43
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