Wills & Powers of Attorney
Two very different things but both are a vital part of later life planning.
Of course the thing about later life planning is that it should be done earlier rather than later!
Wills
1. Wills have been around since Greek and Roman times but still over half of the people who die in the UK do not have a will.
2. If you die without making a Will, your estate will be dealt with according to the laws of the intestacy. This is where the term, dying “intestate” comes from. The laws of intestacy set out a hierarchy of distribution of an estate where a person dies without making a Will.
3. Most married couples think everything goes to the surviving spouse. This only applies if the estate is worth less than £250,000. If it is more than that and there are children, the spouse does not get everything. This could mean the surviving spouse having to sell the family home!
4. For unmarried couples it is even worse – the surviving partner has no entitled at all unless there is a will. 5. There is only one solution. Make sure you don’t die without a will!
6. For couples who drew up wills more than a few years ago, you need to remember that much has changed and a review is probably a good idea.
Lasting Powers of Attorney (LPAs)
1. LPAs have only been around since 2007. (The old Enduring powers of attorney only started in 1985.) Since 2007 less than 2% of the population have set up powers of attorney but that is increasing rapidly. In 2017 around 770,000 new powers of attorney were registered with the Office of the Public Guardian. However that represents around 385,000 people as most set up both the financial LPA and the health & welfare LPA and these are treated as separate documents.
2. Without LPAs in place, it is very difficult for a family member (including the spouse or grown up children) to deal with things for someone who is losing or has lost mental capacity.
3. Without LPAs in place the Court of Protection (also established in 2007) takes over ALL decision making and controls all of the assets when a person loses mental capacity. Family members can apply to the court to deal with things but this is a difficult, costly and very slow process.
4. Whilst it is easier setting up your own powers of attorney than it is to make your own will there are pitfalls you need to avoid. If you do not want to do the research yourself there are specialist advisers like Camrass Wills who will take you through the process.
5. Of course none of us expect to lose mental capacity but then none of us expect our house to burn down but we still take out home and contents insurance. It is much the same for lasting powers of attorney.
For Wills, Probate, Powers of attorney & Funeral plans Phone Camrass Wills to book a free initial consultation. Tel: 01622 720985
www.camrasswills.co.uk
2019 marks the 25th anniversary of the Society of Will Writers Maidstone East October 2019 27
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