Wills and Lasting Powers of Attorney (LPA) are essential legal documents in estate and personal planning, offering numerous benefits to individuals and their families. Both documents help ensure that your wishes are respected and that your affairs are managed effectively in the event of incapacity or death.
Will Writing advice is by referral only, Will writing is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for this aspect of our business.
Control Over Asset Distribution
A will allows you to decide how your assets will be distributed after your death. Without a will, the government’s rules of intestacy will determine who inherits your estate, which might not align with your wishes. A well-drafted will ensures that your assets go to the people or charities you choose.
Appoint Guardians for Children
If you have children under the age of 18, a will lets you name guardians to care for them in the event of your death. Without a will, the court may decide on guardianship, which could cause uncertainty and potential family disputes.
Minimizing Inheritance Tax
A will allows you to structure your estate in a tax-efficient way. You can leave gifts to charity, take advantage of inheritance tax exemptions, and ensure that your estate is divided to minimize tax liabilities for your heirs.
Avoid Family Disputes
By clearly stating your intentions in a legally binding document, a will helps reduce the chances of family disputes over inheritance, ensuring your wishes are honoured and minimizing conflict.
Manange Financial & Health Decisions
An LPA enables you to appoint someone you trust to manage your financial affairs or make healthcare decisions on your behalf if you become mentally incapacitated. This is crucial as it ensures that someone you trust is handling your affairs if you are unable to.
Prevent Financial Hardship
If you lose the ability to make decisions due to illness or injury, an LPA ensures that your bills, investments, and other financial matters are taken care of, avoiding financial hardship or distress for you and your family.
Healthcare Decisions
An LPA can also give someone the authority to make decisions about your medical care if you are unable to communicate, ensuring that your wishes regarding treatments and end-of-life care are respected.
Peace of Mind
Both a will and LPA provide peace of mind, knowing that your affairs will be handled according to your wishes, whether in life or after death. This reduces stress for your loved ones and provides clear guidance during difficult times.
Having a will and a lasting power of attorney ensures that your personal and financial affairs are handled according to your wishes. These documents are key to providing peace of mind, reducing family disputes, and ensuring your legacy is preserved according to your preferences.
Will Writing advice is by referral only, Will writing is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for this aspect of our business.
If you have any questions regarding wills or power of attorney please get in touch with our team of qualified financial advisers for a no obligation chat.
Imogen Tallent
Financial Adviser
Statistics from Family Court for the period July to September 2024 published in December 2024 show that 411,880 LPAs were registered during the period, up 36% compared to the equivalent period in 2023.
Estate planning is the process of arranging how your assets (such as property, money, and possessions) will be managed and distributed after your death.
It’s important because it ensures your wishes are followed, reduces inheritance tax liabilities and helps prevent disputes among beneficiaries. It can also include making arrangements for your long term care if you become unable to make decisions yourself.
Yes, having a will is important regardless of the size of your estate. Without a will, your assets will be distributed according to intestacy laws, which may not align with your wishes. A will also allows you to appoint guardians for your children, specify funeral preferences and make charitable donations.
If you lose mental capacity without an LPA in place, your loved ones will need to apply to the Court of Protection to be appointed as your deputy. This process is time-consuming, expensive, and restrictive compared to having an LPA, which allows you to choose a trusted person in advance to manage your affairs if you become unable to do so.
If you die without a will, your estate will be distributed according to the law, known as intestacy rules. This might result in your estate being passed to relatives you wouldn’t have chosen, and it may cause delays and additional costs in the distribution of your assets.
A lasting power of attorney (LPA) allows you to appoint someone to make decisions on your behalf if you lose the ability to do so due to illness or incapacity. There are two types: one for financial decisions and one for health and welfare decisions. Having an LPA in place can avoid the need for someone to apply to the Court of Protection to make decisions for you.
Yes, you can change or update your will at any time, as long as you are mentally capable of doing so. It’s recommended to review your will regularly or after major life events, like marriage, divorce, or the birth of children, to ensure it reflects your current wishes.
You can appoint a trusted family member, friend, or professional advisor to act as your attorney. It’s important to choose someone who is reliable, understands your values, and is capable of managing your affairs. You can also appoint more than one attorney and specify how they should make decisions (either together or separately).
Thoughts from our clients...
