The end of a year is always a good time for people to take stock and consider how they might do things differently in the future.
Saving money, exercising more, and eating healthier are some of the most common resolutions in the UK, and all very admirable pursuits to explore.
However, another resolution to consider implementing is to spend some time thinking about your estate planning and to take the necessary steps to ensure you have the right legal protections in place for you and your family.
Many of us are reluctant to consider worst-case scenarios. However, accidents can happen at any time, and not thinking about what that might mean, and where it might leave you and your loved ones, will make a difficult situation a thousand times worse.
Planning ahead and putting in place the necessary legal documentation to protect you and your family is a resolution that everyone should sign up to.
As everyone’s circumstances differ, it is advisable to seek specialist legal advice from a qualified private client lawyer about estate planning solutions that are tailored to your needs.
At Langley Wellington, our experienced team provides legal advice on all aspects of estate planning. We will carefully consider your personal situation and objectives before advising you on the most tax-efficient structures and legal solutions to protect against the impact of inheritance tax.
To find out more about our private client legal services or to speak with our team, call 01452 521286 or make an online enquiry. We have offices in Cheltenham and Gloucester.
Legal Documents Everyone Needs
There are certain legal documents that every UK adult should have.
In this blog, our Wills and Estate Planning lawyers consider why everyone needs a Will and a Lasting Power of Attorney (LPA).
- Will.
What is a Will?
A Will is a written legal document that sets out how your assets (property, financial assets and personal possessions) should be distributed after your death.
Why do I need a Will?
Making a Will is the only way to ensure your assets pass on to those you wish to benefit. If you have young children or are the guardian to a person under 18, a Will can also provide an indication as to who should look after them if anything happens to you.
If you die without a Will, the intestacy rules determine how your estate is divided. Cohabiting partners do not automatically inherit under the laws of intestacy, which means your estate may not pass on to the people you would like.
Do I need a lawyer to make a Will?
Some people try to write their Will themselves by using an online template, or by using an unregulated Will Writer in a misguided attempt to save money.
However, the only way you can ensure your Will meets the right standards and minimise the risk of any problems further down the line, is to instruct a lawyer who specialises in Wills.
An experienced Wills lawyer will guide you through the process, explain exactly what is involved and will ensure that you receive the expert legal advice required to meet your needs, which will provide you with valuable peace of mind.
Click here for more reasons why you need a lawyer to write a Will.
What do I need to make a Will?
It is worth considering the following points in advance of making a Will:
- Who you want to appoint as your executors.
- Whether you need to appoint any guardians and if so, who.
- A list of your assets and intended beneficiaries.
- Any wishes for your funeral.
A lawyer will ensure it is comprehensive and accurately reflects your circumstances.
Find more answers to frequently asked questions about Wills here.
- Lasting Powers of Attorney (LPA).
What is an LPA?
An LPA is a legal document that enables you to appoint a trusted person, or people (‘attorneys’), to make decisions about certain aspects of your life if there comes a time when you are unable to make those decisions for yourself.
This might happen for several reasons, such as if you go into hospital and need help with everyday financial tasks or can be a key part of your longer-term planning if, for example, you are diagnosed with dementia.
There are two main types of LPA:
- Property and financial affairs. This allows the named attorney to make decisions on your behalf relating to your property and finances, including, for example, paying bills, collecting a pension or benefits, and, if need be, the authority to deal with the sale of your home.
- Health and welfare. This type of LPA allows an attorney to manage your health and personal welfare issues, including decisions about your day-to-day care and medical treatment.
Why do I need an LPA?
Many people put off making an LPA as they don’t think they need one. However, even if you do not need one now, this is no reason to not make one.
LPA’s help everyone plan for the future by ensuring that they have nominated someone they trust to make certain decisions for them if an accident or illness prevents them from making such decisions themselves.
Do I need a lawyer to make an LPA?
Whilst you do not need a lawyer to make LPAs, the forms can be complicated, and it is easy to make mistakes during the application process.
Signing the forms in the wrong order, mixing pages, and including unlawful requests are all common errors that can cause applications to be delayed or rejected entirely.
A private client lawyer has extensive experience of accurately preparing LPAs and will ensure yours meets the required standards.
Click here to find out more about how to make an LPA.
Do I need a power of attorney if I have a Will?
Yes. A Will and an LPA are two separate and distinct legal documents with different functions. Every UK adult over the age of 18 should have both a Will and an LPA.
Find more answers to frequently asked questions about LPAs here.
Private Client Lawyers Gloucester
If you need help drafting your Will or making a Lasting Power of Attorney (LPA), get in touch with Langley Wellington.
Our experienced and friendly private client lawyers provide cost-effective and specialist legal advice to individuals and families on all estate planning matters, including Wills, LPAs, tax and trusts.
From our offices in Cheltenham and Gloucester, we advise on various estate planning solutions to protect you and your family.
We get to know you to understand your situation and objectives, and tailor our advice accordingly to meet your needs.
Regardless of the complexity of your estate or current position, we can help. If you are cohabiting, share property with a person other than a spouse, have recently divorced, or have a business or agricultural assets, speak to us today.
You can call us on 01452 521 286, email us at lawyers@langleywellington.co.uk or make an online enquiry.
This blog is not intended to be taken as advice or acted upon. If you are seeking legal advice, please get in touch with our team of solicitors.
