David Smith, Solicitor and Head of the Private Client Department at Sweeney Miller Law answers some common questions concerning Wills and Lasting Power of Attorney that everyone should think about.
What is a Will?
A Will is a legal document that allows you to set out clearly what will happen to your assets when you die. Alarmingly around 60% of people in the UK have not made a Will. Why should I make a Will?
If you are aged 18 or over, own property, have savings and/or have a child or children then you should have a up to date valid Will. If you die without having a valid up to date Will the person or people you wish to inherit your assets on your death may not receive them as essentially the government will decide who inherits your assets and that person or people may not be the ones you wish to inherit anything from you. By not having a valid up to date Will you can cause your family unnecessary stress and anxiety as well as lead to potential costly legal disputes following your death.
What can I include in a Will?
Firstly, you can appoint an executor who is a person or people of your choice who you would like to sort out things on your death. In simple terms an executor is responsible for collecting in your assets, paying off any debts and then distributing the estate in accordance with your Will. You can also appoint a guardian for any children under 18 at your death in your Will so it is clear who is to look after your children. You also specify exactly who is to get what on your death which avoids any dispute and difficulty when you die.
Who really should make a Will?
Anyone who owns property has savings or has children should make a Will but especially anyone who isn’t married to their partner or has children to a previous marriage or relationship. If you are not married and you do not make a Will your partner will not benefit from your estate and if you have re-married you children from your previous marriage or relationship may not benefit at all on your death.
Apart from an up to date Will what else should I have?
Great difficulties can arise if you lose your mental capacity to manage your financial affairs. This can be due to a sudden event such as an accident or stroke or due to a long term condition such as Dementia. If you have not appointed someone to look after your financial affairs under a Lasting Power of Attorney your family will face great difficulty, stress and significant unnecessary expense.
If you own property or have savings you should seriously consider making a Lasting Power of Attorney for the management of your Property & Financial Affairs and perhaps also one for Health Care decisions so someone you choose can make decisions about your Health Care and treatment if you cannot make decisions for yourself.
I have read this and I need advice who should I speak to?
A Solicitor is a regulated and qualified professional and an experienced Solicitor who specialises in this area of Law should be your first port of call. Sweeney Miller Law are authorised and regulated by the Solicitors Regulation Authority and David Smith is a Solicitor with Sweeney Miller and Head of their Wills & Probate Department. David has specialised in Wills, Lasting Powers of Attorney, Inheritance Tax and Wealth Protection for the past 15 years and brings with him a wealth of experience and great advice. Nothing in this article constitutes legal advice and you should always seek the advice of a Solicitor or other suitably qualified and regulated professional.
David can be contacted on 0191 568 2050 or by email at david@sweeneymiller.co.uk and is always happy to have an initial chat without obligation.
