Lydia McCaslin, Head of Wills, Probate and Trusts at Mincoffs Solicitors and a member of Solicitors for the Elderly (SFE), advises on putting legal protections in place for the future.
Many of us might prefer to pretend it’s not true, but the fact is that getting older is inevitable.
While there isn’t much you can do to avoid ageing, there are plans that can be put in place to make sure you avoid any nasty surprises for you or your loved ones later down the line.
Making a will sooner rather than later gives you peace of mind for the future. Without a will, an estate will be distributed according to intestacy rules, which could be very different to your wishes and even leave a surviving spouse or partner in a significantly different financial position. A solicitor can advise you and draft your will to be tax efficient and reduce the risk of a claim being made against your estate after your death. Those worried about the uncertainty of the future may also wish to consider a Lasting Power of Attorney (LPA), a document which allows you to choose someone (the Attorney) to make decisions about your affairs if you are not able to do so for yourself. There are two types of LPA; one covering property and financial affairs, the other dealing with health and welfare matters. While it is possible that you could make Lasting Powers of Attorney and never need to use them, if you do lose mental capacity and don’t have Lasting Powers of Attorney in place, an Order from the Court of Protection may be required – which can be costly, complex and time consuming and you will have no control over who makes decisions for you.
These are not decisions to be taken lightly and that is why it is so important to take the advice of legal professionals. Their wealth of experience and training means a solicitor can advise on the documents you may need and draft them to suit your particular circumstances so you can rest assured that your affairs are in order.