FAQ

Helpful Information

Why do I need a will?

It is important for you to make a will whether or not you believe that you have many possessions or much money. Having a clear plan for your assets ( the money, property and other possessions that you own) can help you to make the most of your finances while you are alive and leave behind as much as possible for those you care about.

You don't need to wait until you are elderly to first start thinking about a will. If you have children of your own, you should have a will in place to avoid unintended financial problems and emotional distress for your children.

Things to consider:

If you die without a will, there are certain rules which dictate how your money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed.
Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner.
If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die.
It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
If your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will.

What is Intestacy?

When someone dies without a will, their estate is divided up according to standard rules known as intestacy law. The rules will allocate your estate to your family members in a strict order. The rules do not take into account any difficulties that you may have had in your family relationships.

In England and Wales the intestacy rules will distribute your estate depending upon whether you leave a surviving spouse/civil partner and/or children.

If you were:

Married/Civil Partnership AND has children

The surviving spouse will receive everything in the estate up to the first £250,000. Anything above that amount is divided in two, with half going to the spouse and half to the children in equal shares.

Married/Civil Partnership and NO children

The spouse will receive all assets.

Unmarried AND has children

The children will receive the whole estate and if more than one in equal shares.

Unmarried with NO children

The estate will be distributed in the following order:

Parents
Brothers and Sisters
Grandparents
Aunts and Uncles

No living relatives

The estate will go to the Crown

What is a lasting power of attorney (LPA) and why should I have one?

A lasting power of attorney allows you to authorise someone you trust to act and make decisions for you in the event that you are prevented from doing so for yourself due to poor physical or mental health.

A LPA can cover decisions relating to your property and finances and/or your health and wellbeing.

Property and finances LPA gives your attorney the power to make decisions about your banking, savings, pensions and your property etc.
Health and welfare LPA gives your attorney the power to make decisions relating to your health, including how you will be cared for if you are unable to look after yourself.

Unfortunately if you lose the capacity to make your own decisions your family do not automatically take responsibility for your affairs. If you lose capacity before you make a LPA someone will need to officially apply to act on your behalf. This is a longer and more expensive process and the individual appointed may not be one that you would have chosen.

Who should I appoint as my attorney?

You can appoint between one and four attorneys. You should choose individuals that you trust and you feel are able to manage your affairs as you would wish them to. You should discuss the role with them before appointing them to ensure that they are willing to take on the responsibility of the role.

My mother/father no longer has mental capacity can they appoint me as their attorney?

No.
You can only make a LPA if you have the mental capacity to do so.
Please contact me to discuss your options

FAQ: FAQ