Why should I make a will?
A Will makes it easier for your family or friends to sort out your finances and possessions by laying out your wishes. The process can be far more stressful and time consuming if there is no Will in place.
If you die without a Will, everything you own will be shared out in a prescribed way which is defined by law – this may not be the way you want.
With good advice, a Will may also help reduce the amount of Inheritance Tax payable on the value of your estate (this is the property, belongings and money that you leave).
Having a Will in place is especially important if you have children or other family who depend on you financially or if you want to leave something to others outside your immediate family.
What happens if I die without a Will?
If you die without leaving a valid Will, you are dying intestate and the law decides who gets what and how much. It does not matter what your relationships were like with these people when you were alive. For example: If you are married, your wife or husband may not necessarily inherit most or all of your estate.
However, a Will allows you to state clearly who should get your property and money which makes it a lot less stressful for those who are left at what is a very difficult time.
What does a Will say?
A Will informs people of two important things:
- Who should have your property, possessions and money when you die
- Who will be the Executor – this is the person who manages your estate and follows your instructions that you leave in your Will. There can be more than one Executor if you want.
What is a Lasting Power of Attorney?
You may wish to give one or more people the power to manage your money and property if you lose the ability to do so yourself. You can also give people the ability to make decisions regarding your health and welfare if you are unable to do so.
People usually ask family or friends to become Attorneys who are the people that will make decisions and manage your finances on your behalf if you are unable to.
Why should I set up a Power of Attorney?
You must have a capacity to make your own decisions when you set up a Power of Attorney. It is best to arrange it before you need it as it is more expensive and harder for someone to help you with your money and property if you have already lost mental capacity.
Remember this can happen quite suddenly if you have an accident or a stroke. Creating a Lasting Power of Attorney doesn’t mean that you have to give up control. Once drawn up, a Lasting Power of Attorney can be invoked if required.
Who are Generations Estate Planning?
Generations Estate Planning is a sister company of J Finance Ltd who offer a personalised professional service.
Generations can ensure your wishes are appropriately recorded by drafting a Will and, if needed, by setting up a Lasting Power of Attorney so that decisions about your finances or health can be taken by those that you choose. They can also assist with Trusts to protect your assets and interests and those of people you wish to leave them to.
The legal team that Generations use are members of the Chartered Institute of Legal Executives which ensures their work is of a high standard and that the team is always up to date with changes to laws or legal processes.
You can speak to any of our advisers or call them on 01635 905402 or email: firstname.lastname@example.org.