A Lasting Power of Attorney (LPA) is a legally binding document designed to be used in cases where you lack capacity to act due to factors such as illness, an accident or the onset of dementia.
All adults need to make a Will, and there are many reasons as to why you should do so, and these include the following very important reasons:
- Peace of mind – in knowing that you have made your wishes clear to those who are left behind.
- Avoid the Intestacy Rules – if you don’t make a Will the law does it for you, and as a result the “wrong” people may inherit.
- You decide who receives your assets – retain control over who will receive your assets when you die.
- Unmarried couples can ensure their partner is properly provided for – your partner will not automatically inherit you Estate in the event of your death.
- The legal process is simpler – with a valid Will in place your loved ones may be able to access some of your Estate without having to wait for Letters of Administration.
- Appoint Guardians for your children – a Will is the only place you can appoint Guardians for your children and without a Will the courts will decide who should look after your children.
- Appoint Executors of your choosing – without a Will the courts will decide who should administer your Estate.
- Creating Trusts for children or vulnerable people – a will allows you to leave assets into trust and appoint Trustees to manage these assets on behalf of your chosen beneficiaries.
- Leave gifts to Charity, friends or family – a Will provides you the opportunity to make a gift to a charity you support or to a friend or family member who you want show your appreciation to.
- Provide guidance for your funeral – A will allows you to include instructions on the type of funeral you would like and to include any special requests.