09 Jan 2024
06 Apr 2022
‘I’ll get around to it…’ ‘That’s tempting fate!’ ‘It doesn’t matter, my family know what I want.’ ‘I can do it later.’
There is always a reason for putting off making a Will or a Lasting Power of Attorney, especially when it involves thinking about death or mental decline. The problem is, the future has a habit of arriving unannounced … and before we ‘get around to it’.
Some essential things to think about:
- Care Fees: Who pays? Is there anything I can do to protect my assets for my family? The longer it is left, the less that can be done. But there are things that can be done with advanced planning, and good advice. Whether placing property in trust, downsizing or investing, the impact of care fees can be lessened.
- Lasting Powers of Attorney: What if I can’t manage my own affairs? Who will do it for me? Without making a lasting power of attorney, the Court of Protection can decide. Which do you prefer – a trusted friend or family member, or someone chosen by a Judge?
- Wills: Won’t my family get everything anyway? Possibly. Possibly not. If you make no Will then the law decides who gets what. If you have an unmarried partner, they get nothing. Married a second time with children from the first marriage? Without a Will those children may lose out.
- Trusts: I have a disabled child – can’t I just leave everything to my other children? If you want to, but trusts are a useful tool in making sure that your loved ones benefit just as you intend. They can also be tax efficient and protect state benefits.