The vast majority of people put off making a Will for a variety of reasons, either believing that the people they would wish to inherit will automatically do so, or because they don’t think it is relevant to them at this particular time. The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some or all of your inheritance either goes to the wrong person or to the state.
- You cannot be sure those you would wish to beneﬁt will actually do so.
- Your spouse/civil partner will not automatically inherit ALL of your Estate.
- “Common Law” partners may not receive anything.
- Minor children could be taken into Care whilst Guardians are appointed.
- There could be lengthy delays for your Beneﬁciaries and disputes.
Some of the more popular trusts are mentioned below
A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.
This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you ‘lack mental capacity’).
There are 2 types of LPA:
- Health and welfare
- Property and financial affairs
You can choose to make one type or both.
Many companies miss out the opportunities in offering their employees Will Writing as an additional benefit. The more you show you care to your employees and their whole family, the more productive, thankful and faithful they will be.
Almost two-thirds of the UK population die without having Wills in place. This might cause emotional distress and financial hardship for their families. Having Will Writing as an employee benefit program shows to the employees that the company cares about the well being of their whole family.
The original versions of legal documents, such as Wills and Lasting power of attorney are the only legally binding versions. Scans, photocopies and computer records are not legally binding as they do not have your original signatures on them.