Pepperells Want You To Plan Ahead
In aid of just passing World Alzheimer’s month, we will be discussing the importance of having plans in place to future proof and promote personal security.
Therefore, this is vitally important no matter your age and should not be postponed until later in life. In order to gain control over your assets and decisions that are made later in life, it is best to get your affairs in order now. You can do this by making a Will and having Lasting Powers of Attorneys in place.
The Importance of a Will
A Will acts as a form of protection and can provide peace of mind allowing you to be confident that your wishes as to who can benefit from your estate will be legally secured. It is crucial that everyone has an updated Will, that can be tailored to suit your personal circumstances. This can be as simple as adding some guidance to your funeral wishes or appointing a trusted person to act as an executor of your estate.
If there have been any significant changes to your circumstances, these should be reflected in a new Will. Here at Pepperells, we attempt to create your Will in a way that means it is unlikely you will ever have to create another, as we are aware it is not the easiest conversation to have. We can do this by a clause that implements a solution to a ‘disaster situation’ and provide clarity for any if buts, or maybes. This allows you to be in control by planning ahead and for any situation that life may throw at you.
Lasting Power of Attorney
There is a great misconception that Lasting Powers of Attorney are only for the elderly and that there is no urgency to have these implemented. However, we would always advise that if your chosen attorneys are unlikely to change and are over the age of 18, you should have these documents drawn up at your earliest convenience. This is suggested because it must be clear that you have mental capacity when creating either a Lasting Power of Attorney or a Will. If there are realistic concerns regarding mental capacity at the time of creation, these documents could be deemed invalid.
Furthermore, if the Coronavirus pandemic has shown us anything, it is that everything you have ever known can completely change in a short period of time. Therefore, we believe there is no time like the present to protect your family assets and future health & wellbeing, for the benefit of both yourself and that of your immediate family.
The two types of Lasting Power of Attorneys
There are two types of Lasting Powers of Attorneys that do completely different jobs but act better together to provide full protection.
The first type relates to your health and welfare, this document allows your attorneys to make decisions and represent your wishes, in the event that you become unable to do so. This is extremely important as your views on life sustaining treatment can be considered and consequently prevent any such decisions being doctor led.
The second type of Lasting Power of Attorney available, relates to your finances and property. This allows your nominated attorneys to manage your financial affairs, to the extent that you wish. This can range from having access to your bank accounts to approving decisions regarding your property
or your business. This power can be restricted to only be used if you lose capacity, or can come into effect immediately after registration. They are extremely beneficial to have for all stages of life.
What if I don’t have a Lasting Power of Attorney?
In the event that a person loses capacity without the security of a Lasting Power of Attorney, even relatively simple financial decisions can require intervention from the Court of Protection. This can be both a lengthy and costly process for you and your family.
It is a sad but undeniable consequence of the populations increasing lifespan that age-related diseases such as Alzheimer’s, have resulted in a significant increase in loss of mental capacity within the community. Consequently, it is now more than ever, important to get your affairs in check as research suggests that more than 209,600 people will develop dementia this year, that’s one every three minutes.
Please don’t leave your future to chance, contact the Pepperells Private Client team today to take the first step towards a future of your own choosing and enjoy peace of mind for both yourself, those you care for, and those who’ll care for you.
