A Will is one of the most important documents you will sign. Making a Will is the only way to ensure your money, property and possessions pass on to the people you care about. Dying without a Will (Intestate) can lead to a range of issues and your wishes may not be reflected in the distribution of your estate.
A Lasting Power Attorney (LPA) is a legal document appointing a person(s) you trust to handle your affairs should you become unable to act on your own behalf. A LPA must be made whilst you still have capacity. Probate is the process of dealing with the estate of someone who has died. This normally involves clearing debts and distributing assets in accordance with the will.
A Lasting Power Attorney (LPA) is a legal document appointing a person(s) you trust to handle your affairs should you become unable to act on your own behalf. A LPA must be made whilst you still have capacity. Probate is the process of dealing with the estate of someone who has died. This normally involves clearing debts and distributing assets in accordance with the will.
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Making a will is the only way to ensure your money, property and possessions pass to the people you care about. It is particularly important to make a will if you have children or other family members who rely on you for financial reasons. Anybody over the age of 18 who owns any assets of has children should make a will.
A lasting power of attorney can help you plan for the future in case of an accident, stroke or illness such as dementia. A Lasting Power of Attorney is a legal document giving legal authority to a person you nominate to act on your behalf should you become unable to make decisions for yourself. An LPA for Property and Financial Affairs covers decisions regarding property and money.
This Lasting Power of Attorney can only be used once your are no longer to make decisions for yourself. Any decision your attorney makes must comply with the Mental Capacity Act 2005 and all decisions must be made in your best interests. If you do not have a Lasting Power of Attorney in place then all decisions regarding your health and welfare will be made by those whose care you are in.
An attorney can also use the donor's money to look after their home and purchase anything needed for day to day living purposes. You can allow your attorney to deal with all of your property and financial affairs or only certain aspects. If you only wish your attorney to deal with certain aspects you must ensure it is drawn up carefully to ensure your attorney understands what they have authority to deal with.
Estate administration is the process of dealing with a person's legal, financial and personal tax affairs after they have died. It involves far more than obtaining a Grant of Probate (Confirmation in Scotland) which is just one element of the process. This means dealing with all their assets (such as property, shares and personal possessions), paying debts and paying any Inheritance Tax and Income Tax.
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