Wills, Trusts & Lasting Power of Attorney

Who needs a will, a trust and a lasting power of attorney? 

Creating a will, trust, and lasting power of attorney (LPA) is important for several reasons, as they provide financial and legal security for you and your loved ones. Here’s a breakdown of why each is essential:

A will is a legal document that outlines how your assets (property, money, personal belongings) will be distributed after your death. The importance of a will includes:

• Control Over Distribution: You can decide who will inherit your assets, ensuring they go to the right people (family, friends, charities).
• Avoiding Intestacy: Without a will, your estate will be distributed according to the law of intestacy, which might not align with your wishes.
• Guardianship of Children: If you have minor children, a will allows you to appoint a guardian to care for them in the event of your death.
• Minimising Family Disputes: A clear will can help prevent conflicts or misunderstandings among family members regarding your assets.
• Tax Planning: A properly drafted will can help reduce estate taxes and other expenses, maximising what is passed on to beneficiaries.

A trust is a legal arrangement where assets are held by a trustee on behalf of beneficiaries. There are different types of trusts, and their importance includes:

• Avoiding Probate: Assets in a trust typically don’t go through the probate process, which can be lengthy and costly.
• Continued Control: You can set conditions for how and when assets are distributed, which is especially useful for young or financially inexperienced beneficiaries.
• Privacy: Unlike a will, a trust is a private document and does not become part of the public record.
• Tax Efficiency: Trusts can help reduce or eliminate certain estate taxes.
• Protecting Vulnerable Beneficiaries: Trusts can safeguard assets for beneficiaries who are minors, disabled, or facing financial difficulties.
• Asset Management: If you're incapacitated, a trust ensures that your assets are managed according to your instructions without needing court intervention.

An LPA is a legal document that allows you to appoint someone to make decisions on your behalf if you lose the capacity to do so. There are two types: one for health and welfare, and another for property and financial affairs. The importance of LPAs includes:

• Financial Management: The appointed person can manage your finances, pay bills, and handle property decisions if you're incapacitated.
• Health and Welfare: The appointed individual can make healthcare decisions on your behalf, including consent to treatment, care arrangements, and end-of-life decisions.
• Avoiding Court-Appointed Guardianship: Without an LPA, your loved ones may need to go through a complex legal process to obtain guardianship if you become incapacitated.
• Peace of Mind: Knowing that someone you trust will make decisions in your best interest can bring peace of mind to you and your family.

Having a will, trust, and lasting power of attorney ensures that your assets are distributed according to your wishes, your loved ones are cared for, and your affairs are managed even if you’re incapacitated. These tools provide financial and legal protection, reduce potential conflicts, and give your family clarity during difficult times.

Price £250 for a single Will

Price £395 for Mirror Wills

£50 deposit required for consultations

Book a consultation with our specialist Charlene Simms today!