DO YOU HAVE A WILL?

Daniel Wilson, Partner, appeared on This Morning yesterday to discuss the importance of having a Will and how one can be made, particularly in light of the recent news that Liam Payne did not have a Will, leaving his Estate to be distributed in line with the Laws of Intestacy.

As highlighted, a Will is an important document that allows you, as the Testator or Testatrix, to set out exactly how you would like your Estate to be distributed following death.  Without a Will, your Estate will be subject to the Laws of Intestacy.  The Laws of Intestacy are a strict set of rules determining how your Estate will be distributed following death – a situation that many are left in unknowingly.

Daniel explains the importance of making a Will and that it should be considered as part of general life admin when turning 18. Admittedly and understandably, this isn’t always the case.  In which case, triggering events such as marriage/civil partnership, birth of any children, divorce, wealth/size of potential Estate are more likely events that a Will should be considered, or will be.

There are a number of ways to create a Will, including visiting a regulated professional, like solicitors, or simply making a homemade Will.  However, with the latter, there are significant risks that the Will may have an error within it and later be declared invalid.  It is recommended that an individual seeks professional advice when preparing a Will to avoid such situations, further, by seeking professional advice, such as from a solicitor, there will usually be discussions surrounding estate planning and inheritance tax planning.

Whilst Wills are important documents to have, Lasting Powers of Attorney (or LPAs as they are commonly known as) are equally as important.  There are two types of LPA – Property & Finance and Health & Welfare – and both can be beneficial to you (as the donor) during your lifetime.   For example,  Property & Finance LPAs can be used whilst you (as the donor) have capacity.  Depending on how you appoint them, they could allow your attorneys to assist with your finances now, and when you don’t have capacity.  Whereas Health & Welfare LPAs, are slightly different and can only be used when you do not have capacity to make your own decisions – which can be helpful in later life, allowing your attorneys to make decisions relating to your health and welfare, when you cannot.

If you would like any advice or assistance regarding Wills or Estate Planning more generally, please do not hesitate to get in touch with one of the team ➡️ https://tinyurl.com/29y9hzzn

Check out Daniel Wilson’s full interview from This Morning here: https://www.itv.com/thismorning/articles/why-you-cant-afford-to-put-off-making-a-will-and-how-to-make-one-for-free.