Covid-19 and the Importance of Planning for the Future

The ongoing pandemic has served as a reminder of the importance of planning for the future and having your affairs in order. The lockdown has also unfortunately highlighted the practical benefits of parents or older relatives having a Power of Attorney. We will explore below some of the many reasons why you should consider setting up both a Will and Power of Attorney.

Wills

A Will sets out your wishes for the distribution of your estate on your death. Having one in place can provide peace of mind that your assets will pass in accordance with your instructions.

1.  Appointing Guardians for young children

If you have children under 16 you can appoint a legal guardian for your children within your Will to ensure they are cared for should both parents pass away.

2. Cross Border Estates

It is becoming increasingly common to own property both in the UK and abroad. It is important when outlining your wishes that you establish a Will both in the UK and the country where your second property is located.

3. Complex family situations

Wills are particularly useful if you have remarried and wish to provide for children from previous relationships.  If you die without a will, your estate will be divided up in line with the rules of intestacy. This means potentially the people closest to you may miss out.

Powers of Attorney

A Power of Attorney allows you to appoint someone you trust who can act on your behalf to manage your affairs and look after your interests. It allows you to decide who can act for you and what powers they will have.

• Dealing with day to day admin on behalf of a loved one.

Having a Power of Attorney is extremely useful on a practical level if you are not able to get out and about. It allows Attorneys to deal with things such as banking, paying bills and dealing with institutions on your behalf.

2. Options available

When you consult a solicitor they will explain the different options available for your Power of Attorney. There are 3 different types of Power of Attorney:-

• Continuing (Financial) Power of Attorney which concerns financial matters.
• Welfare Power of Attorney which concerns welfare decisions. This includes decisions regarding medical care.
• Combined Power of Attorney- this concerns both financial and welfare matters.

The document includes powers in favour of the chosen Attorney which can be tailored to meet individual requirements and wishes.

3. Loss of capacity with no Power of Attorney in place

If you leave it too late and need assistance and become incapax but have no Power of Attorney then a guardian would have to be appointed to act on your behalf. This process of appointing a guardian involves an application to the Court and can take up to 12 months.

If you wish to discuss any of the above or need advice on setting up or amending a Will or granting a Power of Attorney please contact our private client team on 0141 333 6750.