Without a Will, your property will be distributed according to prescribed law, which may not reflect your wishes. A Will allows you to specify who inherits your home and other assets.
You can provide for your partner, children, or other dependents, especially if you are not married or in a civil partnership (as they may not automatically inherit).
Clear instructions in a Will help prevent misunderstandings or conflicts among family members.
You choose trusted individuals to manage your estate, ensuring your property and finances are handled properly.
A Will can help reduce inheritance tax liabilities through careful planning and use of exemptions.
There are two types of LPAs in the UK:
After buying property, the Property and Financial Affairs LPA becomes especially relevant.
If you become unable to make decisions (due to illness, accident, etc.), your attorney can manage your property - pay bills, collect rent, or even sell it if needed.
Without an LPA, if you became incapacitated your family would need to apply to the Court of Protection to manage your affairs, which is costly and time-consuming.
You choose who you trust to make decisions in the event that you cannot, rather than leaving it to chance or the courts.
Our friendly and experienced Private Client team are on hand to advise on issues relating to life planning including drawing up Wills and creating Lasting Powers of Attorney.
For further information on all our Private Client services, please click here.
If suitable, we can offer an initial one hour appointment with a Private Client Solicitor for a fixed cost of £150 + VAT, which gives you the opportunity to discuss your matter and consider your options. This can be in person, via telephone or video link. Please get in touch if you feel this type of appointment would be beneficial.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
