You may feel invincible right now, but if you have a family, it is important to make adequate provisions for them in the event that something happens to you in the future. This means engaging in estate planning. The three main documents that an estate planning solicitor will talk to you about are:
1. Your will.
This document allows you to specify all of your wealth and assets and determine who should inherit them when you pass away. It is the only way to ensure that your estate is distributed in accordance with your specific wishes rather than with intestacy rules.
2. Lasting power of attorney for property and financial affairs.
You can get a Power Of Attorney online from a company such as powerofattorneyonline.co.uk which will allow you to nominate someone to manage your property and finances in the event that you become incapacitated in the future, for example due to an injury or a progressive disease such as dementia. In this document, you can specify the conditions under which you give permission for your nominated person to act on your behalf and events in which this permission would be revoked.
3. Lasting power of attorney for health and welfare.
A health and welfare LPA allows you to nominate someone to make decisions about your medical care and living arrangements should you become incapacitated in the future, either temporarily or permanently. Your attorney will be required by law to make decisions that are in your best interests and only within the parameters you set within the LPA.
Leave a Reply