family
Preparing For Your Future
Ben Tyer, partner at North West-based law firm SAS Daniels, explores the benefits of Lasting Power of Attorneys and wills.
![Image by Gerd Altmann from Pixabay]()
Image by Gerd Altmann from Pixabay
Planning for incapacity or illness
As you get older, it’s important to consider who would make decisions for you in the future if you were unable to do so as a result of a loss in mental capacity or illness. A Lasting Power of Attorney (LPA) is a legal document that allows someone to appoint another person (or people) to make decisions on their behalf.
There are two main types of LPA: one for property and financial affairs, and another for health and welfare decisions. Having an LPA comes with many benefits, including:
You have complete control over who will act on your behalf; this may be a family member, friend or professional adviser.
Without an LPA, if you lose mental capacity a family member would need to apply to the court for a deputyship order to manage your affairs which can be time-consuming, complex and expensive.
If you have an LPA for property and finances, the appointed person can ensure your financial needs are met per your best interests.
An LPA allows you to specify any preferences or instructions for making decisions, such as expressing preferences for specific medical treatments or dictating how your property should be managed.
A registered LPA means your appointed attorney can take immediate action on your behalf, with no lengthy legal processes to obtain the right or persuade social workers or doctors of your authority.
![Ben Tyer]()
Ben Tyer
Putting a will in place
Upon death, a will is a key tool for ensuring that your estate is distributed according to your wishes, reducing family disputes and ensuring that your legacy is persevered in the way you intend.
A recent survey estimated that a sizeable 72% of UK adults do not have a will, despite there being many key benefits:
With a will, you can specify how your assets will be distributed, otherwise the “intestacy laws” will dictate who inherits your estate.
If you have children under 18, you can appoint a guardian to care for them in the event of your death, rather than the court deciding.
A will can help ensure all allowances can be claimed and strategies utilised to reduce inheritance tax (charged at 40% above certain thresholds).
For business owners, a will is critical for outlining what happens to the business after your death.
Placing assets into a trust could shield them from being used to pay for a loved one’s care fees, protect them for vulnerable beneficiaries, and preserve them for your family.
Although it can be daunting to think about and you may think “I’m too young” and “I’ve got nothing to leave”, having legal documents in place can provide you and your family with peace of mind knowing decisions have already been made to communicate your wishes.
For further guidance contact Ben Tyer, a partner in the private client team at SAS Daniels on 0161 475 7683 or ben.tyer@sasdaniels.co.uk