Here in the UK we are becoming accustomed to living amidst chaos. A weak Prime Minister presides over a government at war with itself; businesses are confused and uncertain about the shape of Brexit; a flatlining economy is holding back wages and investment. For most of us, the only thing we can do is wait it out, keep calm and carry on.
We say this because a sense of disorientation caused by feeling that events are happening beyond your control is precisely what we aim to protect you from. And while there is little we can do about the present state of the country, we can help to put you and your family in a secure position should and accident or illness suddenly strike.
When something really terrible happens to a member of your family, that feeling of being ‘out of control’ kicks in almost immediately. However, if you have prepared for such an event by making a Will and creating a Lasting Power of Attorney you will have a huge burden of responsibility taken away from you at the most frightening of times.
Why do people really make a Will?
The real reason many people make a Will is not to divide up their property between family members. It is to prevent their family from having to go through a drawn out bureaucratic nightmare of a process at a time when they are least suited to do so.
When you die and there is no Will in place, you are what is called ‘Intestate’ and your estate must pass through the Courts under our intestacy laws. This makes the whole process much more complicated and burdensome. It will cost your family more money, take them much longer to access funds and remove control over important issues such as property ownership and even guardianship of children.
As you can see, making a Will is about creating a protective barrier for your family during one of the most difficult times of their lives.
Lasting Powers of Attorney
An LPA can be equally useful in shielding your family from stress. This is a legal document that appoints a trusted person to act on your behalf if you lose the capacity to do so.
Having an LPA means that your spouse, partner or friend could access your bank account to pay bills and manage your financial affairs. It gives them the authority to make decisions about your medical treatment, sell property and decide where you live.
Without one families can become trapped in limbo, unable to take action when it is needed most.
So in these uncertain times, when you feel that you have no control over events around you, you can focus on the areas where you can make a difference, by taking control and ensuring that your affairs are being managed efficiently.
If you would like to find out how we can help you manage your family affairs, get in touch with us on 020 8340 3102 and we’ll explain how you can update your existing Will.
Image by: H Lawford