WILLS
Preparing a will is straight-forward and
inexpensive.
Who should make a will?
Just about everyone over the age of 18.
It is a reality that we are often worth more on death than we have access to
during our lives. However if you do not make a will, that which you own ("your
estate") could easily go in a direction you had not expected.
If you die without a will the State directs who receives your estate under the
Intestacy Rules. Society has changed considerably since these rules were formulated,
but the rules have not.
In brief the rules provide for your next of kin to share your estate, which may
not include the people you consider to be your nearest and dearest. For example
it will not include your partner if you are unmarried, and have not entered a
Civil Partnership.
Dying without a will may cause financial hardship to those you had intended to
provide for, or unexpected good fortune for those you had not intended to favour.
It may also leave your family with uncomfortable uncertainties as to what you
had really intended.
With increasing property values, many more families are facing the likelihood
of paying Inheritance Tax on a death. Wills can provide a useful tool to minimise
or eliminate this tax liability.
Most people intend to make a will ..... not enough actually do it. Contact us
to arrange a will appointment now.
ENDURING
POWERS OF ATTORNEY
To engage in a legal act or contract it is
necessary to have the appropriate mental capacity
for such
a transaction. Mental capacity can be lost or diminished
unexpectedly, through illness, or traumatic injury.
Thankfully it is now possible to provide for the
management of one’s property and financial
affairs, and to an extent one’s medical choices,
by advanced planning.
An Enduring Power of Attorney can be executed in relation
to one’s property and assets.
An Advance Directive can be signed to direct medical
practitioners in the event of life threatening circumstances.
An Enduring Power of Attorney allows a person (the
Donor) to give another person authority to act on his
or her behalf in respect of the Donor’s property
and financial affairs. You may wish to do this if it
is convenient to have another person manage your affairs
for you, or to ensure, should mental incapacity arise
that the person of your choice, handles your assets,
in your interests, with legal authority and at minimum
of cost and difficulty.
Whilst most Enduring Powers of Attorney are executed
by older people, they may be executed by an adult at
any age.
One’s choice of Attorney is extremely important,
as that person stands in the Donor’s shoes, with
access to the Donor’s property and financial
affairs, unless such access is specifically restricted.
Trust is paramount. If you are doubtful about the integrity
of an Attorney, an Enduring Power of Attorney should
not be executed in favour of that person, or should
be revoked.
An Enduring Power of Attorney can ease family difficulties
at a time of major emotional and financial strain.
It must be executed in a prescribed form, and registered
with the High Court of Justice in Northern Ireland,
if the Donor is becoming or has become mentally incapable.
Creating an Enduring Power of Attorney is inexpensive,
yet it can save significant fees, difficulties and
delays.
We advise that an Enduring Power of Attorney should
only be entered into on an informed basis, following
discussion as to its implications, its benefits, and
its possible abuse. Lawyers are best placed to advise
on this front and we are well experienced in this area.
LIVING WILLS / ADVANCED DIRECTIVES
By an Advanced Directive (also known as a Living Will)
it is possible to make a statement as to one’s
future wishes and preferences in medical care, in the
event of mental incapacity. By their nature these Directives,
which are in the form of a statement, deal with “end
of life” issues.
To some they are controversial, to others they embody
the “right to choose”.
Great care must be taken in the drafting of Advance
Directives as typically such a statement will specify
if and when medical treatment is to be withheld, allowing
a death to occur.
This is an area unfamiliar to many lawyers. However
we have a particular interest in their development
and in supporting clients and their families in ensuring
that the terms of an Advanced Directive are given effect
by the medical professions.
If you have questions about wills, enduring powers
of attorney or living wills/advanced directives,
please click
here to
use our online form.
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