Your Will lets you decide what happens to your money, property and possessions after your death.
If you make a Will you can also make sure you don’t pay more Inheritance Tax than you need to.
You can write your Will yourself, but consider getting advice if your Will isn't straightforward. You will need to get it formally witnessed and signed to make it valid.
If you want to update your Will, you need to make an official alteration (called a codicil) or make a new Will.
If you die without a Will, the law will decide who gets what regarding your estate.
A Lasting Power of Attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf.
This gives you more control over what happens to you if you have an accident or an illness and cannot make your own decisions (you ‘lack mental capacity’).
You must be 18 or over and have mental capacity (the ability to make your own decisions) when you make your LPA.
There are 2 types of LPA:
You can choose to make one type or both.
Use this LPA to give an attorney the power to make decisions about things like:
It can only be used when you’re unable to make your own decisions.
Use this LPA to give an attorney the power to make decisions about money and property for you, for example:
It can be used as soon as it’s registered, with your permission.
When considering equity release, we would always advise that you put LPA's in place if you do not already have them. You should also ensure your Will is up to date.
We are able to help you with putting these documents in place, feel free to contact us for more information.
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