Wills
Writing a will is an important step in ensuring that your loved ones are taken care of and your assets are distributed according to your wishes after you pass away.
It can also save your loved ones from the stress and complications of probate court, which can be a long and costly process. Even if you are young and healthy, it is important to consider writing a will, as unexpected events can happen at any time.
By taking the time to plan ahead and create a will, you can give your loved ones peace of mind and make the process of settling your affairs much easier for them.
Power of Attorney
One person in the UK develops dementia every three minutes.
A lasting power of attorney (LPA) is a legal document that allows you to appoint one or more people to make decisions on your behalf about your property, finances, and personal welfare if you become unable to make those decisions yourself. If you don't have an LPA in place and you become unable to make decisions for yourself due to illness, injury, or some other reason, it can be difficult for your loved ones to manage your affairs and make decisions on your behalf.
Without an LPA, your loved ones may need to go to court to be appointed as your legal deputy. This can cause significant stress and frustration for them, and it can also be emotionally and financially draining for you if you are unable to make your own decisions and are reliant on others to manage your affairs.
Trusts
A trust is a legal arrangement that allows one or more trustees to hold and manage assets for the benefit of one or more beneficiaries.
Trusts can be created for various purposes, such as managing assets for minor children, protecting the assets of a person with special needs, or minimizing estate taxes.
Including a trust in a will can offer several benefits, such as control over how and when assets are distributed, privacy, flexibility, asset protection, and tax benefits. Trusts can be tailored to meet specific needs and goals, such as providing income to a beneficiary for a certain number of years or specifying that trust assets be used for a specific purpose, like paying for education expenses.
