Must Have Legal Documents For Families
It is essential to have several legal documents in place, particularly when starting a family, but many individuals believe they only need to consider this later in life. However, delaying or not having these documents could cause unnecessary stress for your loved ones. Therefore, it is vital that you understand your legal rights and the legal documents you can put in place to safeguard your future affairs. Below are some of the must-have legal documents you should consider and why:
Writing a Will
Having a conversation about your Will is not a comfortable subject, and many people put it off as talking about what happens after your death is difficult. However, if you do not have a written Will, the disposal of your estate will be subject to the law of intestacy. This means the law will decide how your estate is passed on, which may not carry out your affairs as intended. As a result, your estate may not be passed on in accordance with your wishes, causing lengthy and costly delays and unnecessary stress for your loved ones. By making a Will, you can feel confident your estate will be distributed according to your wishes and that your beneficiaries will not have to pay more Inheritance Tax than needed. Additionally, a Will is crucial if you have dependants or children. It protects your family by allowing you to appoint guardians who can look after your children if both parents have died or are unable to take on this role and put in place financial protection measures such as trusts.
Having a correctly drafted Will that is clear and written in a legally binding way can also reduce the likelihood of your Will being misinterpreted in the future, avoiding potentially stressful, lengthy, and costly probate or Will disputes for your intended beneficiaries.
Keeping your Will up to date is also vitally important. Typically, you should review it every three years or after a significant life event, such as getting married, having children, buying a home, setting up a business, or going through a divorce or separation. This will ensure that your Will reflects your current wishes accurately and that your assets are distributed as you wish.
Even though there are several DIY or online Will options available, it is highly recommended to seek the help of a regulated legal professional when creating or updating a Will. Without specialist advice from a regulated professional, who is bound by certain standards, important legal aspects might be missed, resulting in errors, incomplete, or invalid Wills. This may have significant consequences for the intended distribution of assets, causing unnecessary stress for loved ones.
Having a Will in place is one of the most important legal documents you can create, and it is essential to do so sooner rather than later and with the correct guidance.
Lasting Power of Attorney
A Lasting Power of Attorney (LPA) is a legal document that allows you to choose one or more people (called your “attorney”) to make decisions on your behalf where you are unable to do so due to an accident or ill health that leaves you unable to make decisions for yourself.
These are the two main types of Lasting Power of Attorney:
- The first one is LPA for Health and Welfare, which is designed to allow your appointed attorney to make decisions about your well-being in case you become incapacitated or seriously ill. This type of LPA covers matters such as care provision, relocating to a care home, and determining the appropriate medical treatment.
- The second type is LPA for Property and Finance, which focuses on managing your estate and assets if you become incapacitated or seriously ill. It encompasses tasks like handling your finances, settling, and paying bills, and selling or disposing of assets to generate fund or even managing a business
With an LPA, you can appoint someone to make financial decisions on your behalf and who can make health and care decisions for you — and these do not necessarily need to be the same person.
You can also include preference and instructions to make the documents more personal to you. Preferences can be things you would like your attorneys to consider such as preferences regarding your food, personal care and needs. Instructions must be followed by your attorneys which can provide safeguards against abuse/misuse or poor decision making.
It is important to note that if you lose mental capacity, and do not have a correctly registered LPA in place, your spouse, family members or loved ones will not automatically have the right to make decisions for you or manage your affairs. Even joint bank accounts may be frozen, and if a decision needs to be made regarding your health and welfare, the Court will make decisions on your behalf.
Without the correct LPA in place, someone will need to apply to the Court of Protection for the appointment of a deputy to handle your affairs. The deputy appointed by the Court may be someone other than the person you would have chosen for yourself, and the process can be time-consuming and expensive. It can also lead to a higher chance of disputes between family members over who should be appointed a deputy. Having an LPA can provide peace of mind, ensuring that your affairs will be handled by someone you trust if you cannot do so yourself and avoid potential stressful family disputes.
Downloading LPA (Lasting Power of Attorney) forms online is relatively easy. However, for them to legally take effect, they must be registered with the Office of the Public Guardian (OPG). Without legal guidance, it is possible to make mistakes while drafting the forms. These mistakes can create difficulties for your attorneys in the future, or even lead to the OPG rejecting the LPA form. Therefore, it is advisable to seek legal advice to avoid any complications.
Seeking Legal Advice regarding Making a Will or LPA
When creating a Will or Lasting Power of Attorney, it is essential to seek assistance from a regulated legal professional. Regulated Will writing and LPA solicitors possess the necessary legal knowledge, qualifications, and experience to ensure that your documents are drafted correctly and comply with the law. Regulated professionals are also required to have professional indemnity insurance, which provides an additional layer of protection for clients in the event of any errors or negligence. This insurance helps safeguard your interests and ensures that you have recourse in case of any issues.
Additionally, to authorise your attorneys to use the LPA, it must be registered with the Office of the Public Guardian (OPG). To avoid potential rejection during registration, it is crucial to have your LPA professionally prepared. A well-prepared LPA ensures that it is not only accepted by the OPG but also recognised by banks and other institutions without any issues.
Talk to Tollers
Tollers is a reliable and regulated legal services provider with trained and qualified professionals who handle your legal matters. We have been in the industry for over 140 years, and most of our work comes from recommendations by satisfied clients. We have offices in Northampton, Milton Keynes, Corby, Stevenage, Kempston and Oakham and can also offer home visits for a small additional charge.
Our specialist legal teams can provide valuable guidance, address complex scenarios, and tailor your documents to your specific circumstances. Our legal experts are available to guide you through the process and find the right solution for you.
If you need assistance with writing or updating your Will or with a Lasting Power of Attorney, talk to Tollers on 0800 107 3644 Or complete this enquiry form. Our experienced Wills, Trusts, and LPA Solicitors can help you.
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