Wills and Powers of Attorney01 June 2016
The team at Chapters Financial does not offer legal advice because this is a specialist area that should be addressed by a suitable professional. However, in providing advice to our clients, there is often some overlap and we are advocates of recommending that our clients make Wills. The advantages of making a Will and keeping this up to date are many and a good description of these advantages can be found here: https://www.moneyadviceservice.org.uk/en/articles/why-you-should-make-a-will
We see an up to date Will as being a cornerstone of anyone's financial planning and if you have any doubts as to the advantages of making a Will, it is helpful to look at the laws of intestacy that would be applicable if no Will was in place. Details on the laws of intestacy can be found here: https://www.gov.uk/inherits-someone-dies-without-will
In addition, for clients over the age of 60, we also recommend that they consider establishing Power of Attorney arrangements for their financial affairs. Many readers will know that there are two types of Power of Attorney available now – one for health and one for wealth. Again, we would recommend that individuals consider seeking legal advice regarding the benefits of both arrangements, although it should be noted that you do not need a solicitor to register a Power of Attorney.
More detail on Power of Attorney arrangements can be found here: https://www.gov.uk/power-of-attorney
Sadly, we have recently seen a couple of instances where clients had hoped to get round to establishing Power of Attorney arrangements and have regretted not doing so when an event has occurred which has left them without mental capacity for a period of time.This has demonstrated to us the importance of these arrangements and the need for these to be established sooner rather than later. In addition, we have found that mental capacity issues have affected clients at a much younger age than we would ever have anticipated.
The advantages of establishing both a Will and Power of Attorney arrangements are detailed in the links above, although we are not responsible for the content of external websites. The team at Chapters Financial would be happy to refer you to a suitable solicitor who will be able to help you in establishing both documents when required.
No individual advice is provided during the course of this blog. Please do not hesitate to contact the team at either Guildford or Woking for more information.
Vicky Fulcher Dip PFS
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.