Dying without an estate plan or a will can cause a lot of problems for your surviving family. Wills are essential to any succession plan and if you don’t have a will or you have a poorly drafted will, it can lead to costly disputes. Likewise, you need a lasting power of attorney which comes in handy when you lack the mental capacity or you require an attorney to make decisions on your behalf. This article will discuss the writing and lasting power of attorney.
What happens if you don’t have a will?
Some people believe that everything goes to the state if you pass away without a will, but this opinion is not true. The state can only benefit from your estate if you die and have no living relations. First of all, dying without a will means that your surviving family will still receive the assets of your property. Therefore, your surviving children, spouse, and other family members like your siblings, parents, and grandchildren are all eligible to get part of your assets.
However, if you’re not legally married, your assets will likely be distributed to your children and grandchildren. It should be noted that dying without a will, most of the assets are inherited by your spouse. Whatever is left after distributing to your spouse is distributed to your parents and relatives. For minor children, usually, the parents may take the guardianship role when there is a will. But if there is no will, then the courts might decide the person who can take the role of guardianship.
Proper succession planning begins with having Wills and LPA. Therefore, you should choose a solicitor who must check all aspects of your financial and estate elements so that they can advise you properly on how to come up with a will and lasting power of attorney (LPA). There are also statutory wills that are put in place by the courts on behalf of someone who has lost mental capacity.
Hence, if you don’t have the right mental capacity and don’t have a will, or it’s outdated, perhaps a statutory will is your best option. In such cases, your solicitor can apply to the courts for the statutory will.
There is also a living will which explains how you want to be cared for and treated during specific times. Solicitors can provide advice related to living wills. For example, if you don’t want to receive medical treatment in specific situations, then you can put it in your will.
Lasting power of attorney
As mentioned earlier, lasting power of attorney is a legally-binding document that allows you to choose someone you trust to make decisions on your behalf. This usually happens when you don’t want any longer to make these decisions, or in situations when you are mentally incapacitated. A lasting power of attorney can be made concerning your health and welfare, or financial and property affairs.
A lasting power of attorney that relates to your property and financial state handles several decisions, such as paying your bills, selling your home, or collecting your benefits. On the other hand, lasting power of attorney for your health and wellness is related to healthcare and medical treatment decisions.