90% of adults in the UK do not have Lasting Powers of Attorney in place, despite the fact that they play such a crucial role in people's hour of need when they may temporarily or permanently lose mental capacity. Many view them as only being relevant for those in later life (if you can define what "later life" even means) and we often hear comments of "I don't need an LPA at my age" or "There's no risk of my getting dementia yet" (potentially not true unfortunately).
It is our view that LPAs should be in place for everyone, regardless of age of current health, this includes client families in their entirety - all adult children. Imagine if, as a parent, you were unable to partake in the decision making process of treatment for an adult son or daughter hurt in a skiing accident? If they were to receive a lump sum as a compensation payment, who would manage their money? Without a Health & Welfare or a Property & Finance LPA, it would potentially be left up to social services to step in.
Property & Finance LPAs deal with the control of money & property decisions and allow the continued smooth running of a family's financial affairs - paying bills, continued use of joint bank accounts, etc.
Health & Welfare LPAs, without one in place, means you cannot challenge care decisions for family members or make decisions about their medical treatment - extremely traumatic at what is often a difficult time.
Putting these in place can help to ease the burden on family members and can help to minimise the risks of family disputes & upset when making big decisions.
In addition, these documents are so much more than just a form filling exercise. You need proper advice around how decisions should be made, how to ensure longevity of the LPA, and what (if any) instructions & preferences should be included. For the unwary DIY'er, it really can be a case of act in haste, repent at leisure when it is found that the LPA does not do what they think it should do. Would you draft your own Will? Our advice, please take advice from a professional.
It may not be easy to think about planning for your own death, but it is an integral part of your overall life plan as the assets you have worked so hard to accumulate over your life will go somewhere, so you need to ensure that somewhere is where you wanted it to be (& for them to remain there). It is estimated that nearly 70% of adults in the UK do not have any Will in place. If you’re one of the 30%, we often find that the Will was put in place many years ago when children were first born and is often a basic mirror Will. That may have been OK for your circumstances at the time, but we generally find it is not suitable for your current circumstances.
We will review any existing arrangements you have in place to see if they’re still fit for purpose. The Wills we write for you include all of the necessary Trust and Bloodline Planning to protect you from the 5 potential threats to your Estate.
The Financial Conduct Authority (FCA) does not regulate estate & bloodline planning or will writing. As Suitable Legacy Planning does not offer regulated financial advice and only offers estate planning services, Suitable Legacy Planning Ltd is not authorised and regulated by the Financial Conduct Authority.