Ensuring that you have a thoroughly detailed will and someone assigned with lasting power of attorney is an essential part of estate preservation planning. Having these in place guarantees that your assets will be distributed correctly to the beneficiaries you selected. Whether it’s wealth or possessions, it’s important that you know that after your death your wishes will be fulfilled and that your assets will be passed to the people and organisations that you specifically choose before you die.
This does not constitute advice and advice should be sought in all instances before acting on it.
Updating existing wills
The coronavirus pandemic forced us all to re-eaxmine what’s important in life, and that extends to what you prioritise after life, as well. Many people decided to finally put pen to paper and craft a will during lockdowns while others decided to amend or update their existing wills.
Lasting power of attorney
Lasting power of attorney (LPA) is a way to give someone you trust, such as your attorney, the legal authority to make decisions on your behalf if you happen to lose your mental capacity to make your own in the future. There are different types of LPAs you can choose from.
- Health and welfare LPA – these type of LPAs allow you to appoint an attorney that makes decisions about your medical care, where you live, your routine, who you are in contact with, and most importantly — as long as you provide express permission for them to do so — whether you have life-sustaining treatment
- Property and financial affairs LPA – these kind of LPAs give your attorney the power to buy and sell your property, pay your bills, collect your pension or benefits, and manage your bank accounts
Avoid unnecessary pressure
Having a will and keeping it updated as well as giving someone lasting power of attorney is a surefire way to ensure your legacy. A will will ensure you have something in place that correctly dictates how you want your wealth passed down, and an LPA is an extra safety net that someone is following your wishes once you’re no longer around or if you become unable to make your own financial or health decisions while you’re still here.
Talk to the pros
Thinking about what you will do about important decisions if you’re incapacitated or what happens to your wealth after you’ve passed isn’t a fun or easy topic to think about. But it’s crucial that you prepare for any an all eventualities. Planning ahead provides peace of mind and ensures your loved ones will be taken care of no matter what happens.