Will Writing & Power of Attorney

It is a well-known fact is that a WILL is the most important document anyone will ever write but it is also something we all tend to put off till ‘later’, and ‘later’ could be too late because dying without a WILL is not without its consequences:

• Your estate (your money, possessions and property after you die) however big or small will be distributed according to law.
• This will be based on INTESTACY* (ruled by law) and NOT as per your wishes
• It is costly and stressful for the family members
• If children are minor / disabled, then the court decides who parents them
• It is NOT tax efficient
• Unmarried partners receive nothing
• Your funeral wishes will not be carried out

Who can inherit if there is no will – the rules of intestacy: When a person dies without leaving a valid will, their property (the estate) must be shared out according to certain rules. These are called the rules of intestacy. A person who dies without leaving a will is called an intestate person.

Citizens Advice say this on the subject.

In short, it is highly advisable by the UK Government for everyone to have a Will written prior to death. If you do not have a Will prior to death, then the rule of INTESTACY will come into play.

Click the link below, follow the questions on the Government website to show you what would happen to your estate if you died without a will.

https://www.gov.uk/inherits-someone-dies-without-will

According to the Money Advice Service (see here) a will document is a valid will if it:

• Says how your estate should be shared out when you die
• Was made when you were able to make your own decisions and you weren’t put under pressure about who to leave things to.
• Is signed and dated by you in the presence of independent witness(es), and then signed by the them in your presence – the witness(es) can’t be people who are going to inherit anything from you (or their husband/wife or civil partner).

If you are unsure if your current will is valid please contact us on 0141 248 9787 or email admin@theinsurancehelpline.org.uk for a free of charge ‘Will Checking Service’

SIMPLE WILL

• Your assets are small in value, not affected by tax law.
• You do not expect anyone to contest the will based on fraud, duress or lack of mental competency

COMPLEX WILL

• Your assets are high in value, may be affected by tax law.
• You wish to establish a special needs trust for a child with a disability.
• You expect to accumulate more assets.
• You have no one in your life to pass your estate to.
• You have a previous spouse / partner.
• You want to create a mirror will with your spouse.
• You own a business.
• You want to set up a trust so that your children receive a certain sum of money at a particular age.
• You want leave money for Pets.

At this stage in your journey you should be aware of your need for a will and which type of will. The next question is whether you can do it yourself or you need a profesional and the guide below should help you make that decision.

WHAT IS A POWER OF ATTORNEY (PoA)?

Having a PoA lets you plan what you want another person to do for you in the future, should you become incapable of making decisions about your own affairs. PoA is a written document which includes a certificate signed either by a qualified person who could be the practicing Doctor, Solicitor, Advocate OR an adult trustworthy Friend who has known you personally for two years or longer continuously. Different rules apply in Scotland and England. Check information on Office of Public Guardian website for more information.*

WHY GIVE POWER TO SOMEONE TO DEAL WITH MY AFFAIRS?

We can never predict about our health. May it be a major car accident or sudden heart attack, sometimes in life, circumstances can be life changing! Prolonged recovery from illness OR permanent loss of Mental capacity can result into temporary OR permanent inability to carry out our responsibility. This is even more so in today’s World where confidentiality and GDPR dominate the scene.

PoA is a legal way to pass powers to a trusted Attorney. It is used only when required in above mentioned circumstances and it is a lifelong document. Your attorneys must be an adult, trustworthy and must not be bankrupt (for Financial PoA). Attorney could be a friend, your adult children, other relatives or professional people like solicitors or bank managers or accountant.

If Mental capacity is lost then it is not possible to make a PoA. In such case, only way forward is to appoint solicitor’s service. Needless to say that it is a costly way to manage life

PoA is valid only after it is registered in the UK courts (Protection Court), which makes it a legally binding document and Attorneys therefore are legally responsible to manage affairs of the Granter within the powers given.

PoA can be made at any age when person is legally adult (18 in England, 16 in Scotland). Under most circumstances it is once in a life time document. It expires when person is no longer alive.

The sooner a PoA is made, safer and worry-free the life becomes.

HOW TO MAKE A POA

You will need to arrange the document to be drafted by a professional person. Then you will need to obtain certificate of Mental capacity from the qualified person. Completed document duly signed by all and witnessed is then sent to Court for registration using Registration forms and fees. Attorney can manage Financial affair of the granter as soon as it is registered irrespective of the mental capacity of the Granter. Same is not applicable for the Welfare Powers, which is exercised only when Granter becomes incapable of making decision for his/her health affairs.

THE 3 TYPES OF PoA DOCUMENTS
For Property and financial Powers, for Welfare Powers and for Combined Powers. Different terminology is used in separate nations of UK. Check more information on Office of Public Guardian website.*

Once your PoA is registered it will last until it is cancelled, revoked or person dies.

Reference:
*Scottish: https://www.publicguardian-scotland.gov.uk
*English: https://www.lastingpowerofattorney.service.gov.uk

OUR SERVICES

For a fee of £160.00 we provide advice – interview with the granter and attorney/s. Draft entire document and Mental capacity certificate. Explain procedure to all involved and if required write to the Certificate provider on behalf of the granter. Complete Registration forms and deal with full process of registration including emergency registration. We retain copy of your Registered PoA in your file on our database which allows you to apply to the court for replacement document in case of loss or damage.

We recommend 2 most essential documents in life as an Insurance Policy to protect our future and our loved ones; The Will and the PoA. Not putting them in place when one is of sound mind cannot only be very costly but seriously stressful if life takes a nasty U turn.