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Am I too young to consider my estate?

At Poole Alcock LLP we help many people with the preparation of their Wills...

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Am I too young to consider my estate?

16th July 2018

News : Wills & Probate

At Poole Alcock LLP we help many people with the preparation of their Wills and Lasting Powers of Attorney.  However, many clients comment that they believe they are too young to make a Will. Many also ask why they should make Lasting Powers of Attorney when they have not lost capacity.

Am I too young to consider my estate?

The majority of people are not too young to make a Will and Lasting Powers of Attorney. You may be wealthy and need to consider tax planning to include inheritance tax mitigation where possible.  You may recently have purchased your first home – a significant asset.  Do you know how that home will transfer to another person on your death? Will it transfer to the people you would like?

Do I need a Will?

Do you know who will inherit your Estate under the intestacy rules?

You may be single and have children under the age of eighteen.  In such circumstances a Will can include a Guardianship clause to confirm who shall care for your children in the event they sadly find themselves without surviving parents.  Your Will can include a Guardian clause identifying someone not only who you know, love and trust to care for your children but equally who knows your children.  This may provide you with significant piece of mind.

What about a Lasting Power of Attorney – is it too early?

It can be too late to make Lasting Powers of Attorney.  It is not be possible to create Lasting Powers of Attorney for someone who has lost capacity – in such circumstances, it may be appropriate to apply to the Court of Protection for Deputies to be appointed. This process is often slow, lacking certainty and likely to be more expensive than making Lasting Powers of Attorney.

It is often thought that Lasting Powers of Attorney are required should you lose capacity due to dementia.  This is not always the case – it may be that loss of capacity arises because of a stroke, heart attack or an accident.  Alternatively, it may simply be for practicable reasons that you wish to create financial Powers of Attorney.  Increasingly, you may prefer a close family member or friend to manage your finances on your behalf or you may travel frequently and you would find it is more convenient for someone based locally to manage your finances in your absence.

What should I do next?

Cheshire Solicitors Poole Alcock LLP have a dedicated team advising on Wills and Lasting Powers of Attorney.  If you would like to discuss how a Will or Lasting Power or Attorney may benefit you, then please do not hesitate to call on 0800 389 7093. Alternatively you can visit our wills and probate services page here or complete the form linked here and we will call you back.

 

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