Making a will is one of those things that a lot of folk never get around to. And when they do, they assume that all of their affairs will be taken care of when they die. But a will isn’t worth the paper it’s written on if you suddenly find yourself incapacitated. The will only becomes relevant once you’ve ‘fallen off the perch.’ If you are suddenly unable to write, speak or communicate in any way, it becomes impossible to take care of things. In this instance, the will won’t help.
That is why a will and estate planning practice in Durham City is trying to make people more aware of the pitfalls.
More of us are living longer and therefore more of us are likely to struggle when it comes to dealing with our affairs as we grow older. For example, latest figures suggest that over 800,000 people in the UK suffer from Dementia and by the year 2025, that figure could exceed one million.
Dementia can make it difficult for people to make accurate decisions on their finances, property, health etc.
Fate, as well as other debilitating conditions, can also intervene. Accidents can easily leave an individual in a coma or unable to communicate.
“In many cases, although this may sound harsh, death can often be the most straightforward way for people to sort out their affairs,” said Leah Hamilton from Family Wills in Durham. “As long as that person has a will, everything should quickly be sorted out. The problems come when someone is alive, but no longer capable of giving instructions.”
Thankfully, there is a way to solve these problems but, as with a will and pensions, you are strongly advised to take care of business while you are fit and healthy. The sooner the better.
If the unthinkable happened and you lost your mental capacity, wouldn’t it be great to know that there was someone who could look over your shoulder and make decisions on your behalf; the sort of decisions you would make yourself? That is precisely what a ‘Lasting Power of Attorney’ does. You can choose someone to look after your affairs by appointing them to be your attorney. You can have several if you wish. Consequently, if you become unable to control your own affairs, then there will be someone who can act in your best interests.
“There are two types of ‘Lasting Power of Attorney (LPA)”, added Leah Hamilton; “one for finances and one for health. The Property and Financial Affairs LPA allows your appointed attorney to look after your money, tax and property, while the Health and Welfare LPA allows someone to make decisions regarding your personal wellbeing, covering items like treatment or care. You can give instructions to your attorney, advising them on how you would like them to control your affairs, and you can also instruct whether you would like them to act on your behalf even while you can still communicate. This might, for example, apply to someone who is no longer mobile, but is still fully capable of reading and signing documents.”
What happens if you are unable to communicate but haven’t appointed an attorney? Simple…the State gets involved, and that undoubtedly makes everything extremely complicated, very slow and potentially very expensive. Even worse, your family, the people who you would probably choose to manage your affairs, are not allowed to get involved. Instead, a faceless government body will make those key decisions – and charge you for doing so!
Leah added, “Sadly, it’s human nature to put off everything until tomorrow. By appointing a trusted relative or friend as your attorney, you will save yourself and your loved ones a lot of heartache and expense should you find yourself unable to communicate. It’s a bit like having an insurance policy; you hope to never need it, but at least it’s there if something goes wrong”
Drawing-up an LPA costs from £127, takes only a week or so to organize, and once it has been registered with the authorities, you and your attorney(s) will know that if the unthinkable happens, everyone will know how to look after you and your affairs.
ENDS.
Editorial Note.
If you would like to contact Leah Hamilton at Family Wills in Durham City, you can call her on either 0191 375 0634 or 07736 408 558. Her email is This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Family Wills was established in 2002 and is a member of The Society of Will Writers and Estate Practitioners. Leah is also a member of TAS - a group of leading, independent will writers.
Her web address is www.familywills.biz