Danielle Jameson of our Private Client Team explains the importance of making a Will and Lasting Powers of Attorney.
The Covid-19 Pandemic has forced many of us to adjust our lifestyles and perhaps more so than ever, focus our minds on the importance of our close family and friends and their wellbeing. Despite this, many people do not have the appropriate legal documents in place to ensure their wishes are carried out both during their lifetime and after their days.
A survey carried out by the Law Society found that 60% of participants did not have a current Will in place. The main reasons people gave for not having a Will is believing they had a lack of assets to leave, being too busy to spare the time to prepare a Will or thinking they were too young. A Will is traditionally prepared to deal with the sharing of assets amongst nearest and dearest after death. However, they are also important to have in place to state other important wishes such as appointing Guardians for minor children, funeral arrangements and to gift specific personal possessions. While the pandemic has made organising anything more challenging; at Watkins and Gunn we have adapted our processes for making a Will so we can assist you remotely, efficiently and safely whatever your circumstances.
As well as ensuring your affairs are in order after your days, it is important your loved ones are able to assist you with your finances and health decisions during your lifetime, in the event you are unable to do so yourself due to physical or mental illness. TV presenter, Kate Garraway in her recent documentary “Finding Derek” explained all too clearly the difficulties loved ones can face if you do not have the appropriate documents in place, to assist you with your financial and health decisions if you are unable to deal with them yourself. There is a misconception that a so called “Lasting Power of Attorney” is just for the older generation but this isn’t necessary the case. Regardless of your age, in the event you suffered a physical or mental illness, and you were unable to deal with your financial affairs or simply wanted assistance with day to day tasks, your Attorney is able to deal with matters on your behalf. However, you must have a valid Lasting Power Attorney for this to take effect.