The beginning of a new year is a time where many people will be looking to get their affairs in order as they plan for the future.

With changes introduced by the 2024 Autumn Budget and cases of illnesses such as dementia continuing to rise, it is now more important than ever to ensure that that we plan for a time when we may no longer have the mental capacity to make decisions by ourselves and also plan for the management and disposal of our estate.

RDP Law solicitor, Sam Saysell, summarises why putting in place a Will and Lasting Power of Attorney should be a high priority for the coming year.

Lasting Power of Attorney

There is a common misconception that next of kin will automatically get a say in the affairs of a loved one if that loved one loses the ability to act for themselves: unfortunately, that’s simply not the case. The only way to ensure that someone you know, and trust can act in your best interests and look after your affairs if you are not able to do so, is to put in place a Lasting Power of Attorney.

A Lasting Power of Attorney is a legal document that allows you to choose people to act on your behalf, (known as your attorneys) should you later lose the ability to manage your personal affairs because of mental or even physical incapacity.

There are two types of lasting power of attorney. Firstly, a health and welfare lasting power of attorney which enables our attorneys to make decisions about our medical care, treatment options and decisions regarding life-sustaining medical treatment. There is also a second type of lasting power of attorney which covers Property and Financial affairs. This allows our attorneys to handle our property and finances, such as managing bank accounts to buying or selling property.

Will

Similarly, to the above, there is also a mistaken belief amongst many people that the entirety of your estate will pass by default to the most notable people in your life, such as your spouse. However, that is not always the case.

If an individual dies without leaving a valid Will in place, they are deemed to have died ‘intestate’ and the rules of intestacy apply to govern how the estate is distributed. These rules are complicated in nature and can often lead to nasty surprises to families following the loss of a loved one.

Furthermore, the recent delivery of the Autumn Budget 2024 saw the Chancellor Rachel Reeves announce major tax changes, from Inheritance Tax and Capital Gains Tax. The changes introduced by the Autumn Budget are set to impact many, from farmers and business owners to bereaved families.

Most notably, The Autumn Budget 2024 saw the announcement of substantial changes to Agricultural Property Relief and Business Property Relief, which currently offers vital relief from Inheritance Tax for farmers and business owners. The Budget has undoubtedly heightened the need for individuals from all walks of life to ensure they have sufficient estate planning in place, whether that be making  a Will for the first time or updating a Will that is already in place.

At RDP Law, we offer a quality and compassionate service. You will be allocated a dedicated lawyer who will guide you through the process of putting a Will and Lasting Power of Attorney in place to ensure that you have sufficient plans in place for the future.