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

With cases of illnesses such as dementia continuing to rise, it is now more crucial than ever to ensure that  we plan for a time when we may no longer have the mental capacity to make decisions 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 widely accepted misconception in society that next of kin will automatically get a say in the affairs of a loved one if that loved one loses the ability to make decisions 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. Secondly a Property and Financial affairs lasting power of attorney. This allows the attorneys to handle your property and finances, such as managing bank accounts, investments and 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.

A will significantly simplifies the management of your estate after you pass away and provides you with invaluable peace of mind. A will ensures your wishes, which can range from the gifting of treasured items to charitable giving, are honoured.

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 prepare for the future. For more information on our Private Client team and how to get in touch click here or email individuals@rdplaw.co.uk.