Making a Will
Most people work hard to make a decent life for themselves. This often involves acquiring property in the form of a home, care of other assets such as money, shares and personal possessions. Making sure that these assets are properly transferred to the people you want them transferred to is an important task not to be underestimated. There are all sorts of implications when making a will, and if this is not professionally handled can lead to your will being thwarted.
Failure to make a will at all : in this case you will be intestate – without a will. This means that the rules of intestacy will apply, and your property could fall into the hands of people you would prefer not to be your heirs.
Poor drafting of a will : a poorly written will may unwittingly leave part of your estate to someone who is no longer alive. This is more common than you would think – especially if it is some years since you made your last will.
Tax implications : if you do not properly plan your estate, you could leave your heirs with a tax burden rather than an asset.
As you can see from the above, it really pays to have professional advice. At Winrow Solicitors, we are highly trained and experienced to ensure that your will is exactly that – your will.
Power of Attorney
Enduring power of attorney : Since 2007 this type of power of attorney is no longer used, although if you have one which was made before October 2007 it will probably still be valid.
Lasting power of attorney : This is a comprehensive power because it relates to your future care, health provisions and financial affairs. It will only come into effect if you no longer wish to, or are no longer able to, make decisions for yourself – for example if you lose mental capacity. At Winrow Solicitors we can help you to set up a lasting power of attorney (LPA).
Ordinary power of attorney : This form of the power is usually used as a temporary measure, for example if someone goes into hospital for a while. The ordinary power of attorney is only valid while you have mental capacity and it can be revoked at any time.