Wills and Power Of Attorney
This section deals with:
- Last Will and Testament
- Enduring Power of Attorney
- General Power of Attorney
- Living Will
Landlords and property owners more than most should plan ahead as to how their assets are to be taken care of in case of serious illness or even death.
Without a Will, (Last Will and Testament) you have no choice over whom you would like to receive your property, money and personal items. This decision will be left to the Government, who will regulate the administration and distribution of your estate according to their own guidelines.
Powers of Attorney are documents which allow you to nominate another person or persons to look after your affairs for you. Often, General Powers of Attorney are created for shorter periods, such as if you are out of the country for a while.
Enduring Powers of Attorney are ordinarily created for much longer periods, when you are unable to look after your own affairs.
Living Wills are documents which allow you to make your wishes known regarding any future medical treatment you would wish to be administered, should you suffer from a serious illness, accident or injury.
Through our long-established partners Legalhelpers you can complete your details on-line and without further delay, simply, quickly and painlessly.
Legalhelpers will supply Wills for individuals or couples quickly and efficiently.
Legalhelpers will then carefully draft your Will and supply you with two attractive ribbon bound copies by return post.
You do exactly the same for living Wills and Powers of Attorney
Assets: Property or money which belongs to you, includes everything from your house or share of the house, financial and real estate investments you may own, to the teaspoons in your kitchen drawer and everything in between.
Beneficiary: A beneficiary is a person or an organisation who will benefit from your Will, by being left either a specific gift or an amount of money in your Will. A beneficiary may also act as an EXECUTOR, but SHOULD NOT BE A WITNESS to your Will.
Estate: Your total assets (everything you own and all your money) when you die. Usually, people make certain gifts from their assets in the first section of their Will, and then sign the remainder or residue of the estate over to whoever they choose.
Executor: A person or persons of your choice who will be responsible for carrying out the wishes contained in your Last Will and Testament. An Executor can be a beneficiary. It is important to let your Executors know that you have made a Will and where they can find it.
Guardian: A person appointed by you to look after your children or dependents, should both parents die whilst they are under 18.
Last Will and Testament: The document by which you make your final wishes known, as to what you would like to happen to your assets and estate.
Legacies: Used in the same manner as the word gifts, often the two are put together, such as in the Last Will and Testament section entitled “Legacies and Gifts”.
Revoking your will: Revoking your Will simply means that you are cancelling it. You can do this in many ways. You may simply want to destroy the Will, in which case it will become revoked. Alternatively, you may wish to update or make a new Will in which case the old one likewise becomes revoked. Furthermore, if you marry, this will revoke a previous Will, unless you made it clear in that Will that you did not want marriage to alter it.
Spouse: The person to whom you are legally married.
Trust: A legal arrangement, whereby one person will hold either money or a property in trust for another person. Often used when you wish to leave money or a gift to a person under 18, and wish a parent or guardian to look after the money until they reach this or any other age.
Witness: You are required by law, that two people over 18 years of age and of sound mind should witness you sign your will for it to be legally binding. IMPORTANTLY, YOUR BENEFICIARIES SHOULD NOT WITNESS YOUR WILL AS IT MAY DEPRIVE THEM OF ANY GIFTS OR LEGACIES YOU LEAVE THEM.
Please note, any documents that you create can be revoked or updated by you at any time. This is with exception of the Enduring Power of Attorney, should it have been registered with the Court of Protection, which posess a slightly more difficult situation.
You should review your Will regularly, and especially if something alters in your financial or personal circumstances. (Source: Legalhelpers)