Martin Lewis has recently appeared on This Morning, stating that he obtained his Power of Attorney at age 35, saying that it is arguably more important than a will. He also encourages everyone to get one and that it doesn’t matter how old you are.
But why is this so important?
What You Need to Know About Wills
When planning for the future, it’s essential to have a will created in order to ensure that when you pass away, your estate and assets will be distributed according to your wishes.
This is especially crucial if you have a family, and perhaps even more so if you have a non-traditional family structure, such as blended families, those with stepchildren or adopted children, and other dynamics.
A will makes sure that any loved one is considered after your passing, whether blood relative or not. This is something that intestacy laws, the process of administering an estate without a will, is unlikely to account for.
A will is something that many individuals will put off until later in life, with a large percentage of UK adults not having an up to date will, or even a will entirely…
Why a Lasting Power of Attorney is Important
The unfortunate reality of life is that it is unpredictable. Accidents, illnesses or other unforeseen circumstances can affect a person at any age. Whilst a will may cover the event of a death, it doesn’t cover injuries or illnesses that could leave a person incapacitated and unable to make financial or medical decisions.
This is why having a Lasting Power of Attorney (LPA) is so important to have – even if you don’t have a will.
What Is a Lasting Power of Attorney?
An often overlooked legal document, a Lasting Power of Attorney essentially nominates someone you trust to make important decisions on your behalf, should you become unable to do so.
There are two types of Lasting Power of Attorney:
Property and Financial Affairs – covering decisions about your money, bills, and property.
Health and Welfare – covering decisions about your healthcare, living arrangements, and daily care.
Though a Lasting Power of Attorney is commonly associated with illness such as dementia, this is something to consider doing at any age and time, not just when you are older or facing a serious illness.
Why a Lasting Power of Attorney is Important
A will covers the events of death, whilst a Lasting Power of Attorney addresses what happens during your lifetime. Making it more likely you’ll need a Lasting Power of Attorney.
Without a Lasting Power of Attorney in place, should any medical incapacitation occur, your family will be subject to a lengthy and expensive court process to acquire the legal right to act on your behalf.
Appointing a Lasting Power of Attorney will prevent this unnecessary stress.
Contact BTMK Today
You can read more about Lasting Powers of Attorney on our dedicated page here. You can also contact us on 03300 585 222 or email [email protected].
