It is difficult to consider that we may all face a time when we are unable to make decisions for ourselves due to illness, injury or disability. Whether due to conditions like Alzheimer’s or a sudden accident, incapacity can happen when we least expect it.
There are steps you can take today to not only protect yourself but prevent unnecessary stress for your loved ones after your passing.
Lasting Powers of Attorney
One of the most crucial steps in preparing for incapacity is creating Lasting Powers of Attorney documents. These documents allow you to appoint trusted individuals (your attorneys), who in the event of incapacity, can make decisions on your behalf. This can include managing your finances, paying outstanding bills or even buying/selling property.
Lasting Powers of Attorney documents have safeguards to prevent abuse of the power donated. To learn more about these and how Lasting Powers of Attorney operates, you can speak to our Private Client Team who can help you make the documents while giving you the information you need to put your mind at ease.
Making a Will
Creating a will allows you to decide what happens to your money and assets after you pass away. If a person dies without a Will, their estate is subject to the rules of intestacy which may not be what you want. Even where your wishes are very simple or you think you do not have much to leave, it is vitally important to ensure your wishes are documented in a Will.
Once a person loses capacity, it is then too late to make a Will. Making a Will is therefore an important step in preparing for incapacity and ensuring your loved ones are provided for after you pass away. Contact our Private Client Team who will be able to make sure your wishes are shown in a Will and give you peace of mind.
Funeral Wishes
Discussing your funeral is not easy but having that conversation early on will ensure your loved ones know exactly what you want to do. Whether it is expressing your desired funeral song or where you want your ashes scattered, speaking to those closest to you can give them confidence they are carrying out your wishes.
If you are not confident having that conversation in person, you could opt to leave your funeral wishes in your Will, which your family and friends can find after you pass away.
Estate Planning
If your estate is substantial there are measures you can take today that will ultimately reduce your Inheritance Tax liability. Once you lose capacity, it will be too late to seek advice. By consulting with experts now, you can do your best so that your loved ones can benefit from your estate with less financial burden.
Get Organised!
A simple way to prepare for incapacity is to organise your paperwork and affairs early on. This may mean having all your paperwork for your banks, pensions, investments, etc ready for people to find when necessary.
In the digital age, it is also equally important to have your digital affairs in order. This may mean writing down your passwords and telling a trusted person where these can be found.
These steps may seem daunting but taking them sooner rather than later can provide peace of mind for both you and your loved ones. If you would like to discuss any of these steps further, please feel free to contact us at enquiries@mowll.co.uk or give us a call on 01304873344 and our Private Client team will be able to assist. We can provide advice from our Dover or Folkestone offices or if it suits you better, we can arrange an online consultation.