Since the announcement of the virus that has turned our society upside down and inside out, I have been inundated with questions about what happens if I don’t have a Will? Is my Will still correct, I haven’t looked at it for years? Will my partner that I live with be able to stay in the house when I die? Or what are the ramifications of not having a Power of Attorney in place? The coronavirus has put sickness and death clearly in our view and it has become a priority for everyone to make sure their affairs are in order.
If you do not have a Will when you die your estate will pass via the statutory rules of Intestacy. These are rules of law that strictly determine where your estate passes, and whom is in charge of administering it. These rules do not care that you have not spoken to that parent, or that child for 20 years, or that that family member is not to be trusted with your money – the rules prescribe that your estate will pass to them automatically. These rules do not make any provision for someone you are not married to or civilly partnered with; there is NO provision for a long-term co-habitee/boyfriend/girlfriend/life partner. The rules do not care that your divorce has not been finalized, your estate will pass to that ex that you fought so long and hard to leave. Preparing your Will gives you the power to ensure that you personally choose the guardian of any of your infant children, that your money is passed to the correct people, and that your estate is administered by the best people given your personal circumstances.
If you do not have a Lasting Power of Attorney for Property & Financial Affairs and you lose the mental capacity (or physical capacity) to manage your own financial affairs, someone (not of your choosing!) will have to apply to the Court of Protection to obtain an order appointing themselves as your Deputy in order to manage your financial affairs. This process takes months and is very costly. The Court of Protection fee to just lodge the application is £365, and the legal costs are usually around £2,000 if it is a straightforward application.
People have a common misconception that it is diseases like dementia that force the necessity of creating a Power of Attorney. However, generally dementia causes a slow deterioration of your mental capacity. Thus, when initially diagnosed with dementia you usually have the time to prepare your Lasting Power of Attorney and get your affairs in order. If, however, you, or a loved one, is struck by a stroke, or a brain tumour, or a heart attack you may, overnight, not have the capacity to manage your financial affairs or make your Lasting Power of Attorney. So in addition to your loved ones trying to manage caring for you, if you don’t have the Lasting Power of Attorney for Property & Financial Affairs in place, they will have to go through the stress and cost of applying to the Court of Protection for a deputyship appointment. Preparing your Lasting Power of Attorney gives you, and your loved ones, the security of choosing who will manage your affairs if you cannot, and the comfort of knowing that your loved ones will be able to look after you with ease.
Are your affairs in order? Will your family or the people you love be protected?
Please make an appointment with me, Leslie Emilie Tuck, so that I can create a Will or Lasting Power of Attorney which suits your family circumstances. Mewies is set up to take your instructions via telephone or video conference.
I specialize in drafting Wills and Lasting Powers of Attorneys, and administering Estates. I give free talks to local organisations about what Wills are, what Lasting Powers of Attorneys are, and importantly what happens when you have not created a Will or a Lasting Power of Attorney.