A young persons perspective on Wills & LPA
4 minute read
Date Published - March 4th 2021
Date Updated - August 6th 2024
4 minute read
Date Published - March 4th 2021
Date Updated - August 6th 2024
Do you have children or pets that you care for, own your own property or have high-value possessions that you have worked hard to earn? Do you own a business or are due to take over a family business? Do you earn a salary and have significant savings?
If the answer to any of these is yes, congratulations! These are amazing achievements for a young person like yourself.
At GloverPriest Solicitors, we understand that you are the best judge of how to manage the things you care about most. Our Private Client team has dedicated members who handle everything concerning Wills, Lasting Power of Attorney (LPA), and Trusts.
For many elderly people, a Will is the most important anchor of stability and reassurance in coming to terms with their mortality. However, in these uncertain times, this applies to people of all ages.
An increasing number of young people are developing mental health problems due to current events. As Professor Daniel Freeman from the University of Oxford states, it is human nature to “want predictability”. Having a will ensures that your terms and wishes are respected, should physical difficulties or mental incapacity prevent you from asserting them yourself.
We do not like to think about death or incapacitation and its effect on our families. This is especially difficult for younger generations, as it is natural to expect long and fulfilling lives. However, unforeseen events can occur.
For example, if you and your partner were involved in a tragic car accident, leaving children under 18 without a Will specifying legal guardians, your children could be taken to a local authority home. The local authority would decide who is best suited to care for them, potentially placing them in temporary foster care while suitable family arrangements are assessed.
At GloverPriest, we strongly recommend that anyone with children under 18 write a Will. This ensures that the guardians of your choice are appointed to look after your children and that any money left to them is properly protected.
Misconceptions about wills and will writing are more stigma than substance. A written Will can be invaluable to loved ones and give you peace of mind. They are also more affordable than ever. In the 21st Century, Wills are a vital form of income for charities and non-profit organisations.
Without a Will, there is little you can do once incapacitated or deceased to ensure your hard-earned assets go to charities and causes you care about.
Appointing someone as an attorney through a Lasting Power of Attorney document allows them to make decisions on your behalf when you lack the physical or mental capacity to do so, or if you no longer wish to. Incapacity does not have to be permanent and can result from an accident that temporarily inhibits your ability to manage your affairs.
There are two types of Lasting Power of Attorney (LPA):
The scope of control that your appointed attorney has is up to you, and you can specify instructions in your LPA document, which would be legally binding. They are also legally bound by the Mental Capacity Act to act in your best interest.
While drafting an LPA might seem hypothetical and distant, the alternative can lead to significantly worse outcomes.
If a family member or friend needs to assist you with your health and welfare or property and finances, they would need to apply to the Court of Protection for a Deputyship Order, which can take up to a year and is significantly more expensive than an LPA. Therefore, creating an LPA document is in the best interest of yourself and your loved ones.
Our Private Client Team is pioneering and award-winning. Recently, we reached the final of the Solicitor Firm of the Year awards in two categories. We are revolutionising will writing with our Online Will Builder, allowing you to create a perfectly tailored and customised will from the comfort of your sofa.
Our new Online Will Builder ensures that lockdowns or other restrictions will not prevent you from protecting your family from uncertainties. Although this is a ‘DIY’ concept, it includes advice and alternatives to future-proof your wealth, considering the demands and needs of your family unit.
We are living through one of the most uncertain times in living memory, with the previous COVID-19 pandemic threatening every semblance of normality and certainty while the cost of living crisis is adding an increasing amount of pressure on people of all ages.
Writing a Will or creating a Lasting Power of Attorney document could provide the stability that you, your family members, and your loved ones need in these difficult times.
Instead of worrying over events that feel out of your control, let our award-winning Private Client team assist you in bringing the law into your own hands, giving you peace of mind no matter what 2021 throws at you.
Get in touch today, and let GloverPriest’s friendly, highly skilled, professional Wills, Trusts and LPA Solicitors make sure it's your final wishes that are carried out rather than leaving the decision up to others.
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