I am a Paralegal in the Private Wealth & Inheritance Team at Herrington Carmichael LLP and I am also a mother of four children, two in Primary school and two in Secondary school.
From my role as a Paralegal and a mother, I understand the importance of making a Will and the benefits of Estate Planning to ensure that my children’s future and wellbeing is protected. Statistics show that most parents do not have a Will or a Lasting Power of Attorney.
I deal with probate and bereavement and I often witness first-hand the consequences of not planning ahead, and of not making a Will.
These situations are often very stressful to those left behind, and often loved ones will incur unnecessary costs that could have been avoided. When families are going through loss and bereavement it alleviates some of the stress if the deceased had organised their affairs during their lifetime.
What if I don’t have a Will?
The consequences of not making a Will are that close family members are left to try and understand the strict rules of Intestacy, which in some cases, it means that an Estate will not pass to those family members as initially intended by the deceased.
If you are a parent of minor children have you considered what will happen to your children if something were to happen to you and your spouse? Who would you trust to look after your children if you and your spouse are unable to do so?
Intestacy Rules for unmarried couples
The Intestacy Rules do not protect unmarried couples and therefore you partner could be left unprotected on your death. Would it not be better to have the opportunity to decide for yourself and to plan ahead by making a Will according to what is best for you and your family.
How do I begin to plan for the future?
Only you will know what is best for your family and therefore by making a Will you are ensuring that your loved ones are protected. Every individual’s needs are different and our professionals will assist you to plan ahead according to your family’s needs.
Lasting Power of Attorney or Court of Protection
We can provide you with advice on Lasting Powers of Attorney, which are essential if you are unable to make decisions by yourself due to sudden illness or disability. Without a Lasting Power of Attorney, your family would have to make an application to the Court of Protection for a Deputyship Order which are very costly and stressful to obtain.
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If you would like to know more about the above article then you can contact one of our specialists.
