Preparing a Will and Power of Attorney
We all make New Year’s resolutions, most of which we fail to keep, and sad to say one of these is preparing a Will and Power of Attorney.
Legal planning for the new year
As much as we don’t wish to contemplate it, we are not going to live forever and a Will is therefore an important consideration. The most important function of a will is to ensure that we have as much control as possible as to who will inherit what from our estate.
Why make a Will
Dying without a Will would mean that an estate would be divided in terms of the directions of Scots Law which dictate distribution between spouses, civil partners and children. This of course can mean that in certain cases what is laid down by the law will not be what an individual would have wanted and may mean that a spouse or civil partner is entitled to everything leaving children unprovided for.
This is before we even start to think about the complications which apply to co-habitees who are required to make a claim on an estate within a fixed period failing which nothing may be inherited from even a long-term partner.
If there is no will, the law determines not only who inherits but also the extent of each share of my estate.
The first thing that a Will enables a person to do is to appoint Executors of their choosing who will be responsible for ensuring that their estate is dealt with in accordance with their particular wishes and hopefully is wound up timeously and efficiently. Clear instructions can be given to executors in a Will as to how your funeral to be dealt with and where you wish your final resting place to be.
Death is a certainty but while old age might not be, those lucky enough to be enjoying the latter years of their lives may consider a Power of Attorney not to be quite so important.
Unfortunately whilst we may anticipate longer lives than our predecessors, those lives may not necessarily be lived out in the best of health and should it become difficult, whether by loss of mental or physical capacity, to conduct one’s affairs satisfactorily a Power of Attorney can become invaluable to ensure those whom you trust can deal with your affairs on your behalf. If you do not have a Power of Attorney and it is too late to do one because you have lost capacity, a Guardianship will be needed which involves an application to the court. The cost of a Continuing/Welfare Power of Attorney will be a fraction of the cost if assistance is needed and a court application for appointment of a Guardian results.
Not only is a Guardianship expensive to set up but it also results in a length court process and potentially expensive administration on an annual basis which can be avoided entirely by the preparation and registration of a proper legally prepared Continuing/Welfare Power of Attorney.
Will and Power of Attorney services
By the considered preparation of both a Will and a Continuing Power of Attorney this year, Innes Johnston, Solicitors can provide you with peace of mind of knowing that you have made things as straight forward as you can for those who may have to care for you as a consequence of ill health or deal with your estate as a consequence of your death. You will be content in the knowledge that matters will be dealt with in the manner which you see fit rather than the manner in which the Scottish Legal System imposes on you.
