Article preview: We often talk to our clients about the importance of having a valid will in place. This crucial legal document clearly sets out your wishes for what should happen with the value of your property and other assets when you die. Without a valid will, you die ‘intestate’ and your property gets distributed according to the law, which may or may not match your own wishes. Just as important as having a will in place is drawing up a lasting power of attorney. These legal documents give someone you trust responsibility for making decisions about your money, health and welfare, in the event you are unable to make those important decisions for yourself in the future.
Relying on informal financial arrangements with relatives is a really bad idea
This 811 word blog post describes the dangers of having informal financial arrangements with relatives, such as keeping joint bank accounts. It explains the benefits of instead using a lasting power of attorney and the rules laid out by the Mental Capacity Act 2005. Includes an expert comment by Gavin Holt, Head of Probate at the Co-op. Written on 27th January 2019.
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