Pitfalls with bank accounts and savings under a financial lasting power of attorney
As an attorney under a financial lasting power of attorney (LPA), you...
Making a will provides an opportunity to decide what you would like to happen when you die and is an important step towards making sure that your loved ones are taken care of. If you die without a will, everything you own has to be divided according to the intestacy laws and this may not be as you would have liked.
Our experienced solicitors will offer you helpful advice and guidance on deciding how you would like your property and assets to be distributed. Where appropriate, we can create trusts to preserve your assets for future generations as well as plan ways to reduce the burden of inheritance tax. Many couples choose to make mirror wills.
You may want to leave specific gifts to friends and family, or make a charitable donation known as a legacy arrangement. Making a will also provides an opportunity to leave instructions about your funeral arrangements as well as explaining your wishes for organ donation and other specific requests.
In your will you will need to appoint executors to apply for probate and see that your legacy arrangements are honoured. Myers & Co can act as professional executors if required.
If you are a parent of children under 18, you can appoint guardians in your will to look after them should both parents die and trustees to manage their inheritance until they are old enough. It is advisable to discuss your wishes with your intended executors, trustees and guardians and check they are willing to be nominated.
As part of our comprehensive service we can also help you with making a living will, where you can specify your wishes if you lose mental or physical capacity and grant someone you trust power of attorney to act in your best interests.
To reduce the chance of your will being disputed by anyone who feels unfairly left out, We can also prepare a ‘letter of intention’ clarifying your wishes, to be stored alongside your will.
Most importantly, remember to keep your will up to date to reflect any changes in your circumstances. Your will becomes invalid if you divorce or re-marry after it is made. Our free will storage facility makes sure that your will is kept safe until it is needed.
Based in Stoke-on-Trent, Staffordshire, our specialist wills and probate solicitors provides services throughout Staffordshire and Cheshire. To find out more, contact us on 01782 577000.
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