Why Powers of Attorney are Important
Next to a will, establishing lasting powers of attorney to trusted individuals is the best way to prepare for life’s unforeseen circumstances. If you have already read ‘Why do I need a will’, you will know why it is important to plan against unfortunate scenarios that may cause trouble for your loved ones in the future. If potentially, you were to be significantly injured, incapacitated or rendered incapable of conducting your affairs in any way, then you will need a credible and reliable associate to make vital decisions in your absence.
What are Powers of Attorney?
Lasting powers of attorney cover almost all areas of vital decision making in order for the individual’s estate and well being to be taken care of. Typically, these powers and responsibilities are related to properties, affairs, finances and health care. The decision of allowing someone powers of attorney often arises from the belief that the will-maker may become incapable of making important decisions that may very well affect their life and future arrangements. In this scenario, a trusted member of your family or friend group can be granted significant decision-making privileges in order to carry out important tasks on your behalf. It is essential to appoint someone you can rely on to take on the task.
Why Would You Grant Powers of Attorney?
When appointing an individual to handle the details of your property and affairs, they will be tasked with paying for expenses such as taxes and bills. They may also need to provide maintenance for your home or buildings if it is intended to be inherited by someone or sold to the highest bidder.
Powers of attorney may also be implemented if your ability to make decisions is put into question. As many of us know, our health and welfare is the most unpredictable part of life and for conditions that may affect your mental or physical state, you will need to assign powers of attorney to someone who you trust to make decisions that are in your best interest. This is particularly applicable in situations that involve physical or mental health and hospitalisation.
Appointing someone with these powers of attorney helps to properly set your affairs in order and avoid any contesting of your will. A case can be made about certain conditions that may compromise the validity of your will.
Depending on the situation, beneficiaries could suggest the will-maker was influenced by the individual who was given the lasting powers of attorney. Without the proper legal documents, the will may also be invalidated if it is believed that the trusted associate made unreliable or unwanted decisions on behalf of the departed.
Find Will Writers in Leeds
For cases that require professional legal support, visit Whiterose Blackmans Solicitors LLP. Based in Leeds, our dedicated team of solicitors are here to oversee any case related to family, divorce, criminal defence, immigration, claims, civil litigation, commercial litigation and, of course, wills and probate. For further information on wills solicitors in Leeds, please contact us by phone (0113 2165507), email or visit us on Facebook, Twitter and LinkedIn. Also, remember to read our reviews at Review Solicitors.
Our wills and probate services include:
- Preparation Of Wills, Trusts & Deeds
- UK & International Probate
- Court of Protection Applications
- Applications to the High Court
- Claims under the Inheritance (Provision for Family and Dependants) Act 1975.
- Reviewing and Amending Existing Wills
- Executorship Disputes
- Challenges to Wills
- Interpretation of Wills
- Lasting Powers Of Attorney (LPA)
- Claims on behalf of beneficiaries
- Inheritance Tax Planning
Why should you make a will?
There are many reasons why making a Will is important and ensuring it is up-to-date. These include:
- -If your financial situation changes significantly
- -If your circumstances change for example you get married, become a parents or get divorced
- -Where you want to find ways to protect assets from inheritance tax through creating of trusts etc.
- -If you need to make provision for a vulnerable relative
- -To ensure that your estate is divided according to your wishes
Get in touch to discuss your Will
Our solicitors in Leeds are on hand to help you with changing your existing will or creating a new will, probate and estate and tax planning. Contact us today.
