Lasting Power Of Attorney - Do YOU Need A Will! in London, Essex

Will or LPA? Which one saves more pain and trouble? Die without a Will (intestate), and if your estate value is below the IHT threshold (£325,000 or £650,000 for a couple) and your family almost certainly could handle the probate. The paperwork can be surprisingly simple, doesn’t cost a lot and everything done and dusted within 2-3 months. The estate would have to be distributed in a certain order starting with the spouse, then any children; but as this reflects most people’s wishes even this rarely poses a problem. Incapacity and no Power of Attorney: Access to all financial assets are frozen, and the spouse/family member must apply to the Court of Protection (CoP) for permission to act/sign on your behalf. Application fees and legal costs will be at least £3000, and the application can take 3-6 months or more. Even if successful, the CoP will dictate everything, right down to how much you can write a cheque for! You must keep records of everything and report regularly to the CoP, for which various fees will be involved. If the Court instead appoints a deputy (usually a local solicitor) there will be the same CoP fees plus all the solicitors costs as well! Not forgetting of course that incapacity can last for years! Families suddenly find themselves in a financial and bureaucratic nightmare because a loved one never got around to arranging a Will or an LPA. They thought they had plenty of time to arrange them, which is of no consolation to their family now paying out for solicitors and Court fees! Call Tim Wilde on today to find out just how easy and inexpensive the solutions can be! Covering London and Surrey I am a Solicitor, Professional Will Writer and part of Beauwater Estate Planning