A Will is the only way to provide clear instructions and ensure your wishes are carried out after your death. Without a Will the law decides what will happen to your assets and in some cases your family.
Regardless of the size of your estate a Will makes it easier for your family, reducing stress and uncertainty at a difficult time. It also allows you to plan properly, provide clear instructions, take advice and if necessary set up family trusts.
Your Will should be reviewed every 3-5 years or on a major life event like moving home, the birth of a child or grandchild, getting married or divorced or if someone named in your Will dies.
A Will looks after you estate and wishes once you are no longer here whereas Lasting Powers of Attorney (LPA) are the only way to ensure your health and assets can be managed how you would want them to be should you lose capacity during your life or require a little extra help from trusted people you have appointed. There are two types of LPA:
Property & Financial – allowing the people you appoint to deal with financial and government organisations on your behalf such as paying utility bills or deciding what happens to a property.
Health & Welfare – allowing the people you appoint to make decision around care, residence and any treatments you may require.
A Trust is a way of putting a protection bubble around your chosen assets to protect them. You appoint trustees who will look after the assets for the benefit of your chosen beneficiaries.
There are lots of different types of Trusts that can be set up to control and protect your family assets or help vulnerable or young people to handle their affairs. As there are so many types of Trusts it is important to seek professional advice.
At Morgan Wills & Trusts we will assist you through this confusing and difficult time, leaving you more time to take care of each other. We aim to make the probate process as short and straightforward as possible.
Using our experienced probate practitioners will result in a faster more efficient resolution and can often result in a larger portion of the estate being distributed to loved ones.