Coronavirus has caused a lot of chaos and it has been a very turbulent time for us all. What is evidently clear is that everyone is in the same situation and it is entirely natural to feel concerned about the impact on your family and your finances during this time. You can take control of the situation and your future in your own hands by drawing up a Will and making Lasting Powers of Attorney, to ensure that you have peace of mind and have secured the future of your wealth and your family.
Wills and what to include?
A Will is a legal document whereby you appoint exactly who you want, and trust, to administer your estate, and more importantly who is to benefit from your wealth and even to look after your pets!
Your most prized possession are your children and, therefore, if they are below 18 years old, you can appoint guardians in your Will who you know will love and look after them in the way you would. In the absence of such direction, your children may become the responsibility of social services until a Court decides who is best to look after them.
We are all concerned with loved ones passing away or losing those closest to us and this has been brought into focus during these difficult and strange times. This is always a very sensitive and difficult topic to think about but take control, and put your mind at ease.
It is also vitally important that you review any existing Will to ensure that it is still in line with your current wishes. This might include updating your chosen beneficiaries and making sure that your appointed executors remain appropriate. If there have been any changes to your circumstances, you must strongly consider updating your Will.
Lasting Powers of Attorney
We would strongly recommend making and registering Lasting Powers of Attorney. This power is given to someone who you entrust implicitly to make decisions for you and to always act in your best interest regarding your property, bank accounts, savings, personal health and welfare. Once again, making Lasting Powers of Attorney allows you to decide who you want to take control of you and your finances and not leave it to someone else or indeed social services to take control and decide what’s best for you.
There is no better time than the present to draw up your Will and Lasting Powers of Attorney. Even in these circumstances, it is business as normal at Bowling & Co, and, as always, we continue to provide a high level and bespoke service that is the best fit for you, your family, and your loved ones.
Website content note: This is not legal advice; it is intended to provide information of general interest about current legal issues