Wills & Powers of Attorney Solicitors
Wills
Death can be a difficult subject to discuss but the reality is that:
“nothing can be said to be certain except death and taxes”.
A well drafted Will, together with tax and financial planning will give you peace of mind that everything is in order and that your loved ones will be properly provided for in the way you intend.
With a Will, you can decide who should inherit your property and possessions after your death. Preparing a Will with Deans Solicitors and Estate Agents LLP is a relatively small financial outlay given what can be at stake. Having a Will could save thousands of pounds in tax or in issues arising between beneficiaries. Without one, estates are distributed according to Scottish intestacy laws which can be financially and emotionally difficult and detrimental to those you leave behind. It can also mean that your estate is not distributed as you would like or intended.
The traditional view of a family is no longer the ‘norm’ and cohabitation, divorce, remarriage and adoption are common in modern society. These all have the potential to impact on the distribution of an estate and it is important to ensure these are all catered for.
Making a Will is especially important for people with young children because it is the best way to transfer guardianship of minors. Wills should be reviewed periodically, particularly if your circumstances change significantly, and this is something that we would be happy to discuss with you.
What we can do for you:
- Deans Solicitors and Estate Agents LLP are experts in writing Wills, financial and tax planning.
- We have a sound knowledge of Scottish intestacy Law.
- Our advice is tailored to each individual’s needs.
- We will guide you through the legal formalities to ensure the validity of your Will, avoiding undue complications and providing tax planning as standard.
- We can offer our own Trustee Company so you can be assured that your affairs are dealt with professionally after your death, easing the stress and pressure on your family. It will also allow you to avoid the risk of creating unnecessary difficulties and complications should your nominated executor/s predecease you and avoid the need for unnecessary costs in updating your Will.
Power Of Attorney
A Power of Attorney (POA) is a legal document that gives authority to one or more individuals to make decisions and deal with another person’s affairs in the event of their incapacity. This could relate to making mortgage payments and other financial matters, welfare and medical decisions and decisions about where to live and other property matters.
People tend to associate Powers of Attorney with the elderly. However people of any age can have an unexpected physical or mental illness or an accident that may result in them being temporarily or permanently incapable, or even simply disinclined to deal with their own finances or welfare.
It is therefore never too soon to create a Power of Attorney, even though it may be decades before it is needed, if at all. It is important to remember that you can only grant a Power of Attorney when you have full mental capacity and so you don’t want to leave it until it is too late.
If you do not have a POA and in the future are incapacitated, your next of kin will not have an automatic right to make decisions or take action on your behalf. They will need express authorisation from the Court which can cost several thousand pounds in a very straightforward case and significantly more where there are complications. This is significantly more expensive than the cost of preparing a Power of Attorney and will cause delays and unnecessary distress for your loved ones.
There are two types of Power of Attorney:
- Continuing Powers of Attorney – property/financial issues. This can be invoked at any time during your lifetime with your consent or after the loss of mental capacity.
- Welfare Powers of Attorney – personal affairs / welfare issues. This will only be activated if you lose your capacity.
Appointing someone you trust to have POA will give you peace of mind. You will know that if needed, your affairs will be dealt with as you intend and that your best interests are always met.
For more information and advice on POAs, please contact us