The Importance of a Will, Lasting Power of Attorney and Expression of Wish Form

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Wills

According to figures provided by Canada Life, around 56% of UK adults have not written a will.

A will is a document which helps to ensure your family is looked after and your financial wishes are known after you die. It enables you to control what happens to your estate and it saves your loved ones from uncertainty and stress.

Not having a will in place means that your estate will be distributed in accordance with the intestacy rules which might not align with your wishes. For example, a long-term partner may be excluded if you aren’t married or in a civil partnership. Also, children from a previous relationship could miss out if you have remarried.

Lasting Power of Attorney (LPA)

Again, using figures from Canada Life, 78% of UK adults have not registered a Lasting Power of Attorney (LPA).

A Lasting Power of Attorney is a legal document that lets you (the donor) appoint one or more people (the attorneys) to help you make decisions or to make decisions on your behalf. This gives you more control over what happens to you if, following an accident or illness, you lack the mental capacity to make your own decisions.

There are two types of LPA that can be registered; the first covers your health and welfare and the second covers your property and financial needs.

Pension Expression of Wish Forms

Canada Life’s figures show that 72% of UK adults have not completed a pension ‘Expression of Wish’ form.

This form takes a couple of minutes to complete and nominates the beneficiaries to receive your pension benefits in the event of your death.

The absence of an Expression of Wish form could result in delays to any beneficiary receiving your pension benefits or, worse, the potential for unintended beneficiaries receiving your pension benefits.

How We Can Help

As part of our financial planning service, we will discuss with you what would happen to your pension and wider estate in the event of your death and whether this is in line with your wishes. We can’t draft a will or LPA but we work with a number of Solicitors in this area and can make a referral to a firm that, we believe, will suit your circumstances.

Contact Us

If you would like to discuss your wider estate planning position, please do contact us.