In this podcast episode, I continue the series on estate planning and safe guarding your family, focusing on why wills and powers of attorney agreements can be vital.
Key Takeaways
If you don’t create a will in readiness for your passing your estate could be inherited by someone you had not envisioned taking over your wealth and assets.
The Health and Welfare Lasting Power of Attorney allows you to appoint an attorney to make decisions about matters such as your medical care, where you live, your daily routine such as what you eat and what you wear, whom you have contact with and whether you have life sustaining treatment only if you have given express permission.
The Property and Financial Affairs Lasting Power of Attorney gives your attorney the power to do things such as buy and sell your property, pay your bills, collect your pension or benefits, and manage your bank accounts.
Only 13% of adults have written a living will which is used to provide advanced decisions on refusing medical treatments if you become terminally ill or lose the ability to make decisions for yourself.
Want to know more? Take a look at these other estate planning related articles:
Intestacy Rules – Dying Without A Will: https://ttwealth.co.uk/intestacy-rules-dying-without-a-will/
Lasting Powers of Attorney: https://ttwealth.co.uk/lasting-powers-of-attorney/
How To Keep Wealth In The Family: https://ttwealth.co.uk/how-to-keep-wealth-in-the-family/
What Is Intergenerational Wealth Transfer: https://ttwealth.co.uk/what-is-intergenerational-wealth-transfer/
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