Preparing a Power of Attorney and last Will and testament is often something we put off for later in life, thinking we don’t need it. But if you start early, your future self will surely thank you for it.
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It’s almost the end of the year, a time to reflect on events over the past months and to plan for the year ahead.
What are you putting on your to-do list to give yourself peace of mind? How are you safeguarding your loved ones and your assets in case something unexpected happens?
Let arranging a Power of Attorney be a box to be ticked off your list even before the year ends. Here are the reasons why:
6 reasons to arrange a Power of Attorney sooner than later:
- Your trusted family members can act on your behalf and make important decisions for you when you are unable to.
- It will protect your welfare and that of your spouse when in a care home as your attorney can make decisions about your care and other welfare and wellbeing decisions.
- Without a Power of Attorney in place, a hospital can make your medical decisions. Sometimes medics won’t administer treatment if there is any risk to you, even if your spouse or children wishes them to do so.
- Without a Power of Attorney, you can lose access to your bank account and be unable to pay your bills.
- If you don’t arrange one now when you are fit and able, it might be too late to arrange one if you become ill or incapacitated. The average waiting time for a Power of Attorney to be concluded is 14 weeks.
- It’s never been more affordable to make arrangements for your future. Estate planning firm ILAWS Scotland can arrange your Power of Attorney for the specially discounted price of £192, but only until the end of this year.
Will: Another essential document
ILAWS Scotland can also prepare your last will and testament. Tony Marchi, principal at the firm says: “If you have any assets, either savings or a property, then you should write a Will to ensure those assets pass to whom you wish.
“If you have an older Will in place, it is always worth re-visiting your wishes and updating the document as a more modern one may suit you better.”
For 74-year-old John McLauchlan, he didn’t want to deal with the same stress that came when his second wife passed away without a Will. That’s why John got his sorted as soon as possible to look after his five children. He says:
No one wants to think about what happens when you die, but you have to. I would not want to leave my children in any bother.
Protect your property
Every week, Tony and the team are contacted by distraught families who have failed to protect their homes, and within a few short years, all the money tied up in them were lost to care home fees that can amount to £1,500 a week for nursing care and more than £1,000 a week for residential care.
Tony advised: “There are legitimate ways of preventing the local authority from selling your home to pay for care.
“You should consider a trust or a transfer if you have a property, as this could prevent it from being sold to pay for your care home fees.”
Prepare for your future today
“Really, most of us know we should do this but tend to put it off because of the hassle. This is where we come in because we cannot make it easier or more stress-free than we do,” says Tony.
You can schedule an appointment in one of ILAWS offices in your local area or they can visit you at your home. Call 0800 049 9688 to set up a meeting now.
You can also log on to the website of ILAWS for more information on arranging your Power of Attorney and Will.