Does your family know you have a will?
According to a recent article, just two in five people are certain their parents hold a will. However, whilst the idea of talking about, or planning for death may not be a topic of choice with your children, it is important that you still have “that talk”.
The recent spike in will-related enquiries showed that there’s nothing quite like a global pandemic to force a turn of hand towards planning for things you might have been putting off for a long time. If you are one of the many who drafted a will a little while ago or have no will, then now it is more important than ever that you tell your children about your wishes in the event of your death, as well as how they would go about finding any documents and who they need to contact.
Particularly as new findings have revealed only two in five people are certain their parents have a will. What’s more, fewer than one in ten think their parents have a register of assets and one in five say their parents haven’t made any of these preparations. One in four people have no idea whether their parents have made any preparations or not.
In addition to this, just one fifth say their parents have lasting power of attorney in place. This is just as important as a will, because it allows someone nominated by you, an “attorney” to act on your behalf should you become physically or mentally incapacitated. This person can then legally step in to manage any finances, pay your bills or mortgage on your behalf and ensure you receive any healthcare or medicinal needs in line with your wishes.
A lasting power of attorney protects you and your loved ones while you are still alive, whereas it becomes invalid at the point of your death, then the will takes over. It is important that you have both documents in place and then be open with your family that you have drafted them. It is as good as taking out an insurance cover. The whole point of having these documents is to outline your wishes in the event of your death and ensure you live the way you wish until that point - so don’t be afraid to speak openly to your family about it.
If you would like some more information about drafting a will or a lasting power of attorney, speak to the Private Client team at Downs Solicitors to see how we can help.