Wills and Estate Planning
WHY DISCUSS WILLS ON A MORTGAGE SITE?
No discussion of later life lending would be complete without considering the question of Wills and Estate Planning.
The choices you make regarding later life lending can affect the disposition of your Estate and the value of the assets available for your beneficiaries.
A Will is essential to ensure that your assets are disposed of according to your wishes after you are gone, and to protect the interests of your loved ones.
A Lifetime Power of Attorney is also essential to ensure that your family remain in control in the event that you are incapacitated.
Without a Property and Financial Affairs LPA in place it may be impossible for your beneficiaries to access joint bank accounts or to administer your assets, and the only way to resolve this situation will be by an application to the Office of the Public Guardian which can be a very long drawn-out and expensive process.
In the absence of a Will, the disposition of your assets will be governed by the rules of intestacy which may not have the result you would wish, and the value of assets passing to your spouse is restricted, for example.
An out of date Will can be even more dangerous if, to take an extreme example, you have been divorced since your Will was drawn up and everything was left to your ex wife.
HOW CAN STRICTLY MORTGAGES HELP?
We have colleagues within the Right Mortgage network who specialise in Will writing and can offer you peace of mind by bringing your affairs up to date in a professional manner so that you know your wishes will be respected.
It is always good advice to review your Will after rearranging your mortgage, just in case significant changes have occurred which would require a rewrite.
If you are concerned that your Will is not up to date or you don't have Lasting Powers of Attorney in place, just get in touch through the Enquiry Form below and we will ensure that your receive appropriate advice.