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What happens when a will is not enough?

BY READERS DIGEST

1st Jan 2015 Insurance & Legal

What happens when a will is not enough?

There are a number of threats to your wealth in later life, and only with good planning can you protect your home and savings for your loved ones. The right advice could help you protect what you’ve worked hard for.

Long-term care fees

“I’ve worked hard all my life to leave something for my children, why should the local authority get it all?”

According to the most recent research, more than 45,000 homes are sold each year to fund care, with one in ten people (or one in five couples) shouldering care costs of at least £100,000.

The rules changed last year with the introduction of The Care Act 2014, but the new rules are complex and research shows that very few will benefit.

Planning and protecting what you’ve worked hard for has never been more important but requires specialist advice not readily available from high street law firms. This makes choosing the right adviser essential.

 

Mental incapacity

power of attorney

“I’ll make plans for this when I start feeling iffy.”

Impairment of the mind shouldn’t just be associated with illnesses such as Alzheimer’s. A bang on the head or a stroke, for which there is often no warning, can leave an individual unable to manage their own finances.

Many people wrongly assume a spouse or children can automatically step in, but the truth is that without an enduring or lasting power of attorney in place, both solely and jointly owned accounts can be frozen.

A long, complex, intrusive and expensive court process then awaits your loved ones to gain control of your affairs.

 

What next?

Taking advice from a specialist is important, you can contact our legal partner Active Wills who will be happy to help.

If you do not have a will, you can get a fully legal will in just 10 minutes - with a special offer of £14 instead of £99 for a single will and £19 instead of £149 for a mirror will.

A single will is the perfect way to protect the estate of an individual whilst mirror wills are the perfect way to protect the estate of a couple. With both types, either you as an individual or you and your partner are able to specify the family and loved ones you would like to benefit from your estate after your death.

For more information you can also read our articles on:

 

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