A will only takes effect when the person passes on. The will does not come into effect even when the person goes into a coma, suffers a stroke or becomes debilitated by dementia; even if the person is no longer mentally capable of making his/her own decisions. This can lead to stress and hardship for the family members. It is recommended in addition to writing a will that you also draw up a Lasting Power of Attorney. A Lasting Power of Attorney (LPA) is a legal document which allows you (“donor”) to appoint one or more persons (“donee(s)”) to manage your affairs if you become mentally incapable of handling them.
Now that you have a will in place, what’s next? Updating a will is not something most people look forward to – but putting it off could mean your wishes might not be fulfilled and legal disputes may even arise.
Estate planning helps you plan for your needs through your living days, but also upon your passing on. A well thought through estate plan will enable you to secure the necessary financial base for your loved ones and your important causes.
It is in your interest (and of your loved ones) to make a Will; as it is likely that without, the state’s intestacy laws will not provide for the people you treasure or go to the charity causes you care about. A Will can help prevent unnecessary legal or monetary complications after you have passed on.
Estate planning is an essential process for everyone (not just the super wealthy); helping you plan for your needs, not only whilst alive, but also upon death.