Make a Lasting Power of Attorney

Lasting power of attorney 
in Burton-on-Trent

Without a lasting power of attorney covering financial matters, it'll be difficult for your family to manage your finances if you are incapacitated. For legal assistance regarding wills and more, contact us at Trust Wills.
Lasting power of attorney

Lasting power of attorney

A lasting power of attorney (LPA) enables you to give authority for others to deal with your property and affairs should you become unable to do so yourself. Accidents and illness can happen to any of us at any time, and LPAs are vital to ensure that you have people you trust being able to organise your legal affairs on your behalf, should the need arise. Don’t let the state take your hard-earned money because you haven’t got around to making a lasting power of attorney.
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Guardians

Looking after what's most valuable – your children
If your children are under 18 it is vital that you appoint a guardian to look after the children in the event of your untimely death. You need a will to do this! 
The birth mother always has parental responsibility. The father only has parental responsibility in the 
following instances:
  1. If he was married to the birth mother at the time of the birth, or he subsequently marries her
  2. If he was awarded parental responsibility either through a Parental Responsibility Agreement with the birth mother or through a Court Order
  3. If the child was born after 1st December 2003, if he is named on the child’s birth certificate
Unmarried fathers of children born before 1 December 2003 do not, therefore, have parental responsibility. If the birth mother wants the natural father to look after their child after her death, she must make a will to appoint the father as guardian.

If everyone who has parental responsibility has died, the local authority will have parental responsibility and be responsible for the care of the child – which may be with relatives or foster carers or in a residential home.

In choosing guardians you should consider:
Age – will they be able to cope with bringing up very young children or be able to control children in their teenage years
Location – will your children have to move school and be separated from their friends?
Finances – will they be able to accommodate your children. Trusts can be set up in your Will to provide income and capital for use for your children’s benefit by their Guardians  
Religious/moral issues – do the Guardians have religious or other beliefs that are compatible with the upbringing that you would like your children to have?
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Executors and trustees 

Choosing the people who will deal with your finances
Executors and trustees
Executors are the people appointed in your will who will deal with your financial affairs after your death:

They will need to locate the will - It makes sense to tell your Executors that they are the Executors and where the will is being kept to ensure that they can access it quickly.

They will need to locate your assets – including bank and building society accounts, life insurance policies etc. Compile a list and keep it up to date.

They will need to distribute any cash and/or items in accordance with any directions in your will and then sell the rest.

When money is being left to children under the age of 18, it will be held in Trust by Trustees, who are appointed in your will and may also be Executors. You can choose what powers the Trustees have (and don’t have) while they are looking after the Trust Fund. 

There are options that can be detailed in your will that will govern the way the Trust is set up and run. 
  • At what age children receive the Trust Fund?
  • When and under what circumstances money being held in the Trust Fund can be used for children’s benefit
  • Whether money can be made available for Guardians
In choosing Executors and/or Trustees, you should consider:
Age – will they be able to cope with the work involved in realising your estate? Are they likely to survive to the end of the Trust
Location – will they be able to deal with the logistics of selling and or clearing a house, for example?
Finances – do they have the skills to look after and invest a potentially large sum of money? They will be able to take expert advice but will still need to make decisions based on that advice.
Moral issues – do the Trustees have the same outlook on life as you do, that will see money being spent on your children as you would.
When it comes to writing a lasting power of attorney, contact Trust Wills on
in Burton-on-Trent.
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