Human Instinct
Posted on 12th August 2024 at 17:24
Protection
It is a human instinct to want to protect. Whether is it our home, our money, our children or ourselves, we naturally want to create a barrier to prevent a loss of control or possession of the things we care about. Estate planning provides that opportunity and peace of mind, knowing that certain aspects of our estate have been ring-fenced to stay within the family or for the people we choose. It also helps protect us when we need care and support within our lifetime and are no longer able to make choices or carry out actions for ourselves to ensure we are safe. The motivation that brings clients through our doors to arrange a Will and Lasting Powers of Attorney is because they what to maintain control of what is theirs and protect what they have when they can. ‘When’ is the key element, and our answer is also “now”, as we cannot predict the point when our chance to protect ourselves and our wishes will have gone.
Lasting Powers of Attorney
Sometimes it feels like this is the add-on element to the conversation - “And what about your Lasting Powers of Attorney?” “Oh, yes, we hadn’t really thought about those.” Most people’s focus is a Will and how they want to protect their estate when they are gone, but not how they can protect themselves, their health and well-being and finances and property, when they are still living. Mental and physical incapacity is often associated with old age, and as life expectancy increases, that strangely can seem like more of a distant consideration than death. But in truth, incapacity can occur at any age, and without LPAs our life stands still with our loved ones being unable to offer the full extent of support and protection needed as our attorney.
Trust Wills
Beyond a basic Will, there are Wills that include trusts that are set up on death to enable aspects of a person’s estate to be protected from future care fees, remarrying or other circumstantial changes that may result in inheritance not being received by those it would be intended for. The thought of our estate passing sideways out our a family because a grandparent or parent remarries is often a undesirable consideration and one which highlights how a trust can offer another level of protection in our Will. Clients can come to us wanting a Basic Will and leave understanding how a Will with a trust offers more protection for them and their wishes.
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