There are many myths and misconceptions in relation to Estate Planning. Have you stopped to think about whether there is any truth to any of them?
Estate Planning Myth #4: My family know my wishes so I don’t need to do anything else
You might be certain that your family understand what you would want to happen, but even with all the best intentions, this is not always the case. Remember that if you were to pass away or lose mental capacity, nobody will be able to ask you about your wishes. Make things certain and clear for everyone.
We all hope that our families will respect our wishes and do the right thing. Whilst it is true that the vast majority of people are fundamentally decent and well-meaning, there is no harm in making your wishes for the future clear and in writing.
This can be done within the body of a legal document which provides for a Lasting Power of Attorney. This will appoint a person or persons of your choice to deal with any potential issues that will arise if you become incapacitated. The Power will be used while you’re alive, in the event you become incapacitated.
The other document to consider is your Will. This is a legally binding statement of your wishes about how you would like your property to be distributed after you pass away.
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