I get this one a lot. A couple will be sitting in front of me giving me a run down on their exciting plans for growing their property portfolio. They plan to get married but aren’t yet. We cover all of the usual questions in the fact find then I ask them what their wills say.
They’re stumped. Wills? We’re only in our thirties! We have no kids!
Powers of Attorney? Eh? Powers of what?
I’m baffled that people could have dealt with so many solicitors (often having bought dozens of properties!) but not yet have wills. Now to be fair you really should not have the same people that does your conveyancing work knocking up your wills (for the same reason you don’t let your tiler service your boilers) but to have no wills at all!? Do solicitors not cross sell to other departments?
So then. Your will tells those you leave behind what you want to happen with your stuff. This is important because without it people will generally squabble. If you are married you probably think everything will go to your spouse but that’s not always the case. If you’re not married there is no such thing as common law husbands or wives. They could get nothing at all. For the sake of a nominal couple of hundred pound that can be sorted!
Powers of Attorney deal with life however. If your husband reverses your Lamborghini in to you (landlords all have lambos don’t they!?) and puts you out of action you could be in a position where no action can be taken on your affairs.
If you’re in a coma then joint bank accounts can be frozen for instance while the state decides what is best for you. This leaves your spouse / partner unable to do basic things (google Kate Garraway the TV presenter). Need to sign up a tenant? Nope! You cannot sign legal documents for the other person. Need to evict a tenant, complete a remortgage, pay the bills – you get the point. This is what a power of attorney will allow you to do.
Need a will or power of attorney? Reach out and I will put you in touch with someone.