Four legal documents older people should have in place
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As we get older, it gets more and more important to get our affairs in order, especially something like getting all of that legal documentation in place. Of course, individual circumstances vary, but let’s take a look at the four key documents that everyone should have in place.
1-A valid will
A will sets out how your money, property and possessions should be distributed after you die. Without a proper will, your estate is handled according to intestacy rules, which don’t always reflect what your actual wishes are. You can update your will as your circumstances change.
2-Lasting powers of attorney
Lasting powers of attorney allow a trusted individual to make decisions if mental capacity is lost. There are two types: one covering property and financial matters, and another relating to health decisions. Without these documents, relatives need to apply to the Court of Protection for authority. You can get a power of attorney online with specialist firms such as https://powerofattorneyonline.co.uk.
3-A lifetime trust
A lifetime trust can allow your assets to be managed during your life even when you still have full capacity. Trusts can help with estate planning, tax considerations or protecting assets, but definitely get professional advice before you do anything.
4-An advance decision
An advance decision, sometimes called a living will, sets out preferences regarding medical treatment if communication becomes impossible.
These documents will give you peace of mind, and you can always come back to them every now and then to ensure they continue to reflect your personal wishes and changing circumstances.
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