The benefits of Estate Planning – from a parent of four

Oct 8, 2021

Statistics show that most parents do not have a Will or a Lasting Power of Attorney.

As part of my role, I deal with probate and bereavement and I often witness first-hand the consequences of not planning ahead, and of not making a Will. These situations are often very stressful to those left behind, and often loved ones will incur unnecessary costs that could have been avoided had the deceased planned ahead.

When families are going through loss and bereavement it alleviates some of the stress if the deceased had organised their affairs during their lifetime so it can be as straight forward as possible for the family to deal with their affairs on death.

What if I don’t have a Will?

The consequences of not making a Will are that close family members are left to try and understand the strict rules of Intestacy, which in some cases, it means that an Estate will not pass to those family members as initially intended by the deceased.

Under English Law we each have the testamentary freedom to choose who will deal with our Estates, who are the Beneficiaries, and how our assets should be distributed on our death. Yet, many people have not considered making a Will.

If you are a parent of minor children have you considered what will happen to your children if something were to happen to you and your spouse? Who would you trust to look after your children if you and your spouse are unable to do so?

Intestacy Rules for unmarried couples

If you are not married did you know that the Intestacy Rules do not protect unmarried couples and therefore you partner could be left unprotected on your death?

Would it not be better to have the opportunity to decide for yourself and to plan ahead by making a Will according to what is best for you and your family.

How do I begin to plan for the future?

Only you will know what is best for your family and therefore by making a Will you are ensuring that your loved ones are protected.

Every individual’s needs are different and our professionals will assist you to planahead according to your family’s needs.

Help with Lasting Power of Attorney or Court of Protection

We can also provide you advice on Lasting Powers of Attorney, which are essential if you are unable to make decisions by yourself due to sudden illness or disability.

Without a Lasting Power of Attorney your family would have to make an application to the Court of Protection for a Deputyship Order which are very costly and stressful to obtain.

How can we help?

If you need further advice on the issues raised in this article, please do contact our Private Wealth & Inheritance solicitors using the contact form below, or email at HCprivateclient@herrington-carmichael.com, or phone 01276 868 222.

This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to your own particular matter before action is taken.

Charlotte Woods

Charlotte Woods

Partner, Head of Private Wealth & Inheritance

Sign up

Enter your email address for legal updates on Private Client & Family Law.

Please see our privacy policy regarding use of your data.


Latest Articles

Podcasts

The Legal Room UK Podcast features a diverse range of specialists offering expertise on a variety of topics. 
Subscribe on whatever podcast platform you use.

Top Legal Insights

 

Contract Law

Material Breach of Contract

What is a ‘material’ breach of contract by a party to a commercial contract? This is a critical issue regularly considered by the courts. What constitutes a material breach and what are the remedies?

Property Law

Commercial Lease: The Financial impact on Landlord and Tenant

Coronavirus (COVID-19) and the restrictions now in place to control its spread, are having a significant effect on many business sectors.

Divorce and Family Law

Divorce in Lockdown: Can I get some discreet legal advice?

We have spoken to clients who are unfortunately experiencing some family issues, and would like to obtain expert legal advice, yet don’t know how...

Land & Property Dispute

Restrictive Covenants – The Price of Modification

Having identified that your land is burdened by a restrictive covenant and for the purposes of this article the covenant in question will be that only one residential building can be erected on the land. What do you do next?

Wills, Trusts and Probate

Why is having a will so important?

It is entirely up to you if and when you want to create a Will, but it is important to be aware of the consequences of not having a Will.

Award winning legal advice

Herrington Carmichael offers legal advice to UK and International businesses as well as individuals and families. Rated as a ‘Leading Firm 2024’ by the legal directory Legal 500 and listed in The Times ‘Best Law Firms 2023 & 2024’. Herrington Carmichael has offices in London, Farnborough, Reading, and Ascot.

+44 (0)1276 686 222

Email: info@herrington-carmichael.com

Farnborough
Brennan House, Farnborough Aerospace Centre Business Park, Farnborough, GU14 6XR

Reading (Appointment only)
The Abbey, Abbey Gardens, Abbey Street, Reading RG1 3BA

Ascot (Appointment only)
102, Berkshire House, 39-51 High Street, Ascot, Berkshire SL5 7HY

London (Appointment only)
60 St Martins Lane, Covent Garden, London WC2N 4JS

Privacy Policy   |   Legal Notices, T&Cs, Complaints Resolution   |   Cookies  |   Client Feedback   |  Diversity Data

 

 

Our Services

Corporate Lawyers
Commercial Lawyers
Commercial Property Lawyers
Conveyancing Solicitors
Dispute Resolution Lawyers
Divorce & Family Lawyers
Employment Lawyers
Immigration Law Services
Private Wealth & Inheritance Lawyers
Startups & New Business Lawyers

Pay Online >

Please be aware that we have no plans to change our bank details. If you receive any indication that any of our bank details have changed please contact us before sending us any funds. We take no responsibility for monies you transfer into the wrong bank account.

© 2024 Herrington Carmichael LLP. Registered in England and Wales company number OC322293.

Herrington Carmichael LLP is authorised and regulated by the Solicitors Regulation Authority with registration number 446245.