Page 55 - SEN113 SEN Magazine July-August 2021-V3

Wills / LPA Future planning- what it really means Nicole Boon describes POAs, Wills and Deputyship Orders. 55 When the phrase ‘future planning’ is brought up in a conversation, most tend to think of making sure that you have a big enough house to accommodate a growing family, or ensuring that your mortgage is paid off or that you have enough income or capital to continue your lifestyle during your retirement years. What some don’t consider is what happens if you’re unable to make these decisions, manage your finances, or make decisions on your health. Lasting Power of Attorney Lasting Powers of Attorneys (LPA) are documents which allow you to formally appoint one or a couple of trusted family members or friends (known as your Attorneys) to look after your finances or make health decisions on your behalf, if you are unable to. There are two types of documents, one covering Finance and Property, and one covering Health and Welfare. The Finance and Property document allows your Attorneys to manage your finances, pay any bills and buy or sell property on your behalf, should you not be able to. The Health and Welfare document allows your Attorneys to liaise with doctors on your behalf regarding medical matters, it allows your Attorneys to discuss your long term care needs with any relevant authority and you also have the option to grant your Attorneys the authority to make decisions on life sustaining treatment, which can include (but is not limited to) being kept artificially alive, cancer treatment, or being resuscitated. “Thousands of people pass away without leaving instructions” These documents are important for anyone, no matter the stage of life, but for those who care for vulnerable family or friends, or who have children with Special Educational Needs, ensuring that your future is safeguarded against as many unknowns, allows for your children’s future to also be safeguarded. The importance of a will A common myth is that future planning only applies to a living future, rather than one where you have passed away. Every year, thousands of people pass away without leaving instructions for their loved ones, on how their estate should be divided and who it should be divided between. Without a valid will being in place, that person is deemed to have died intestate and therefore, the intestacy rules will apply. In most cases, the intestacy rules may not change where the deceased wanted their estate to go, but sometimes it causes issues. senmagazine.co.uk SEN113