If you die without making a Will (i.e. intestate) your estate and guardianship of any minors will be handled by the state. This can be particularly problematic for any partners not married or in a civil partnership, who also are not at liberty to utilise the transferable nil rate inheritance tax band. Good estate planning goes hand in hand with your overall financial and tax planning and should be reviewed on a regular basis to ensure your Wills cater to your current circumstances. View the Intestacy flow chart here

Lasting Powers Of Attorney

Powers of Attorneys (LPAs) enable you to give someone authority to manage your healthcare and finances when you can’t do so yourself.. Failure to have LPAs in place will mean someone will have to apply to the Court of Protection to become your Deputy, or the state will nominate someone. This can be a lengthy, costly and distressing process. And you cannot be certain your deputy would be someone you’d choose, given the chance. Additionally your deputy will need to prepare, for example, annual accounts for the courts and pay annual fees. There is no such thing as too soon to have LPAs in place, but it can certainly be too late.