Just before Ken Dodd died he married his long term partner. This may have been for personal reasons. However it is also possible that this was to ensure that the valuable inheritance tax allowances available to a married couple (and registered civil partners) could be fully utilised.
This highlights that quite often people leave it too late to put their affairs in order, resulting in rushed and more expensive arrangements being needed than if they had been set up earlier, or risking missing the opportunity completely.
We are sometimes asked to make deathbed Wills. In a similar manner, we are also sometimes asked to assist where somebody has left it too late to make a lasting power of attorney to appoint trusted individuals to manage their finances whilst they are incapable of doing so themselves.
When somebody is making a Will at the last minute, there is the risk that they might not remember all their intended beneficiaries. The Will is likely to be more expensive to make than a Will made in advance. It may be more likely to be open to challenge from disappointed beneficiaries. There may also not be time for such a Will to be validly executed.
If a person misses the opportunity to make a lasting power of attorney, because they lose the understanding required to do so, and there is a need to manage their finances, the only alternative would be for the court to appoint a deputy. Deputyship applications are much more expensive and cumbersome to make and use than a lasting power of attorney. You may also find that the person who you would have appointed as your attorney is not the person chosen by the court to be appointed as your deputy.
All of these problems can be avoided by considering by planning what arrangements you want to put in place well before they are needed, and at Jordans Solicitors we are pleased to assist you in this regard.
We are on hand to help with any queries you may have in regards to Wills and Probate issues. Our wills and probate solicitors are based in Wakefield, Dewsbury, and Horsforth. Feel free to call us on 0330 300 1103 or request a call back by clicking here.