The Financial Conduct Authority does not regulate Will Writing, Power of Attorney or some forms of tax planning.

We don't write Wills or Powers of Attorney for clients, and Will writing and Powers of Attorney are not part of the Quilter Financial Planning offering. Legal matters such as Wills and Powers of Attorney can be very complex, and only a certain amount of depth is gone into here.
WILLS    ...Why Write a Will?    ...Without A Will    ...Updating a Will    ...Paperwork POWER OF ATTORNEY    ...Setting One Up    ...Delegating Authority    ...Attorneys Making Gifts    ...Cancellation    ...Getting Further Information

WILLS

Why Write a Will?

Mainly, to be certain that your possessions and money go to the people you care about.

A Will can also help to:   financially protect your loved ones   give you peace of mind   ease the administration of your estate   be an opportune way for you to give money to charity.

Making a Will is a straightforward and important way of looking after your family's future.

Without a Will

Without a Will, your property will not necessarily automatically go to your partner.

If you have a partner but you're not married (and not Legal Civil Partners), it's possible that your partner might get nothing at all.

Even if you are married, without a Will it's the law which will decide who gets what.

A Will should be written 'sooner rather than later'.

Most of us put off writing a Will (or updating it) either because it seems to have little urgency or maybe it just seems depressing.

But we all die, and so it needs to be done.

Updating a Will

If your circumstances have changed, then your Will may have become out of date or possibly even invalid.

For example, you should consider updating your Will if:   you get married / become a legal Civil Partner   buy a property   have children   get divorced   a beneficiary has died   an executor has died   you now have grandchildren   you become a godparent   you win the lottery (?!)   you receive a large inheritance yourself.

Paperwork

Keep the Will somewhere safe, with a copy elsewhere. And tell your family where it is.

Your other financial documents should also be kept somewhere safe and known about, as they'll be needed.

If you have pension scheme funds, there may be money paid out from these after your death. Decide whom should receive death benefit; check who's already nominated to receive it; and if necessary ask the pension company for a new nomination form.

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POWER OF ATTORNEY

The Power of Attorney system allows elderly or infirm people to cede control of their finances to friends or family.

Since 1 October 2007, a 'Lasting' Power of Attorney can cede control of welfare (as well as financial) decisions.

A person called a 'donor' can delegate general authority to somebody else - to act on their behalf in financial and business matters in the event of becoming mentally incapable.

If there is any doubt about the donor's mental capacity when the Power of Attorney is signed, then the advice of a medical doctor should be obtained.

Nominated persons are 'attorneys', must be at least 18 years old, mentally capable and not bankrupt. A trust corporation or a company can also be an attorney. A donor can choose any number of attorneys.

If an individual does not appoint an attorney, the Court of Protection would have to appoint a 'receiver'. This is more expensive, takes longer and is more inconvenient.

How to Set One Up

Attorneys are appointed by an 'Enduring Power of Attorney' (EPA) / 'Lasting Power of Attorney' (LPA). These are in a prescribed form.

Paperwork is available from HMRC [opens a new window/tab] or from solicitors or some stationers. It is wise to take legal advice on the completion of the form.

The whole process takes a while to complete, but the cost if doing it all by yourself should be under £100.

Delegating Authority

The donor can give general authority to the attorney(s) to carry out transactions - e.g. signing cheques, buying and selling shares, etc.

Alternatively, authority can be limited to specified assets or to particular transactions - even to forbid certain transactions.

'Jointly & Severally': If there's more than one attorney, they can each individually have authority. It is not necessary for both / all attorneys to sign in order to transfer ownership of the donor's property.

Care is needed in selecting attorneys and the power(s) they have.

More than one Power of Attorney can be made - to delegate different tasks to different attorneys.

Attorneys Making Gifts

An attorney has only limited powers to make gifts (e.g. on marriage or birthdays), generally to people connected or related (including the attorney) to the donor. Gifts to charities which the donor might support are allowed.

Any such gifts must be reasonable with regard to the size of the donor's estate.

Before making any gifts, it is strongly recommended that approval from the Court of Protection is sought.

Cancellation

The donor can cancel or revoke a Power of Attorney at any time, if mentally capable of signing a 'Deed of Revocation'.

However, if the power's already been registered (because the donor has lost mental capacity), the donor cannot revoke it without confirmation from the Court of Protection.

Getting Further Information
Further information can be obtained from sources such as:
	solicitors
	the Office of the Public Guardian [opens a new window/tab] *
	or Age UK (formerly Age Concern) [opens a new window/tab] *
* These links depart from the regulatory site of Bernas Coni Warren. Neither Bernas Coni Warren nor Quilter Financial Planning are responsible for the accuracy of the information contained within the linked sites.

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The editorial here does not constitute personal advice. It reflects Bernas Coni Warren's understanding of current law and tax practice, and is without prejudice. No liability shall attach. Errors & Omissions Excepted.

© Copyright Bernas Coni Warren

www.BernasConiWarren.com 01275 83 73 03 7 School Close, Whitchurch, Bristol, BS14 0DU

Bernas Coni Warren is a trading style of South Somerset Mortgages Limited which is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Quilter Financial Services Limited and Quilter Mortgage Planning Limited are entered on the FCA Register under reference numbers 440703 and 440718 respectively.