Make life easier for your loved ones after you’ve gone

Protect your family assets

When you die without making a will, your estate will be distributed according to the Rules of Intestacy, which may not reflect your wishes. According to the Money and Pensions Service, over half of UK adults (approximately 56% to 61%) do not have a valid will, meaning millions die intestate annually. In 2024, over 51,000 official letters of administration for intestate estates were issued, marking a significant rise than previous years.

In the show Martin also talked about the importance of having a Lasting Power of Attorney (LPA) in place. An LPA is a legal document where you appoint one or more people, who you know and trust, to deal with your health, welfare, finances and property on your behalf, if you are unable to do so. Many people put off such a decision, often until is too late, which is why the best time to make one, is when you are capable of doing so. Once you’ve lost capacity, it’s too late. You can catch up on The Martin Lewis Money Show Live on ITVX, where he covered these topics in detail.

Be prepared

Corrine Seabourne, Senior Associate in Alsters Kelley Solicitors’ Private Client Department said. “A Will is a legally binding document – but if you don’t prepare it properly, it may not be valid. It needs to be correctly executed by you and witnessed by two independent people who must not be related to you or any beneficiary in your Will (including partners of beneficiaries in your Will. They must also not have any beneficial interest in the will. Once you have prepared your Will, it is important that you review it regularly and revise it if needed particularly in light of any major life events like marriage, co-habitation, birth of children, divorce/separation, buying or selling property or have received a large windfall etc.”

Corrine continued. “Have you ever wondered what would happen to you, your home, your ongoing care and your assets if you lost the mental capacity to make decisions by yourself?  Or if you were in hospital with an ongoing illness, or struggling to get out following an operation, have you considered who could access your finances to assist you during recovery? You might think it will never happen to you, but accidents, strokes, and illnesses like dementia can happen at any age, making it necessary for anyone over 18 to consider recording their preferences now. It is also important to choose attorneys that you trust and talk to them about the role and your wishes, whilst you have the capacity to do so.”

Next steps

At Alsters Kelley, we can help you to draft a Will and set up a Lasting Power of Attorney to ensure your wishes are clear and recorded accurately. Contact us to make an appointment where we can support and guide you in the right direction. And thanks to our network of offices covering Banbury, Coventry, Leamington Spa, Nuneaton, Stratford-upon-Avon and Southam we are very accessible too. For timely and quality advice, please contact Corrine Seabourne on 01926 356000 or email corrine.seabourne@alsterskelley.com