Torphin Financial Planning, IFAs Edinburgh, for Wills and Powers of Attorney
Do you live in Edinburgh and the Lothians and are you thinking about writing a will, or putting in place a Power of Attorney but haven’t got around to it yet?
At Torphin Financial Planning in South Edinburgh, we believe that one of the kindest and most thoughtful acts you can ever do for your loved ones is to make sure financial arrangements are in place, through a will or a Power of Attorney (POA), in case you die unexpectedly, or your physical or mental health deteriorates.
Many people look upon making a will or organising a Power of Attorney as the sort of tasks that they’ll get around to eventually, but sadly, never do. Rather than leaving it for another day, if you sort your will or POA now, you’ll really feel the benefit from a huge sense of relief by knowing that your family or friends won’t have the stress of dealing with difficult situations. Once things are in place, you can then get on with enjoying life.
Why do you Need a Will?
When you have no savings or investments it’s fairly easy to wind up your estate after you die. The Government isn’t looking to tax you and so a visit to the local Registry Office is all that’s required.
If, however, you have assets such as property, savings and investments, then it’s important that you have a will which is current and details your wishes, including naming who you want to benefit from your assets. If not, it’s likely that your wishes won’t be followed, and your intended beneficiaries may lose out should your assets be contested.
Powers of Attorney (POA)
Wills are there for when you die, but more important POA’s are for when you are alive. As someone gets older their health can deteriorate physically or mentally.
If you suffer from a mental illness then you may be unable to live independently and will require someone else to arrange care for you in your own home, sheltered housing or a Residential Care Home. Often a close family member whom you trust is best placed to act your POA and put things in place for you. This is equally important if you’re no longer physically fit enough to get out of the house to do the shopping or other tasks.
If a Power of Attorney is not already in place when a person loses their mental capacity, a Guardianship would be required in order to look after the person’s personal & financial affairs. A Guardianship is a much more expensive and lengthy process to set up which involves medical and social work reports. A Power of Attorney is always preferable to a Guardianship.
Contact Torphin Financial Planning Edinburgh for Wills and Powers of Attorney
Trying to organise a will or a Power of Attorney on your own can sometimes be a bit overwhelming. Often it’s the thought of bequeathing the small, but personal things which can be the hardest. We can guide you through it and make the whole process simpler.
For help with organising a will or POA contact Torphin Financial Planning at our South Edinburgh office. Let us help you help your loved ones.
Wills and Powers of Attorney are not regulated by the Financial Conduct Authority