Wills & Lasting Powers of Attorney

Wills

A Will is a massively important document, yet every year a significant number of individuals in the UK die without one in place.

Not having a valid Will in place can have significant impact on loved ones and your estate may not pass as was intended, leading potentially to beneficiaries being ignored under the laws of intestacy.

We recommend that all clients have valid Wills in place and encourage all to take action to avoid the potential consequences of not doing so.

At Renouf Wealth Management we introduce clients to a Will Writing Service which can help them catalyse their wishes and answer any concerns or questions they may have regarding their estates. In turn, this can greatly assist us to plan with and for clients, creating opportunities to start intergenerational conversations with them more easily.

We recognise that no one ever really wants to confront mortality, but not doing so and as a result not making proper provisions can have unforeseen consequences that could be avoided. We view making Wills as our clients’ way of maintaining control over the future of their estates, ensuring their wishes are carried out.

If you wish to undertake Wills or Lasting Powers of Attorney please click here and then click on the ‘Make enquiry’ tab. Please ensure that you let us know within the enquiry contact form, that you wish to discuss Wills or Powers of Attorney.

Lasting Powers of Attorney

There are two types of Lasting Power of Attorney (LPA), a Property and Financial Affairs LPA and a Health and Welfare LPA.

Property and Financial Affairs

After it has been registered this type of LPA can be used for managing the donor’s financial affairs, even while the donor is still mentally capable of conducting their own affairs. If the donor wants to delay its use by any attorneys, they can do so by stating in the LPA that they do not want it to take effect until they become mentally incapable of making decisions.

A donor can decide to execute two separate LPAs for their property and financial affairs. One LPA that applies to their personal affairs and one which applies to their business affairs.

Health and Welfare

This type of LPA will allow an attorney to make decisions about the donor’s personal welfare, such as where the donor lives, day-to-day care and receipt of medical treatment. Again, this type of LPA must be registered with the Public Guardian before use, but unlike the Property and Financial Affairs LPA, it can only be used when the donor lacks mental capacity. An attorney may judge that a donor has the capacity to manage their own day-to-day care, but will not necessarily have the capacity to understand all the pros and cons of medical treatment they need. Financial transactions, such as investments, cannot be authorised by an attorney under a Personal Welfare LPA.

At Renouf Wealth Management we recognise that clients could undertake the work via the UK government website (https://www.gov.uk/power-of-attorney) to undertake Lasting Powers of Attorney, but recommend that clients use Kinherit, which can help them understand the nature of the process and answer any concerns or questions they may have regarding LPA’s.

If you’re an existing client of Renouf Wealth Management and already have Wills and Powers of Attorney in place, but would like to store them with any other confidential documentation in a secure online storage facility, please click here: Renouf Vault.

Wills and Lasting Powers of Attorney involve the referral to a service which is separate and distinct to those offered by St. James's Place and are not regulated by the Financial Conduct Authority.

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