If you are buying a home or developing your BTL portfolio, here are important reasons why you need a Will and Lasting Powers of Attorney.
Without a Will
- Your property and assets won’t automatically go to the people you want.
- If you are not married your partner will not inherit any assets that are not jointly owned.
- If your estate is worth over £270,000 your spouse will not automatically inherit all of your estate.
- A friend or family member will need to apply to administer your estate.
Without a Lasting Power of Attorney
- If you lose capacity your assets are frozen, and even your spouse cannot get access to joint accounts.
- If you lose capacity you will be unable to sell your home or take out a new mortgage/equity release.
- Existing financial products are blocked, including pension drawdown, equity release drawdown or renegotiating your new mortgage deal.
- If you need medical treatment, Social Services and healthcare professionals will decide what you need, not your loved ones.
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