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Wills and EPAs: The Bare Minimum

Wills and Enduring Powers of Attorney (EPAs) are the bare minimum for protecting your assets and ensuring your wishes are honored. They provide essential legal safeguards for the distribution of your estate and the management of your affairs if you’re unable to do so. However, they are just the starting point. For more comprehensive asset protection and to secure your family’s financial future, you might want to consider additional structures like trusts or Family Investment Companies (FICs). We recommend checking with your solicitor to ensure your will and EPA are up to date. If you’re considering renewing them or exploring whether your family could benefit from a trust or FIC, please reach out to us for personalized advice.

The wonders of a Will:

  • Clear Asset Distribution:
    • A will allows you to explicitly state how your assets and property should be distributed after your death. This ensures that your possessions go to the people or organizations you choose, minimizing disputes and confusion among surviving family members.
  • Appointment of Guardians:
    • If you have minor children, a will enables you to appoint a guardian to take care of them in the event of your death. This provides peace of mind that your children will be cared for by someone you trust.
  • Executor Nomination:
    • You can nominate an executor in your will, who will be responsible for managing and settling your estate according to your wishes. This person will handle tasks such as paying off debts, distributing assets, and ensuring your instructions are followed.

The Essential EPA:

Financial and Legal Management During Incapacity:

An EPA allows you to appoint a trusted person to manage your financial and legal affairs if you become incapacitated. This ensures that your bills are paid, investments are managed, and legal matters are handled according to your wishes even if you cannot do so yourself.

Avoids Court-Appointed Guardianship:

Without an EPA, if you become incapacitated, the court may appoint a guardian or conservator to manage your affairs. An EPA allows you to choose who you want to handle your affairs, avoiding the need for a court-appointed guardian and ensuring that someone you trust is in charge.

Immediate or Springing Effect:

Depending on how it is drafted, an EPA can take effect immediately upon signing or only upon the occurrence of a specified event, such as your incapacitation. This flexibility allows you to tailor the document to your specific needs and circumstances, providing peace of mind that your affairs will be managed according to your preferences.

Trusts vs. Basic Estate Planning

While wills and EPAs are essential, they are just the starting point. Trusts offer comprehensive solutions that cover a wide range of scenarios and provide robust protection for your family’s wealth. They ensure that your assets are managed and distributed according to your precise wishes, both during your lifetime and after your death.

Plan ahead

A 30-minute conversation with us can reveal the opportunities and risks of having or not having a secure structure in place. Don’t settle for the bare minimum when better solutions exist. Wills and EPAs are essential, but trusts offer superior protection and flexibility for your family’s financial future. Contact us to discover how trusts can provide unparalleled security and peace of mind.
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