Life is full of twists and turns, and being prepared for the unexpected can enable us to navigate those challenges with confidence and assurance. But how do you effectively plan for the future? Are there any foolproof or handy tips to go about it? Thankfully, there are several legal tools available that not only protect your interests but also secure and safeguard the future of your loved ones.
In this article, we’ll explore the top five legal tools that are essential for managing life’s uncertainties.
Create and Register Your LPA
The Lasting Power of Attorney (LPA) allows you to give legal power to someone who can make decisions instead of you if you have passed on, are critically ill or of unsound mind. The health and welfare LPA will allow the attorney to make decisions regarding your daily care, medical needs, life-sustaining treatment, etc. Property and financial affairs LPA will give your attorney the power to manage your bank account, pay bills, sell your home or collect any benefits/pensions.
For an LPA to be considered valid it needs to be registered with the Office of the Public Guardian (OPG). You can now do most of the work related to OPG LPA online making it super easy and convenient for you.
Create Trusts
Do you want to leave behind a considerable amount of money and assets for your next generation so that they can get a head start in life? Generational wealth can be highly beneficial for families. The best way to avoid the astronomical inheritance tax (40% of your asset value) is to put it into a trust.
You can appoint a body of trustees (and you too can be its member during your lifetime) to manage your assets on behalf of your beneficiaries. This can be especially helpful if your dependents are vulnerable, children below the age of 18, elderly adults or mentally indisposed family members.
Prenuptial Agreement
Are you planning on getting married? Maybe it is in the best interest of both you and your spouse and your future children to sign a prenup. A prenuptial agreement is signed between the couple, a minimum of 28 days before the marriage is formalised. The terms usually discuss the division of assets owned by the individuals before marriage and those acquired during the marriage, if the two get divorced in the future.
However, a judge can intervene on a prenup during a divorce proceeding if they feel that the children are being treated unfairly or the prenup has been signed under duress. Speak to a legal advisor before creating a prenup.
Will
If you do not want your family to go through the ordeal of probate hearing or your hard-earned money to land up with someone you didn’t have a good relationship with, you must ensure you create a will. By writing a will, you can have a say even in death about what happens to your money, property, and other assets. Without a valid will, the law will decide how to dispose of your assets.
It is possible to write a will on your own but it is best to get legal advice to ensure no loopholes. For your will to be considered valid, you must be above the age of 18 and of sound mind. The will has to be made voluntarily and in writing. You must also sign the will in front of two adult witnesses. Two witnesses would be required to sign the will in your presence. The witness or their partners shouldn’t be bequeathed anything in your will.
If you own a business in partnership with someone else or own a property with other co-owners you must consult with a solicitor who can best guide you on how to properly dispose of your assets to your beneficiaries.
Living Will or Advance Decision
We never know what misfortune might befall us in the future. However, you can make a provision for it. A living will enables you to choose medical treatments that you would want or would like to forego in the future. It is best to discuss all your options with a healthcare professional and an attorney before deciding on the terms of an advance decision.
For instance, you can explicitly wish for a DNR or Do Not Resuscitate clause, which means your doctor will not offer any CPR if your heart stops. Or you can decide if you want to be put on life support or not. This will allow you to have control over your life even when you cannot.
In Conclusion
It is important to have a say about your life, death, and all the assets you accumulate during your lifetime. The above-discussed legal tools will help you have control over your life even when you are mentally incapable or are no longer physically present. These tools can explain your wants and desires in a legally binding manner so that your wishes are fulfilled.
