A leading financial expert has noted that families may need this \u00a382 form to ensure the safety of their assets. Increases in everyday costs of living can drive some Brits closer to the edge than ever before. However, there exist some means and policies that will enable even the most pragmatic of citizens to ensure that their money is handled properly by their families in the event of death or illness. Having a will is extremely important to ensure one\u2019s family does not fight over inheritances or any monetary assets coming their way, but there is another, more important document that families need to have in place.<\/p>\n
Having a will can provide a sense of security for one\u2019s family in the event of death<\/p>\n
Drawing up a will can save a whole lot of heartache for one\u2019s family in the event of an untimely passing of a loved one. We have all seen the films where people will kill family members to ensure they get the lion\u2019s share of a loved one\u2019s assets in the event of death. However, in modern-day society, having a will in place is simply not enough.<\/p>\n
Some people turn to trusts or other financial mechanisms to ensure their families have access to assets once a family member dies, but these are normally limited to families that have significant amounts of pounds stashed away. For the more average UK family, a will can be an essential part of the required documents that a UK family needs.<\/p>\n
Martin Lewis thinks there is another document that UK families need<\/p>\n
Martin Lewis, the founder of Money Saving Expert, and a mainstay of the current media sector in the United Kingdom, has urged UK families may consider this \u00a382 form, especially as the rules over the document are set to change in November.<\/a> Martin Lewis said in his latest podcast that UK families need to get a Power of Attorney document, claiming \u2018it\u2019s a really important thing to think about.\u2019<\/p>\n A Power of Attorney document is essential to protecting one\u2019s assets<\/p>\n A Lasting Power of Attorney document allows one to select a family member as the \u2018attorneys\u2019 to help make life or death decisions if a person is unable to make life-changing choices due to a lack of mental capacity, such as being hospitalized or in a coma. The LPA enables family members to make decisions on your behalf.<\/p>\n Martin Lewis has urged UK families to draw up a Lasting Power of Attorney document, as the price of one is set to increase from \u00a382 to \u00a392 in November, as noted by the UK government. There are two types of LPAs that UK families should consider drawing up: a property and financial affairs LPA and the health and welfare Lasting Power of Attorney.<\/p>\n As the price for an LPA is set to increase soon, UK families will need to consult with loved ones<\/a> and draw up an LPA before it\u2019s too late.\u00a0<\/p>\n \u201cWithout a power of attorney, if you lose mental capacity, all your assets can be locked away, with your loved ones unable to access them to pay for, say, your mortgage or even to pay for your care.\u201d \u2013 Martin Lewis<\/p>\n With the price for an LPA set to rise in November, make sure you act before it\u2019s too late<\/p>\n Martin Lewis has urged the UK public to draw up an LPA for themselves before the scheduled increase in price hits. Having a Lasting Power of Attorney document can alleviate concerns over what might happen to you or your assets if you are not able to make life-changing decisions for yourself, for whatever reason. With the cost of an LPA set to rise to \u00a392 in November, the time to act is now. If you or a loved one is thinking about drawing up an LPA, we urge you to contact the UK government<\/a> in the near future before the price hike kicks in.<\/p>\n Disclaimer: Our coverage of one-off payments, support payments, tax reliefs, tax refunds, tax credits, and other payments is based on the official sources listed in the article. All payment amounts and dates, as well as eligibility requirements, are subject to change by the governing institutions. Always consult the official source we provide to stay up to date and obtain information for your decision-making.<\/p>\n","protected":false},"excerpt":{"rendered":"A leading financial expert has noted that families may need this \u00a382 form to ensure the safety of…\n","protected":false},"author":2,"featured_media":310908,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":{"0":"post-310907","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/310907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=310907"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/310907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/310908"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=310907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=310907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=310907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}