SJP Wills, Powers of Attorney and families
Making a Will protects the whole family
You can’t take it with you when you go. But sometimes it can be very difficult to decide who should get what, and how much, once you die. And with blended families, civil partnerships, and multiple marriages, making your Will is rarely as simple as leaving everything to one person.
What happens if there’s no Will
Three in ten of us haven’t got round to making a Will.1 But if you don’t make a Will, (called ‘dying intestate’), your money and assets may not pass automatically to the person you expect, such as your partner. And if you have young children under 18, but no Will, the State will decide who should be the legal guardian.
In principle, a Will is easy to make, even if you are a blended family, or have children from different relationships. But the important thing is that it isn’t a ‘make-it-once-and-forget-it’ exercise. If you divorce, or separate, you may want to change your Will so that your new partner can inherit. Or, if you remarry, you may want to make your new stepchildren beneficiaries too.
If there’s a possibility that you may outlive your child, make sure your Will is clear who should inherit if your intended beneficiary dies before you do.
Wills involve the referral to a service that is separate and distinct to those offered by St. James's Place and are not regulated by the Financial Conduct Authority.
1National Will Register, 2023
What is a Power of Attorney (PoA)?
Most of us are ‘glass half full’ people, rather than ‘glass half empty’. But a sudden, unexpected change to your health, circumstances or income can be devastating for everyone, not just you.
Having a Power of Attorney set up for those ‘just-in-case’ life events is one of the simplest ways to enable people you trust to make the right financial or medical decisions on your behalf, if you can’t.
Why make a Power of Attorney?
A Power of Attorney means you appoint a person to act on your behalf to look after your financial affairs, property, or your own health and welfare. Depending on where you live in the UK, you might need a Lasting, Enduring or Continuing POA.
Please note that advice given in relation to a Power of Attorney will involve the referral to a service that is separate and distinct to those offered by St. James's Place and are not regulated by the Financial Conduct Authority.
Don’t forget about your digital legacy
We all live increasingly digital lives – from online banking and shopping, to keeping in touch with family and friends. Which means that, when we die, most of us leave a significant ‘digital footprint’ of social media accounts, memberships and subscriptions, family photos and videos.
If you don’t let people know what you’d like to happen to those accounts and family photos, or share usernames and passwords confidentially, it can cause distressing delays. It may mean your loved ones can no longer access cherished family photos.
Sharing key information, such as account names and passwords, safely, securely and responsibly is as much part of inheritance planning as making your Will. Speak to your SJP Partner about 'My Document's which can help capture all of this information.
What to consider when planning your digital legacy
- Tell your family how they can access key online accounts when the time comes.
- Leave a written record of what should happen to social media accounts, photographs or videos in your Will.
- Store your digital account details securely and inform your financial adviser or solicitor.
