Throughout life you will come across legal documents which will have a significant impact on your personal circumstances. Here we look at some of those instruments and explain why they should be prepared by professionals.
Conveyance
When purchasing a property you need a professional conveyancer to ensure you purchase a clear title, ensure it is registered correctly and to handle the transfer of ownership and funds.
Tenancy Agreement
A tenancy agreement is a legally binding document agreed between you and a landlord. Both landlords and tenants have rights and responsibilities, and so it is important that the instrument is prepared by a professional.
Wills
For peace of mind and tax reasons you should have a will in place. There are many issues to consider, covering every eventuality from funeral arrangements and potential guardians for children to disposal of assets or creation of trusts.
Letter of Wishes
This does not replace a will and is not legally binding, but it is meant to help explain the decisions you have made in your will and aid the executor or trustees of any assets you have placed in trust. Although it should be in your own words, a professional should check to make sure it does not conflict with your will.
Lasting Power of Attorney
There are two kinds: one is a Property and Financial Affairs Lasting Power of Attorney, and the other is a Health and Welfare Lasting Power of Attorney. You will find examples of a Power of Attorney Online at sites such as https://powerofattorneyonline.co.uk, where you will be guided through the process professionally. The former deals with help with finances at any time, and the latter is triggered if you lose mental capacity.
Living Will
Along with a Health and Welfare Lasting Power of Attorney you may want to create a Living Will, which indicates whether or not and in what circumstances you wish to receive life-sustaining interventions. You can do this yourself, but we would recommend it is drawn up professionally to help avoid relatives suffering in a stressful situation.
