Protecting your property with Wills and LPAs

Buying a property can be both stressful and exciting, which may leave homeowners overlooking a crucial step: planning for the unexpected. Whether you are creating a home or expanding your portfolio, protecting your property extends beyond its bricks and mortar.

Creating a Will and Lasting Power of Attorney (LPA) may not seem urgent when you have just collected the keys to your new property, but they are essential. They ensure your wishes are respected, and your family is protected. Without them, decisions about your property and finances may end up in the hands of the courts instead of those you trust.

What happens without a Will?

Many people assume their loved ones will simply inherit their property, but that is not always the case.

• If you are unmarried and co-own a property, your partner will not inherit your share unless you own it as joint tenants.
• If you are married with children, your spouse may not inherit everything, or your children may not receive the share you planned to leave them.
• If you have children from a previous relationship, their inheritance could be at risk.

A professionally drafted Will gives you the power to decide exactly who inherits your assets while avoiding delays, additional legal costs, and stress for your family.

Why LPAs matter

An LPA gives someone you trust the authority to act on your behalf if you lose mental or physical capacity, for example, due to illness or accident. Without one, even your spouse or partner will not have rights to access your bank accounts, manage your mortgage or household bills or make decisions about your property.

Instead, your loved ones will need to apply to the Court of Protection to be appointed your deputy, which is a slow and costly process that can cause further stress during an already difficult time.

Common property pitfalls

Many people assume their partner or spouse can simply take over the property and mortgage if something happens. However, this is not always the case and certain legal gaps can leave families vulnerable.

• If you are the sole mortgage holder, your partner may not be able to manage or refinance the mortgage without legal rights.
• If you are unmarried and cohabiting, your partner will not have an automatic right to stay in the home.
• If you are married, your spouse cannot act on your behalf regarding finances without an LPA.

Plan today, protect tomorrow

At Owen White Catlin, we help property owners plan for the future, sensitively, thoroughly and with complete clarity. Our approach is friendly, thoughtful, and tailored to your individual needs. We will help make sure your wishes are clearly recorded and your family is protected.

If you’d like to talk through your options or simply want to know more, please get in touch with our team today by calling one of our office numbers or use our online enquiry form.