An estate includes all assets that you own for example;
Cash, Savings, Property, Investments, valuables possessions and Insurance policies.
“An estate plan covers how your estate is managed and how your assets are transferred. It can also provide instructions for what should happen if you become incapable of handling your affairs, before your death”
Guest speaker Collins presented on Advance Care Planning(ACP). “ACP is important for those with the ability to make decisions now, to plan ahead and to live life as fully as possible until they die”. In plain language, it is planning future healthcare preferences with family and professionals in case of incapacity. It is voluntary for those aged 18 and over, to have the capacity to make certain decisions.
Some of the benefits of estate planning are:
- Ensure Personal Wishes were respected
- Reduces stress for loved ones
- Improved communication
- Prepares for Unexpected Situations
- Supports Informed Decision-Making
- Minimises Conflict
- Legal Protection
- Promotes Autonomy
- Improves Quality of Care and above all, Peace of Mind.
The Mental Capacity Act (MCA) 2005, establishes a legal framework for decision-making when someone lacks capacity or plans for future incapacity. People can use the MCA to prepare for incapacity with Advance Decisions, Statements, or a Lasting Power of Attorney (LPA).
According to the 2024 National Wills Report, the UK provider of Will search and registration, over half of people have written a Will in the UK, including 57% of men and 50% of women. This number could rise, too, with 9% of respondents saying that they cannot recall if they have written a will or not.
There were discussions on some of the reasons why people do not make a “will”. According to the report, 43% of people felt that they did not have enough or that their estate was too simple to warrant a will, while 46% thought they were too young and healthy to make a will.
It’s never too early or too late to start estate planning. To plan your estate contact: collins@angelsoutreachcic.org.uk
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