Estate Planning and Capacity
Brid McColgan, Associate Director CFRLAW team in a most informative, illustrative, very well received address to the Club Monday 24 January covered the important area of Estate Planning and Capacity. She advised on the risks of having no will when the estate is devolved in accordance with the Administration of Estates Act (NI) 1955 and pointed out that such intestacy rules may not reflect the wishes of the deceased. She also highlighted however that a basic will may not be enough as various issues concerning the particular needs of the family should be considered but pointed out that the Inheritance (Provision for Family & Dependents) (Northern Ireland) Order 1979 provides a means of redress for those who believe that reasonable provision should have been made for them.
She detailed different types of wills: Statutory Wills; Enduring Powers of Attorney (EPAs); Living Wills & LPAs and Controllership and stressed that:
- Enduring Powers of Attorney only cover financial matters not health care
- Lasting Powers of Attorney provision is ready for NI though not yet introduced but it is coming
- while still available EPAs are the most preferable given their flexibility and simplicity
- they are not just for older people - she has one!
- they should be executed when making a will
- any EPAs currently in force will not be superseded by the new Legislation.