A Statutory Will – the cost of not planning ahead

A Statutory Will is legal documents crafted by the Court of Protection for people incapable of creating their own Will due to incapacity. This is not the best way to handle your legacy as you do not get to decide for yourself what happens to you Estate.

Did you know that over 50% of adults in England and Wales either do not have an up-to-date Will or a Will at all? This means half the population will probably end up having a Statutory Will.

Having your own, carefully considered Will is a prudent thing to do, not just for you but the people that are close to you in your life. Having a Will in place allows you to put your affairs in order so that your loved ones close to you will benefit from your Estate once you’ve passed away.

Statutory Will scenarios

However, sometimes things are not as straightforward as you would like them to be. What if your Beneficiaries of your estate and or your Executors all pass away prior to you?

Of course, the obvious solution here would be to rewrite your Will. Then again, if during the same period of time of losing your Executors and or Beneficiaries you had lost mental capacity to make decisions for yourself, what happens then? 

Well, if you had planned ahead, you would have a Lasting Power of Attorney in place where you have appointed people that you know and trust to make decisions on your behalf. In this case your Attorneys can apply to the Court of Protection for a Statutory Will which falls under the Mental Health Act of 2005.

In this case, certainly more work and cost would be required but at the end of the process you would have a Statutory Will. This has the same powers as a Standard Will.

What IF you haven’t planned ahead and did not have a Lasting Power of Attorney in place?  All is not lost but it does become a little more complicated in applying for a Statutory Will.

In this circumstance, prior to the Statutory Will application, someone, normally a family member or friend and in some cases a professional can apply to the Court of Protection to act as a Deputy to make decisions on your behalf.  It is worth noting, compared to applying for Lasting Power of Attorney, Deputyship can be far more costly and time consuming.

However, once Deputyship has been granted, an application for a Statutory Will can proceed.

This is not an easy process and highlights the importance of planning ahead, having a Standard Will where possible, so that you can wherever possible maintain a good quality of life supported by those that you know and love. And once, you have passed away, your wishes within your  Will are carried out giving you peace of mind.

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Find out more about Simon and Linda Hall and the services they offer by reading the following interview with them.

Simon Hall

Simon Hall is your friendly, but professional Will Writer. He started Simon Hall Will Writing Services in 2019 to provide clients with peace of mind both now and in future. The company, which has recently won two awards, offers Wills, Trusts, Lasting Power of Attorney and Probate.