The UK is currently engaged in a significant debate regarding assisted dying law reform. This discussion is set to intensify as the House of Lords prepares to debate changing the law on assisted dying. Specifically, a private members’ bill proposed by Lord Falconer will be introduced next Friday. If passed, this bill would grant people with six months or less to live the right to die.
Moreover, Sir Keir Starmer has promised MPs a free vote on the issue when it reaches the House of Commons. It’s worth noting that Starmer previously voted in favour of legalising assisted dying for terminally ill people as a backbencher in 2015. While many understandably focus on the ethical aspects of this debate, there’s another crucial element to consider: the potential financial impact on families. Therefore, let’s explore what this means for your estate planning.
Understanding the Current Law
In England and Wales, assisted suicide remains illegal. Consequently, this legal stance affects not just individuals, but their families and estates too. In fact, Alexa Payet, a partner at Michelmores law firm, highlights a startling reality:
“Currently families of loved ones who die by assisted suicide risk losing everything.”
But why is this the case? The answer lies in the Forfeiture Rule. Specifically, this rule strips anyone who assists in a suicide of their rights to the deceased’s estate and joint assets.
What Counts as Assistance?
You might be surprised by what actually qualifies as ‘assistance’. As Payet explains:
“Travelling with a loved one to an assisted dying clinic overseas, or even just helping them to book their travel could be enough to trigger the Forfeiture Rule.”
Thus, even well-meaning actions can lead to severe financial consequences. Moreover, these effects can last for decades, impacting families long after the event itself.
Protecting Your Assets: The Power of Planning
Given these complexities, proper estate planning is now more important than ever. In particular, two key documents can help safeguard your assets and wishes: Wills and Lasting Powers of Attorney.
Firstly, a well-crafted Will clearly outlines how you want your estate handled. As a result, this clarity can help mitigate some risks associated with the Forfeiture Rule.
Secondly, a Lasting Power of Attorney designates someone to make decisions for you if you can’t. Consequently, this proves invaluable in end-of-life situations, ensuring respect for your wishes.
Stay Informed, Stay Prepared
As the debate continues, staying informed is crucial. Indeed, Payet warns:
“There is currently widespread and fundamental misunderstanding about these issues. If they are not dealt with contemporaneously, the effect on the assister’s interests and assets (including tax consequences) may impact on the administration of the assister’s estate decades later.”
Therefore, it’s vital to not only create these documents but also review them regularly. In this way, they’ll always reflect current laws and your personal circumstances.
Take Action Today
Undoubtedly, these issues are complex and the stakes are high. Hence, don’t leave your estate planning to chance. At A.D.E Wills, we specialise in navigating these intricate matters. Furthermore, we ensure your wishes are respected and your loved ones are protected.
Are you ready to secure your future? If so, contact us today. You can call 01865 507174 or email info@adewills.co.uk to schedule your consultation. Together, let’s prepare for whatever the future may hold.
Disclaimer
This article offers general information only. However, it’s not legal advice. Every situation is unique, and laws can change. Therefore, for advice tailored to your specific circumstances, please consult a qualified legal professional.
