Take a moment today to think about your mental capacity – for peace of mind tomorrow

April 11 marks World Parkinson’s Day. This day not only invites awareness of Parkinson’s disease, but also encourages a broader reflection on how our health can change unexpectedly.

Situations in which someone is temporarily or permanently no longer able to make decisions for themselves can arise in a wide range of medical and personal circumstances. That makes it all the more relevant to pause for a moment and consider a simple but important question: what if, at some point, you are no longer able to safeguard your own interests?

By thinking about your wishes today and making the right legal choices in a timely manner, you can prevent uncertainty and potential disputes in the future. Recording your wishes in advance provides clarity, protection and peace of mind — for yourself as well as for your loved ones.

Why legal capacity should be on the agenda right now

If you leave stating your wishes until a time when making decisions becomes difficult, you’ll often be too late or too vague. This can lead to stress, deadlock or even conflict, both within your family and within your business. A well-thought-out approach is based on two complementary levers:

• A lasting power of attorney: this sets out what will happen during your lifetime if you become (temporarily or permanently) unable to make decisions.
• A will: this sets out what happens after your death.

The lasting power of attorney: taking control during your lifetime

You can use a lasting power of attorney to designate one or more people to manage your assets if you are no longer able to do so yourself. This way, you can avoid legal proceedings and retain control over your future.

What can you include in a lasting power of attorney?

• Management of accounts, payments and lettings.
• Disposals such as the sale of property or gifts.
• Succession planning and arrangements regarding company shares (e.g. voting rights, general meeting).
• A trusted person (‘attorney’) who oversees everything.
• It is up to you when the power of attorney takes effect: immediately or only in the event of incapacity, and how this is determined (e.g. by a medical certificate).

Tip: Do you have a company? If so, you can also settle matters such as who will take over your board duties.

Formalities:

A lasting power of attorney can be drawn up in writing, but specialist guidance is often advisable, particularly where complex powers are involved or in an international context. Registration is mandatory. In the case of a notarised power of attorney, the registration is taken care of by the notary and you don’t need to do anything yourself.

The will: clarity after your death

A will is a personal expression of your wishes that only takes effect on your death. It is revocable and ensures that nothing is left to chance.
Note:

• There are different types of will: authentic (notarised), handwritten and international.
• A will can contain much more than you might think: specific conditions, clauses and provisions that reflect your family and business circumstances.
• We can check whether your current will still reflects your wishes and circumstances.

Mental capacity at the time the will is drawn up is crucial: In the event of a dispute, the question of ‘soundness of mind’ may be decisive. Medical certificates and clear documentation help to avoid disputes.

The power of combination

It is rarely a case of ‘either a lasting power of attorney or a will’. Together, they form a strategy that prevents disruption to your family, your assets or your business.

How we can help you

Drawing up a lasting power of attorney or a will is a bespoke process. Our Private Wealth team will assist you with:

• Translating your priorities into clear instructions.
• Choosing the right format and handling the formalities correctly.
• Ensuring your arrangements are future-proof, including in an international context.

Do you want to know what works best in your situation? Feel free to get in touch for an initial discussion. Together, we can ensure that your wishes are clear today and respected tomorrow.