New Year, New Preparations
This is the time of year where we all start to think about our New Year’s resolutions.
2020 has undoubtedly been awful for a lot of people. So many things are out of our control but we would all wish to save our families any more stress in the future. One aspect which we can control and prepare for, is the management of our personal affairs.
By preparing a will you are maintaining control and avoiding the rules which will automatically be enforced if you do not have one. You will be arranging for your children’s maintenance, education and benefit. You will be making sure that personal possessions and family heirlooms go to the beneficiaries that you wish, while also dealing with any small bequests of money, gifts or mementos to special individuals and friends.
There are so many things to consider:
If your assets exceed £325,000 you may want to think about tax planning so as to preserve your wealth for the next generation
What about your grandchildren? You may wish to leave some money in trust for them for when they reach adulthood
Have you married since you last made or updated your will? Did you know that this automatically revokes your will?
A will can significantly save complications and costs in the administration of your estate.
Another important consideration is whether you would benefit from a Lasting Power of Attorney.
Lasting Powers of Attorney give another person or persons (known as your “Attorneys”) the authority to act for you if you are unable to do so yourself. This may be because of a physical impairment and would continue even if you lose your mental capacity. This saves the expensive and time consuming application to the court to allow someone to act on your behalf which can take more than six months. This is a long time to wait in some urgent situations.
Often people believe this is a job to be left until the last minute, whenever that may be. However, by preparing a will and Lasting Powers of Attorney whilst you are fit and well, you are able to enjoy your time, safe in the knowledge that those important documents are dealt with. This will save your family from many possible problems in the future and give you peace of mind that you have done everything you can to help them.
Make your New Year’s resolution to sort out your will and powers of attorney and let’s all have a much happier and healthier 2021.
You can contact me directly via claire.warner@GAsolicitors.com or call 01752 203500.