Planning for the future is one of those things which is important, and yet never urgent. Making time to think about your future, sorting out your affairs, and laying out your wishes will help those you love in the event of major illness or death.
Put yourselves and loved ones in the best position possible by following these steps to prepare for the future. It’s simpler than you think!
Make a Will (or review your existing Will):
A Will is a legal document which takes effect when you die and sets out what should happen on your death. Executors are appointed as your legal representatives and are charged with carrying out the terms of your Will. Guardians and trustees are appointed to take care of any young children you might have. Provisions can be included to cover the care of pets, and funeral arrangements can be set out. You can decide who receives your house and cash, and personal items such as family jewellery can be divided according to your wishes.
A Will should be reviewed regularly, every five years or so, to ensure nothing has changed in your life to effect your decisions and the Will’s contents. And a Will should always be reviewed after someone close to you dies, or if you divorce.
Consider Lasting Powers of Attorney
These documents operate in your lifetime, and appoint agents (attorneys) to deal with matters if you become ill and are unable to make decisions yourself.
An LPA for finance covers your bank accounts, house, pensions and bills, and allows your attorneys to make decisions on your behalf acting in your best interests.
An LPA for welfare enables your attorneys to decide whether you should be cared for in your own home or move to a nursing home, and has a say in what medical treatment you receive.
At AWB Charlesworth Solicitors, we have a specialist team of private client experts who advise clients in relation to Wills, the formation and administration of trusts, planning for and dealing with issues of incapacity, and the administration of estates and inheritance tax planning.
For further information, please contact Aqeelah Bahadar on 01535 613681 or email aqeelah.bahadar@awbclaw.co.uk.
Aqeelah Bahadar
4 September 2024
Further Reading:
Intestacy – the question of inheritance
Contested wills going to court: 140% increase in the last 10 years