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What are you going to differently this year? Getting organised with your legal documents is a practical and achievable New Years goal. What sorts of things should you be considering? A Will and a Lasting Power of Attorney can provide you with security and peace of mind.
So many people in England and Wales don’t have Wills in place. If you are relying on the intestacy rules (hyperlink to a previous intestacy article if poss) to follow your wishes then your loved ones might be left disappointed.
Whether you want the partner you live with to inherit, or you want to safeguard your children’s future, its essential to have a Will in place. Its easy to think that Wills are just for the older generation, but that’s simply not true. Any one over 18 can put in place a Will, and there are many reasons to consider one. Perhaps you have a lot of assets. Or maybe you have fallen out with your blood relatives and would rather your money went to a good cause.
In any event, there are so many reasons to make a Will, and its not as daunting as you might think. Contact one of the expert Will Writers at Poole Alcock on the number below and they will guide you through the process.
If you already have a Will in place – is it time that it was brought up to date? Did you know that certain life events can revoke a Will, or make parts of it null and void? We recommend reviewing your Will every 3-5 years, even if nothing has happened in that time.
If you have experienced a major life event, have a look at your Will – does it still match your wishes? Have you recently married or divorced? If you have children now and didn’t at the time, perhaps they should be included. Or if your children now have wealth of their own, perhaps you’d like to consider your grandchildren, or charities.
Also, your Will might have been tax effective when it was made. But the Inheritance Tax rules have changed significantly over the years. Bringing your Will into the present day is a good way to ensure you’re on top of things, and are not leaving your loved ones with unduly complex Wills which are no longer tax efficient.
Getting organised doesn’t have to be limited to thinking about Wills. Lasting Powers of Attorney (another hyperlink if poss?) are a great way to protect your interests for the future. With people living longer lives, people are increasingly concerned about who will take care of them in their frailer years.
A Lasting Power of Attorney can be put in place in readiness for such a time when its needed. They can be used to help with decisions both finance related, and medical or care related. It doesn’t mean you give up your own ability to make those decisions. They are aids for a time when you might need a bit of extra help. Make sure you appoint only the people you trust the most (another hyperlink to the article I did on dangers of LPAs).
For more information, or for an appointment to discuss your requirements, speak to one of our expert solicitors in our Wills and Probate team on 01270 625478. Alternatively you can visit our wills and probate services page here or complete the form linked here and we will call you back.
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