Recent events have taught us that none of us can predict the future but that at some point we will all become part of history.
It can feel daunting to make the necessary steps to plan for what we would like to happen when we are no longer here but it is imperative that we all do so, for our own peace of mind and for the comfort of those that we leave behind.
Making your wishes known whilst you’re still able to do so is the right thing to do for your loved ones and documenting your instructions in your Will is the only way to ensure that who you want to inherit when you pass away, actually does.
It isn’t just your Will that needs arranging either. If you are the 1 in 4 of us who will lose capacity during your lifetime you are going to wish (and your family most certainly will) that you had arranged your Lasting Power of Attorney when you were still able to.
Some of the important things to consider when making your Will are who you would like to be your Executors and if required who will be your Trustees? Who you would like to inherit and when? What are the tax implications of your decisions?
When arranging your Lasting Power of Attorney documents, you may just wish to appoint your attorneys and give them a ‘free rein’ to make decisions in your best interests, but with no specific instructions or guidelines. However, you may wish to leave guidelines regarding what kind of care you would like should it be required and put limits on spending, for example. You may also have specific instructions regarding life sustaining treatment.
If you do have an existing Will but it is over ten years old there is a good chance that it is out of date and no longer does everything that you want it to and if you have the old style Enduring Power of Attorney it would most likely be in your best interests to replace it with a Property and Finance LPA together with a Health and Welfare Lasting Power of Attorney.
One thing is for sure, doing nothing is rarely the best course of action when it comes to Estate planning either from an Inheritance Tax point of view or for your own peace of mind.
For more information please contact Emma Wells on 01903 821010 or via email firstname.lastname@example.org.