Later life planning can be a difficult subject to speak about with your loved ones but it’s important to initiate those conversations and prepare for the inevitable. By being prepared you put your wishes at the forefront but also protect those around you.
Jonathan Gallop, Partner and Head of the Wills, Trusts and Probate team advises on what you should consider when getting your affairs in order.
Create or update your Will
Creating a Will is the first and most important step that you can take when planning for later life, it safeguards your assets and protects your loved ones from any disputes that may arise. Putting a Will in place ensures your estate is shared according to your wishes.
Your Will can include details of who will manage your estate, assets and property. You can also preserve your legacy by leaving your estate to a favourite charitable cause.
If you die without a Will, also known as dying intestate, you and your loved ones will have no control over what happens to your assets. Instead, the intestacy rules will apply and the Government will decide who inherits what.
It’s also a good idea to have your Will regularly reviewed by a solicitor and kept up to date with your latest wishes.
Consider a letter of wishes
Consider what you want your loved ones to know after you die which won’t be included in your Will. This can include your funeral instructions, advice to guardians on raising your children or even an explanation of your Will and why your assets were shared in a specific way.
Set up a Lasting Power of Attorney
A Lasting Power of Attorney (LPA) is a document that legally appoints someone to act on your behalf, should you become unable to manage your own affairs.
There are two types of LPA’s that you can set up, one that will make medical and welfare choices and one that will handle your property and financial assets.
You can choose someone you trust or seek a professional Attorney (such as an accountant or solicitor) that will act on your behalf.
Make an Advance Decision
An Advance Decision is used to specify which medical treatment you would accept or refuse in critical circumstances. This situation may occur if you were to be unconscious, unable to communicate or have lost the capacity to make decisions.
Look after your affairs
Keeping important documents and information safe will make things easier for your loved ones. Make sure to let them know where they can find things such as your bank, credit, pension and tax details, your passport, birth or marriage certificates and any online passwords to your digital or subscription services.
How Blaser Mills Law can help
At Blaser Mills Law we work hard on your behalf to protect your estate for your loved ones. We ensure you have the right structures in place, giving you peace of mind for the future.
For further information and advice on how to get your affairs in order contact Jonathan Gallop on +44 (0) 1494 781 360 or email jjg@blasermills.co.uk.