Bring good intentions to life

There’s nothing like the beginning of a new year to kickstart better habits, fresh plans, new arrangements. As private client solicitors, we see this in abundance as clients come to us in January with a keen sense of purpose.

People have a range of needs, from wanting to start organising their financial affairs for the years ahead, to reviewing established estate management plans. Clients’ personal circumstances vary from relatively straightforward, to multifaceted with international angles. It’s a reminder that everyone should be thinking ahead and putting in place arrangements that will benefit them and their loved ones in the future.

If you are ready to get your affairs in order, here are some suggestions of where to begin:

Make a will

This is one of the most important things you could do to ensure your assets will be passed on to the people you care about most. A will can set out a range of other wishes, including arrangements for the guardianship of your children.

While most people breathe a sigh of relief after putting their will in place (it’s a job many put off), it’s important not to simply forget about it once it’s been filed away. As life takes its twists and turns, a will can become outdated and the provisions may need to be changed to take account of developments in the family or in finances. Updating a will can be a simple process and it’s something to be considered on a regular basis and as circumstances change.

 Consider a living will

A living will is a way of making healthcare wishes known in the event that you become unable to communicate these. You can specify the medical interventions you would, and wouldn’t, want to have. A living will can bring real peace of mind.

 Make a lasting power of attorney

A future without personal autonomy is a worrying prospect, and it’s the reality for some people who have lost mental capacity either through an accident or illness. A lasting power of attorney is a legal document put in place while you still have the ability to make decisions about your life. It appoints someone, or more than one person, to be your ‘attorney’ and make important decisions in your best interests if you become unable to. It’s possible to have a lasting power of attorney for your health and welfare and another for your property and financial affairs, so everything is covered.  

 Think ahead to inheritance

Early planning can mean your assets retain value for your loved ones, rather than this being diluted through inheritance tax. There are many ways of structuring your estate so that the things you own are protected, and it’s never too soon to start working strategically towards that.

Contact our team for advice about any aspect of estate planning on 01264 353411 or info@bsandi.co.uk. We’re here to help.