LIFE GOALS
This time of year is a time for reflection on what we’ve achieved and what we’d like do in future. As part of that we should consider how we’re going to manage in later life, and the role our friends and family can play. While this can be a delicate and difficult subject, the truth is we all need to properly consider our future so that we can live a full life in the present
What’s the worst that can happen if I don’t make a plan?
Your loved ones may not be able to make big decisions, like whether you go into care. They may not be able to help you deal with your money and bills. Ultimately, the right people may not get to make decisions about your funeral or receive an inheritance.
We solicitors talk about making Wills and Lasting Powers of Attorney a lot as the legal backup to your life plan. This is because we (like you) would rather do something positive to avoid problems. We’ll be here for you if things do go wrong of course, but it is much more difficult (and expensive) to achieve your wishes at this point.
Your Will determines what will happen to everything you’ve worked for during your life. It would be such a shame if it was out of date and failed to reflect your current wishes or ensure that you can pass as much as possible onto the next generation, rather than to Social Services or HMRC.
Although your personal circumstances may not have changed, the law changes constantly, so a Will prepared some years back may need to be revised. Tax planning Wills may no longer
be suitable, and it can cost several thousands of pounds to overcome this if you die without updating your Wills. A new Will or update is much cheaper!
Importantly, life moves on. Your Will may need to be updated to reflect your current circumstances. Here are just a few examples you may wish to consider:
• Protecting assets from care fees
• You may have children or grandchildren you wish to make provisions for (including guardianship for children).
• Protecting beneficiaries from losing their inheritance on divorce, bankruptcy or through loss of benefits.
• The value of your estate may have changed – consider tax planning and suitable Wills to avoid 40% of your estate going to HMRC.
• Your living arrangements may have changed e.g. your children or elderly parents may be living in part of your property with you.
• If you got married after making your Will it will no longer be valid as marriage revokes a Will.
We offer a free no obligation Will review – call to make an appointment: 01983 527878.
January and February 2020 127
By Hannah Lisseter GLANVILLES DAMANT
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