The Important of Planning Ahead19th May 2017
It’s hard to face up to one’s mortality and tempting to postpone estate planning. The problem with yielding to temptation is that untimely deaths do happen, so we all need to have a Will in place.
Making a Will is the only way of ensuring that the right people administer your estate and inherit from you. It also gives an opportunity to take proper professional advice on how best to fulfil your wishes and to explore ways in which Inheritance Tax can be minimised.
If you die without making a Will your assets will be divided according to a formula which may not fit with your agenda and those nominated to administer your estate might not be the people you would have chosen for that task.
Lasting Powers of Attorney provide the opportunity of deciding for yourself who will make decisions on your behalf if you cannot make them yourself. This is the only way to ensure the smooth running of your finances should you come to be living with dementia or any similar condition. This is also the only way for you to choose who will make decisions about your health and welfare on your behalf.
Richard Walford, Partner at Gilbert Stephens says “Keeping Wills and Lasting Powers of Attorney under review is important. Your wishes may change over time as your circumstances change and any change of heart will be ignored if it is not reflected in revised documents. It is also sensible to review arrangements when tax rules change.”
For more information on this subject, please contact Richard Walford on 01392 42 42 42.