With the UK in a national lockdown, we are currently living through life changing circumstances.
In uncertain times, it can be helpful to think of practical steps which you can take to plan for the future for you and your family. Planning and preparing for the worst can ensure your estate stays with your loved ones after your death.
Below we have set out the important documents which everyone should think about having in place as part of their property planning.
Putting a Will in place is important for everyone and will make it much easier for your family or friends to manage your estate when you pass. It allows for clarity as to your wishes which can alleviate some of the stress of dealing with the estate for your friends and family.
A Will is especially important for anyone with a large estate, as correct advice and planning at an early stage can help to reduce the inheritance tax payable on your death, There are many ways in which we can minimise this cost such as through gifts or making a will trust.
Lasting Powers of Attorney
A Lasting Power of Attorney allows your appointed attorneys to deal with financial or health decisions on your behalf once you have lost the capacity to do so yourself. This means that your attorney would have access to your bank accounts in order to pay your bills for you or could make decisions about your care if unwell.
Accidents, strokes, brain injuries and Parkinson’s disease can also affect someone’s ability to make their own decisions. Handling your financial affairs can become virtually impossible.
Ensuring that you have dealt with your Lasting Powers of Attorney means that you have control over who is appointed and will have the opportunity to make sure that they are aware of your wishes to allow them to act in your best interests if the need should ever arise.
If you would like to discuss how we can help you and your family during this tough time, then please get in touch with us on 0161 236 6816 or through our online enquiry form.