Whilst it is not something we wish to think about, it is important to consider what would happen if the worst was to happen, or if you were suddenly unable to make decisions due to serious injury, illness, or declining mental capacity? Throughout this blog we explain how we can help you to plan for your future and why it is important to do so.
1. Writing and amending your Will
Your Will sets out exactly who you wish to benefit from your Estate and how. It will also outline who will act as Legal Guardians for your children, and any wishes you have for your funeral, something that will make a difficult time simpler for those you leave behind. Our Lawyers can help you to write your Will by advising on your circumstances, making your wishes a reality, and by appointing Executors whether they are loved ones or professionals, to handle Probate.
Writing a Will and keeping it up to date is the only way to ensure that your loved ones and charities benefit exactly as you wish them to. On average only 45% of adults in the UK have a Will.* If you do not write a Will, you risk dying intestate. The rules of intestacy will determine what happens to your Estate and how it is divided and distributed, which is often not in the way you intended. In some cases, entire Estates may be awarded to the reigning monarch, rather than to loved ones. Did you know 68% of adults in the UK think that they are too young to write a Will.** It is never too early to make a Will. Dying without a Will can cause considerable problems for your loved ones, in an already difficult time.
2. Lasting Powers of Attorney
Losing the capacity to make decisions for ourselves is unfortunately a risk we all face. Our Wills & Probate Team can help you to ensure that your loved ones have the power they need to look after your finances, health, and personal affairs. We have the ability, experience, and expertise to put the documents in place that give the people you trust the power to act in your best interests.
Less than 1% of adults in the UK have an LPA.*** If you do not have a Power of Attorney in place, even your closest loved ones and family members will not have the ability to act on your behalf. If this happens, your family will be required to apply to the Court of Protection (COP) for a Deputy to be appointed. Whilst our Lawyers can assist with this, we recommend assigning Powers of Attorneys if you can, as it is often a lengthy and expensive process. Also, a COP will only manage financial matters, where as an LPA will manage financial, health and personal matters. Therefore, if there is a COP in place and a medical issue arises, the Deputy will be required to apply to the Court for permission, which can be a difficult process. The roles of a Deputy and a Power of Attorney, whilst very similar, differ greatly. Whilst the two roles are appointed to act in the best interests of the individual, becoming a Deputy is a huge responsibility and can be very time consuming as they will be required to account to the Court for decisions made on behalf of you. This is just one example of why it is important to appoint a Power of Attorney before it is too late. Where appointing a Deputy is the only option, we can assist with this.
Someone who lacks capacity will no longer be able to make a Will, another vital reason why it is important to put your affairs in order as soon as you possibly can.
3. Trusts
Ensuring your loved ones, specifically children, benefit exactly as and when you wish them to can be a confusing aspect. For instance, you may want them only to have access to funds after a certain age. In such cases we will help you to make decisions in hindsight, ensuring the best interests of your Beneficiaries are always accounted for. We can help you to appoint two or more Trustees to control the Trust, these may be loved ones or professional Trustees such as Hodgkinsons Solicitors. We provide specialist advice to ensure that your Trust is drafted correctly and meets your specific needs, both now and in the future, without having an adverse effect on future benefits and the payment of care home fees. Our Team is also experienced in bringing Trusts to an end, including offering guidance on the tax implications of ending a Trust.
4. Retirement & Later Life Planning
Here at Hodgkinsons Solicitors we are proud to work alongside Forrester Boyd Wealth Management, a local, expert accountancy firm who are specialists in retirement and later life planning.
Many of us will spend 20-30 years in retirement, so it is only right that proper planning takes place to ensure life after work is financially comfortable. Whether you want to retire early, travel the world or simply have a good level of income for life, the right planning can help make these goals possible.
Forrester Boyd encourage planning to start as early as possible, but there are major events later in life where professional advice can help minimise stress and save tax, for example when taking a tax-free lump sum, arranging a retirement income or organising a legacy.
They also see more and more people use their pension savings as a way of providing a tax-efficient legacy to future generations - helping to fund education costs and starting on the property ladder being most popular. This is often combined with traditional options such as Wills and Trusts, Business Relief investments and gifting.
As holistic financial planners Forrester Boyd will take into consideration your whole circumstances, discussing how your goals link together, rather than just viewing individual plans in isolation. Their clients have found this is the best way of meeting their objectives and enjoying a better quality retirement. To discuss your later life plans, do get in touch with Forrester Boyd Wealth Management – enquiries@fbwealth.co.uk
We understand that many people choose to postpone writing their Will or putting their affairs in order as they find it daunting or complicated, but with the help of our Wills & Probate Team, it does not have to be. Due to the Coronavirus pandemic we have altered the way in which we provide our services to you. Please be rest assured that we can continue to help you with any queries you may have regarding Wills & Probate, albeit remotely. Therefore, regardless of where you are located in the UK, East Midlands, or rural Lincolnshire to include Skegness, Boston, Louth, Lincoln and Grimsby, we can help you. To get peace of mind that your affairs are in order, contact Hodgkinsons Solicitors, Skegness, by submitting a contact form to request a call back.