Posted on 7.11.17 by Michael Smoult
There are many ways you can plan for the future for you and your family and we often get asked ‘what are my options to help my family?’ ‘How can I ensure my loved ones are protected?’ and ‘Is it simple to do?’.
The answer is yes and by using a professional solicitor, you can rest assured you have planned property for your future and theirs.
So what are your options?
- Making a Will: the staple to any effective future planning. Every person with assets and/or family should have a valid will yet a staggering 2/3 people have still not made one. A will is a powerful legal document enabling you to let those who you love and care about benefit from your estate. It also allows you to build trusts into it to safeguard children, grandchildren and others and can be used to minimise inheritance tax charges.
- Power of Attorney: is arguably the most important document you will ever make. The lifeblood of planning for your future. a Power of Attorney will not only give you peace of mind that, should anything happen to you, you will be looked after and your affairs will be dealt with but it also removes some of the stress from your family at what is already a difficult time.
Think of a Power of Attorney as the most important insurance document you can have; most people don’t realise that if you lose the ability to make financial or welfare decisions for yourself, due to a disease such as Alzheimer’s, your partner or family do not automatically have the right to make decisions on your behalf. if you fail to plan ahead you will have no say at all in who helps with your finances or welfare.
Family members, friends, spouses, partners and civil partners are all examples of individuals who can be chosen.
- Inheritance Tax Planning: the sensible way to plan. Inheritance tax planning can seem like a long, drawn-out process, but it really doesn’t have to be. By speaking to a solicitor about the exemptions and reliefs that are available, you can easily save you and your family time and money.
Of course, there are other ways to plan for the future, including trusts for children and other vulnerable relatives, funeral plans and succession planning and it is our job to make the process easy and straightforward.
Yes, it may take a bit of planning now! Yes, you may think you can put it off to a later date! And yes, you may think it will be upsetting to discuss such issues with your family, but what can be done in a matter of hours now can save you time, effort and stress down the line.
With the new year drawing close, now is the time to make planning for the future one of your new year’s resolution.