Steppping into the New Year…
None of us really know what the future holds, and that's why it's so important to plan ahead and put your affairs in good order by making a Will and setting up a Lasting Power of Attorney.
A Will is the only way to make sure that your money, personal belongings and property go to those that you care about. It can also help to avoid situations whereby your hard-earned wealth ends up in the wrong hands.
A Lasting Power of Attorney (LPA) allows you to put in place arrangements for the future in case a time comes when you needed someone to look after your financial affairs and/or make decisions in relation to your health and welfare on your behalf.
Our 'What happens if I die without making a Will' flowchart shows how your estate would be distributed if a Will were not in place - something which can have unfair and unintended consequences. You could especially be affected if you cohabit, as, according to UK law, common law marriage doesn't exist.
Many people associate Wills and LPAs with older people, but they should really be considered while you are mentally fit and well, so you are able to choose people you trust to look after your welfare and finances while you are able to do so, protecting family wealth for future generations.
Making a Will is one New Year's resolution you can keep - and don't forget you can update your Will at any time!