‘This time next year Rodney we’ll be millionaires’ is of course a classic line from the brilliant comedy Only Fools and Horses. I think this time next year, we’ll all feel rich beyond our wildest dreams if Covid-19 is behind us and life is back to normal.
If 2020 taught us anything it is that none of us really know what the future holds which is 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 the people and causes that you care about. It can also help to avoid situation whereby your hard-earned wealth ends up in the hands of someone you did not intend.
A Lasting Power of Attorney (LPA) allows you to put in place arrangements for the future if a time came 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, protecting family wealth for future generations.
A New Year is a time to look to the future and make resolutions about what you will do in the next 12 months. Making a Will is a New Year’s resolution you can keep – and don’t forget you can update your Will at any time!
If you are interested in making a Will or LPA, or know someone that is, don’t hesitate to contact our friendly and knowledgeable team on 02476 632121 to discuss how we can help.
All of us at Band Hatton Button send our very best wishes for a Happy 2021.