A chance to sit down and review your will is important.
With regular changes to the law, and to your personal circumstances, it is recommended that you should do this about every five years.
Wake Smith private client director Suzanne Porter explains.
“It might have been many years since you first sat down and wrote a will. Your personal circumstances may have changed or you might want to look at other aspects of estate planning.
“You may have divorced, remarried or become a grandparent or want to look at trusts and care home fee planning.
“For some individuals it can also be important to ring fence assets to pass down to generations. Trust arrangements might be useful if you have a complicated family structure or want to protect family assets from young or incapable beneficiaries. You may want to place your share of a property into a trust after your death, under a will trust, to ensure it is retained for the future, for your chosen beneficiaries.
“A lasting power of attorney (LPA) is also an important document to consider. It’s sensible to name somebody to make decisions on your behalf, should you no longer be able to make decisions for yourself.
“They can cover property and financial affairs - your assets including bank accounts, shares and investments, plus the payment of utility bills and other expenses, even selling your house.
“They also cover health and welfare such as consent to medical treatment and operations, where you should live, community care assessments and right of access to personal information including medical notes. Even end-of-life decisions, such as the power to consent to the withdrawal of life-sustaining treatment in certain situations, can be included.
“We are seeing more and more medical staff, social workers and care homes readily requesting this legal documentation as it can be particularly useful to enable family members to make decisions for someone who is suffering from a mental illness such as dementia. It can also be hugely helpful to someone who finds money management difficult due to a physical disability.
“The cost of a will or power of attorney is not as prohibitive as you think.
“Our experience will ensure you receive bespoke specialist advice from a friendly team.”
For further information contact Suzanne Porter on 0114 266 6660 or at [email protected]
