Peace of Mind for the New Year: Estate Planning Essentials
At the start of a new year, many of us find ourselves setting resolutions and planning for the future. While goals like improving health or advancing careers are often at the top of your list, one crucial task that gets overlooked is making a Will. At Downie & Gadban Solicitors, we believe that starting the year by ensuring your affairs are in order can provide you and your loved ones with invaluable peace of mind. Here’s why creating a Will should be a priority and how to get started.
Essential Elements of Estate Planning
When considering estate planning, several vital documents work together to ensure your wishes are carried out and your loved ones are protected. Besides the Will, a Lasting Power of Attorney (LPA) is a key component, empowering a trusted individual to make decisions on your behalf if you’re unable to do so. There are two different types of LPA to consider – one that covers finances and property, and one that covers health and welfare.
These elements collectively form a robust estate plan, providing clarity and support for your family during challenging times. Additionally, setting up trusts can offer further security and control over how your assets are managed and distributed. With these comprehensive measures in place, you can rest assured that both your interests and those of your loved ones are safeguarded.
Why Make a Will?
A Will is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children when you die. Without a Will, these decisions are left to the courts, which can lead to outcomes that may not align with your intentions.
Benefits of Having a Will:
- Control Over Asset Distribution: A Will ensures that your assets are distributed according to your wishes, preventing disputes among family members.
- Guardianship for Minor Children: If you have minor children, a Will allows you to designate a guardian, ensuring they are cared for by someone you trust.
- Appointing Executors: choosing the persons who you would like to deal with your estate rather than relying on the Intestacy Rules which you would have no control over.
- Minimising Family Stress: Clear instructions can help reduce the emotional and financial strain on your loved ones during a difficult time.
- Tax Benefits: A well-structured Will can help minimise estate taxes, preserving more of your wealth for your beneficiaries.
Further Considerations
Aside from making a Will, LPAs and exploring whether your circumstances are suitable for creating Trusts, there are a few other things to consider to ensure that your wishes are understood and that your loved ones are prepared.
Speaking to your family about death might not be a very comfortable conversation, but it is one that is best had whilst you are still in good health and of sound mind. Try to have an open and honest discussion about any personal preferences and wishes.
Creating a funeral plan is a good idea, particularly if you have any strong ideas about burial, cremation, the type of service you would like etc. Having a plan to follow can give grieving families some comfort too.
Once you have made a Will – speak to your chosen executors so that they understand their role, what is expected of them, and where your Will and any other important documents are stored. It can be useful for them to know which solicitors you have used.
Get Peace of Mind Today
To start the new year off with good intentions and get your legal affairs in order, speak to our Wills & Estate Planning team today. Call us on 01420 82879, email [email protected] or complete the contact form on our website.
The contents of this blog are for general awareness purposes and do not purport to legal or professional advice. The law may have changed since this blog was published. Readers should not act on the basis of information shared within this, or any other blog, but should seek appropriate, professional advice on their own circumstances.
