Legacy Planning – make it your New Year’s Resolution!
January is almost here again! If you made any New Year’s resolutions for last year have you managed to keep them so far? Whether you’ve decided to give up alcohol or hit the gym more regularly, New Year resolutions are a great way to get the start of another 12 months off to a positive start - but did you know that only 8% of people who have made one are able to meet their goal?
Thinking about all of the resolutions that people make at this time of year has got us thinking. at THP. Although it’s something that many of us would rather not start the year considering, there is one important decision that we all need to make in life that should be made sooner rather than later – and that’s thinking about your Will and whether you need to put a Lasting Powers of Attorney in place. So before the end of the month, why not take the time to review your plans to ensure that your loved ones are taken care of, should the unthinkable happen? If this is something that you would like to consider, here are some useful tips to get you started:
- When making a Will, start by compiling a list of who you would like to benefit from your estate, such as family members, friends or charitable organisations.
- Next, list out all your assets and their values and then decide how you will split your money and property in your Will.
- Consider who would be best placed to be your Executor - it’s important that it’s someone over the age of 18 that you trust, and who fully knows what your wishes and feelings are. Be careful if you are considering selecting more than one Executor as this can lead to disagreements.
- If you are elderly, consider giving one of your loved ones Lasting Power of Attorney. This will be an enormous help to them in managing your financial affairs and taking decisions as regards your health and welfare and mean that you don’t have the worry.
While legacy planning may seem like a scary subject, it’s about actually doing something proactive and positive in advance so that you and your loved ones can have a more secure future – and if that isn’t a brilliant New Year’s resolution then we don’t know what is!
Ian Henman manages THP’s legal services department and handles all legal matters on behalf of our clients. If you would like to take the time to ensure your Will and legal affairs are in order, please get in touch with Ian today to talk through your options. To find out more about THP and the legal services that we offer, call 0800 6520 025 or visit the legal services section on our website by clicking here.
We look forward to hearing from you!