Time to get your house in order26 Mar 2020 // Insights
Private Client Associate Sarah Clacker details the key things to know regarding Wills and LPA's during the coronavirus outbreak.
We should not need the current state of world affairs to remind us to put our house in order, but it is a solemn reminder to re-focus and re-visit our Wills. If you don’t yet have a Will, now is a good time to put something in place to ensure that your family is well protected.
If you already have a Will in place, it’s important that you review it to ensure that your wishes still stand; that you are happy with the appointment of your chosen executors and guardians (if applicable), and that your beneficiaries are still relevant. It’s also a good idea to discuss end of life decisions and funeral wishes with your executors and family members to take this burden off them at the relevant time.
If your asset base and/or your family set-up has changed since you last prepared your Will, it would be wise to seek professional help to ensure that your current Will is still fit for purpose, and takes into account the most recent tax legislation. If you don’t have a Will, now is a good time to put something into place. This process can seem overwhelming, however, we can help guide you through important considerations, such as the best suited structure for your needs, and help you navigate the complex UK tax legislation.
In addition to your Will, it is important to review your Powers of Attorney, ensuring you are happy with who you have appointed, along with any specified preferences and instructions. It is common for people to have prepared the Property and Financial Affairs/Financial Decisions Lasting Power of Attorney (LPA), but not the Health and Welfare/Health and Care Decisions LPA. Consideration should also be given to the latter, with particular thought given to life-sustaining treatment decisions. If you have not made either type of LPA, please get in contact, and we would be happy to talk you through the relevant processes.
Whilst we are all facing uncertainty right now, ensuring the right documents are in place will give you and your family peace of mind. Despite these challenging times, the Private Client team are fully available with remote access, and continue to serve our existing and new clients.
If you have any questions regarding the above information, or any general Private Client related inquiries, please get in touch with your existing Seddons’ Private Client solicitor, or Head of Private Client, Stuart Crippin, at email@example.com, or 020 7725 8056.
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