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New Year, New Year’s Resolution?
  • 12th Jan 2022
  • Article written by Hannah Durston
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With the start of a new year, we tend to reflect on the one that just passed and consider setting out a plan for the upcoming twelve months – perhaps things you’d like to achieve this year or things you didn’t quite get round to last year, whether by way of formal ‘new year’s resolution’ or not.

 

2021 (and indeed the year before) helped focus the mind on what’s important to us, with the health and happiness of ourselves and our nearest and dearest being at the forefront. With COVID-19 impacting us all in one way or another, unfortunately many have lost loved ones and been forced to deal with ‘later life’ matters sooner than envisaged.

 

At the start of this new year, why not turn something on your ‘I’ll get round to it at some point’ list into making it a priority: to get your later life plans in order so you can get on with enjoying life with peace of mind that should something happen to you, your wishes are clear for those you leave behind.

 

You should consider making a Will (or updating your Will if you already have one) in order to protect your assets for those closest to you, whatever your circumstances. Every adult should have a Will regardless as to marital status, whether or not they have children or whether they think they are ‘wealthy enough.’ Seeking professional advice is important to ensure your Will is written correctly, and your legal advisor will also be able to advise on Inheritance Tax, care fees, and anything else which may be of concern to you. Making your wishes clear will help avoid uncertainty or potential disputes after you have gone.

 

Lasting Powers of Attorney should also be created to allow your family or friends access to your finances should you lose mental capacity, and step in to make medical or general welfare decisions in the event you are unable to communicate these. Again, these are important for all adults to create regardless as to your family situation and level of assets.

 

For more information on Wills click here.

For more information on Lasting Powers of Attorney click here.