Legal News | 24.10.24
A to do list that doesn’t require a crystal ball
Together with the British media, we’ve speculated over recent weeks as to what next week’s budget will bring. However, in the absence of a crystal ball, it seems we’re just going to have to wait and see what changes Rachel Reeves announces on 30 October.
So, instead, this week we’re bringing you some clear, practical, non-budget dependent steps that you can take to get your affairs in order.
1. Is your Will up to date?
Making a Will is the only way to ensure that your assets will ultimately be dealt with as you would wish. However, this is not the end of the story, it is also important to review your Will regularly, particularly in the event of any changes to your family circumstances.
For example, if you have married since you last made a Will it is probably no longer valid. If you have had children in the meantime, you may also need to change your Will to appoint a guardian and make sure that your children will be financially secure. Making a Will is also particularly important if you are cohabiting, as the intestacy rules make no provisions for unmarried partners.
2. Do you need a Will to deal with any foreign assets?
An increasing number of people now own property in Europe or further afield. Whilst this can be a luxury during your lifetime it could become an administrative headache for your executors. We would recommend that you take advice to determine whether your English Will is adequate to cater for your property overseas. It may also be necessary to make a Will which complies with the law of the country where the property is situated to prevent any difficulties arising after your death.
3. Have you made a Lasting Power of Attorney regarding your finances?
Many clients find it reassuring to prepare a Lasting Power of Attorney to ensure that if they were to lose capacity following an accident, due to illness or simply as they grow older, someone they trust is able to step in and assist with their finances. It is also considerably cheaper, quicker and easier than the alternative, which is to apply to the Court of Protection for a Deputyship Order once someone has lost capacity.
4. Do you want to make decisions about your future medical care?
If you want to make the decision to refuse various types of treatment you can make a ‘Living Will’ (also known as an Advance Decision or Directive) which, if done properly, will be legally binding on those who treat you in the future.
Alternatively, you could make a Lasting Power of Attorney to give someone else the legal authority to make health and welfare decisions for you if you were to become unable to do so yourself. For example, you can give someone power to decide what medical treatment you receive as well as more day-to-day decisions about your daily life and where you live.
5. Where are your important documents?
Do your loved ones know where to find key documents? Having your Will, life insurance policies, pension details, and other important paperwork organised is crucial for when your family needs it most. We can store vital original documents here, at no charge, for you if you wish.
If your mind is still on 30 October, then look out for next week’s newsletter from us, which will contain a full update on the outcome of the budget.
