The first step towards your New Year’s resolutions

As the festive period draws near and we start to look forward to all that a New Year brings – hopes, aspirations and of course resolutions – it is customary to think back on what we have achieved, and what we hope to achieve in the year ahead. Wealth Protection expert solicitor Gail Galloway takes a closer look at how you might approach your financial New Year Resolutions.

One task  listed on many people’s New Year’s ‘to do’ list, is the making of a Will and Lasting Powers of Attorney.

For many people, the fear of the unknown, and considering a time when they are no longer here, creates hesitation about taking action. However, it is only by making preparations now that you can have the peace of mind of knowing that, in the event of your death, your loved ones would know your wishes and that your estate would pass to those you wish it to.

How to make your financial To Do list

Here, to help you plan ahead, Gail offers her overview of the information you will be asked when making a Will.

1. What assets do you hold and what are their value? Remember, not only does this include property, bank accounts, shares etc. but also your personal belongings, some of which  could hold  significant sentimental value meaning that you would want  to ensure they are passed on to your particular loved one

2. Who do you wish to inherit your estate? Individuals? Charities? Both? Are there particular loved ones you would like to receive certain personal possessions ? Are there specific sums of money you would wish to leave? What is to happen to a gift if the person intended does not survive you?

3. Who will be the executors of your Will? These are the people who will be responsible for ensuring your wishes are carried out as you have specified in your Will. It is possible to appoint a family member and/or friend or, if you would prefer, you could appoint a professional executor to carry out this important role.

4. Guardianship in the event of your death? Who would you entrust to look after your children? It is advisable to include the name(s) of who you would wish your children to be cared for should you be unable to. We can discuss guardianship in more detail at our consultation.

5. Funeral arrangements? While it is not absolutely essential to include the arrangements and details of what you would like for funeral in your Will, by including any specific requests, you can be confident that your loved ones will be fully aware  of your wishes.

6. Succession plans for any business interests? If you have any business interests or are the sole owner of a business, you may wish to include your intentions for the company, any business assets and so on in your Will. It is advisable to discuss these with the family and friends who you intend to inherit the business. Alternatively, it is also possible to make a business Lasting Power of Attorney (LPA), which appoints an attorney to specifically deal with your business assets.

When you have settled on what you want, that’s the first step complete! And of course your solicitor will discuss your wishes, any inheritance tax planning opportunities and whether it may be in yours or your loved one’s best interests to consider the implementation of a trust.

All that’s left to do is to speak to a specialist Wealth Protection solicitor to formalise it all . You can contact our team directly by emailing wp@psg-law.co.uk or by calling our Wealth Protection team on 03333 058375. Do get in touch, we are here to help you.