Planning for the future is one of those things which is important, and yet never urgent. Making time to think about, and document, your wishes will help those you love in the event of major illness or death. Put yourselves and loved ones in the best position possible and take some of the following steps to prepare for the future:
Make a will (or review your existing Will):
A Will is a legal document which takes effect when you die and sets out what should happen on your death. Executors are appointed as your legal representatives and are charged with carrying out the terms of your will. Guardians and trustees are appointed to take care of your minor children. Provisions could be included to cover the care of pets. Funeral arrangements can be set out. You decide who receives your house and cash. Personal items such as family jewellery could be divided according to your wishes.
Consider Lasting Powers of Attorney
These documents operate in your life time and appoint agents to deal with matters if you become ill and are unable to make decisions yourself. An LPA for finance covers your bank accounts, house, pensions and bills and allows your attorneys to make decisions on your behalf acting in your best interests. An LPA for welfare enables your attorneys to decide whether you should be cared for in your own home or move to a nursing home and have a say in what medical treatment you receive.
At AWB Charlesworth Solicitors, we have a specialist team of private client lawyers who advise clients in relation to Wills, the formation and administration of trusts, planning for and dealing with issues of incapacity, the administration of estates and inheritance tax planning. For more information ring Kate Thornton on 01274 511246.