Now that we are well into 2020, have you made the changes you wanted at the start of this new year and for your future? If you haven’t already done so, now is the time to get your personal affairs under control should be priority.
Alongside the more usual New Year resolutions of joining the gym, giving up alcohol and spending less money, should be plans for making a Will and appointing a Power of Attorney in case the worst happens.
We have some tips for ensuring the New Year is a happy and peaceful one, thanks to your personal affairs being in order.
What Personal Affairs Plans Should I Make In 2020
Plan Your Will
If you don’t already have a Will, make it your priority to write one in the New Year. Your Will is there to express your wishes for your estate when you die, including who your beneficiaries are, your executors and how you want people to inherit. You can state who gets what asset and on what terms. Not having a Will means the rules of intestacy decide who inherits and this isn’t always what is wanted.
Update Your Will
It’s a good idea to check your Will every 5 years or whenever your family or financial situation changes. If you get married or have a baby, be sure to reflect this in your Will so loved ones are protected when you die. You may also want to change beneficiaries or executors over time or alter plans depending on any new tax rule changes so that loved ones can inherit in the most tax efficient way.
Check Your Living and Working Circumstances
If you live with your partner but are not married or in a civil partnership, your partner will not automatically inherit when you die unless you stipulate this in your Will – the rules of intestacy can deviate from this.
If you own your house, make sure the title deeds are up to date as this helps ensure loved ones are taken care of when you die.
It’s worth checking your life policies and pension policy to make sure your arrangements are up to date and provide your loved ones with the best protection upon your death. Financial advice will help you with your policies and tax efficiency. It’s also worth having a plan in place for your business that outlines what happens if a partner or shareholder dies, so that this happening does not impact on the worth of the business.
Power Of Attorney
Illness or an accident that changes your life and leaves you mentally incapacitated can happen at any time – which is why it makes sense to have a Power of Attorney in place today. Appointing someone to handle your affairs should you no longer be able to make decisions means you have the peace of mind that no matter what the future holds you can continue to protect loved ones.
Foreign Assets Rules
If you have assets within Europe, the changes to succession law in August 2015 mean it’s possible Scots Law can be used rather the law of that particular country when it comes to inheritance. If you hold assets outside of the EU you need to consider having a Will in these countries that unites well with your main Will.
How We Can Help You With Your Planning
New Year is a great time for making resolutions and putting plans in place for your future. Organising or updating your personal and financial affairs will not only give you peace of mind but also ensure you can provide for loved ones in the best possible way, today and tomorrow.
To speak to one of our specialist Family Law solicitors about planning for 2020, including Wills, trusts, estate planning and Power of Attorneys, contact us on 0800 988 3674 or email firstname.lastname@example.org