You've painted the garden fence, given yoga a bash and mastered your sourdough starter; what else is there to do during this period of lockdown?
If it's not already on the list, making a Will and a Power of Attorney should be there.
Why make a Will?
Putting a Will in place allows you to take control of who will inherit your estate and on what terms. It allows you to decide what, if any, provisions are to be put in place for young children or vulnerable beneficiaries, including guardianship and trusts.
A Will helps to avoid unexpected results. It also provides a good opportunity to assess whether or not there will be tax to think about and any other financial implications. By taking a little time to consider these matters now could help to avoid a lot of unnecessary cost, tax and stress for your loved ones in the long run.
Why set up a Power of Attorney?
A Power of Attorney lets you choose who you would want to look after your financial (including business) matters and personal welfare should you become temporarily or permanently incapable of doing so during your lifetime.
Decisions cannot be taken in relation to your finances and welfare unless you have appointed an attorney. Spouses, civil partners and children have no default power as next-of-kin to make these decisions for you. By simply putting in place a Power of Attorney, you get to decide who makes these decisions for you if you are no longer capable and importantly, it allows for continuity of your financial and welfare needs and gives you the opportunity to discuss your wishes with nominated attorneys.
If you have already made a Will and Power of Attorney, now is the time to dust these off and check if they still reflect your wishes. There may be a few updates you need to make.
With both a Will and Power of Attorney in place, not only will you have made progress on that long 'to-do' list, you will be prepared for illness and unexpected circumstances.
We all start out with good intentions and often give up quickly. However, making a Will and a Power of Attorney is not nearly as hard as you may think. It's an easy one to score off!
We're here to help
If you would like to discuss making a Will or to ask what could happen in your own situation if you were to pass away intestate, please contact our private client team using the form below or call one of our offices on:
Elgin: 01343 542623
We have solicitors and offices across the country ready to help.
We can provide the assistance you need to protect your assets and your loved ones. This will allow you to put your mind at ease, knowing everything is in hand.