The importance of a will
Receiving a diagnosis of dementia can be frightening. There are, however, many positive steps you can take to regain control of the situation and to plan for the future.
Whilst the likelihood is that you will continue to live a healthy and happy life for many years to come, now would be a good time to consider your will and whether it is up-to-date.
It will no doubt be important for you to know that after your death your affairs are arranged in the way you would like. It is important to make sure you have a will and that it accurately reflects what you would like to happen to your estate after your death.
It is only possible to write a will or amend an existing will by a codicil whilst you are mentally capable of understanding what you would like to do with your estate and what the implications of the will are.
If you are in a relationship you may like to consider having some protective measures built into your will so that on your death your partner benefits from your estate but your estate and is safeguarded for your beneficiaries.
On the death of the first of a couple, it is possible that at some point in the future the survivor may need to pay for care. If the surviving partner has inherited all of your estate this money may be used to fund the surviving partner’s care. If, however you have made a will which contains trusts, the trust may protect some of your estate for your other chosen beneficiaries (perhaps your children or grandchildren) on the death of the survivor of you.
How we can help
Now may also be the time to consider the implications of inheritance tax on your estate and whether you need to carry out any inheritance tax planning to help reduce what may be payable later.
If you would like to speak with a lawyer about any of the points raised in this article please do not hesitate to contact Brachers’ private client team on 01622 690691 who would be pleased to assist you.
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