InsightsInsight - Wills and Probate - POSTED: January 2 2020
New Year, New You… New Will?
“I’m going to turn a new leaf. I’ll make a change for the better. This is going to be my year.”
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Whenever a new year inevitably comes around, without hesitation the ‘new you’ attempts to make an appearance.
While the regular new year’s resolutions are perfectly fine, have you ever thought about making a resolution to protect and provide for your family? And what better way to protect them than through a Will or lasting power of attorney (LPA)?
By preparing a Will, you are making sure that your well-earned and sentimental assets will be passed to your loved ones. If you don’t have a Will in place, even if it’s an old Will, your assets may not pass to who you would have wanted them to. Preparing a Will may also be an efficient tax planning exercise, to ensure you are paying the right amount of Inheritance Tax.
By preparing an LPA, you are preparing for a situation where you may not have control over your own decisions. Whether it’s because of a physical or mental impairment, an LPA allows someone to act on your behalf. Should the unfortunate event occur in 2020 where you need medication or even be admitted to hospital, a health and welfare LPA allows loved ones to make decisions and voice your opinion should you not be able to, even if just on a temporary basis.
As the naughty elf disappears for another 12 months, bring out the organised angel for 2020!
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