Dying Matters Awareness Week: Have you planned for the future?
Every year in May, Dying Matters hosts an Awareness Week to talk honestly about dying, death and bereavement.
This year, from 13th to the 19th of May, the Dying Matters Awareness Week will be asking the question, are we ready?
Many people find it difficult to discuss what will happen when we are no longer here. This can lead to putting off taking practical steps to get their affairs in order.
In this article, we provide advice on some of the steps you should consider taking in order to get your affairs in order.
Make a Will
Making a Will is one of the most important steps to take when addressing the question, are we ready?
Although most of us understand just how crucial it is to make a Will, there is still a large number of UK adults who haven’t yet made one.
You can make a Will at any time after turning 18, however, there are a few life events which can be the ideal time to make Will including:
- After becoming financially independent or buying your first home
- After getting married or entering into a civil partnership
- After having children
Dispelling the myth: On death, if there is no Will, the whole estate will not automatically pass to your spouse
By speaking to an experienced solicitor before making your Will, you can ensure that the Will meets your exact wishes.
Consider setting up Trusts
By speaking to the specialist solicitors at Farnworth Rose about your Will, you can also receive advice on inheritance tax and the use of Trusts.
This will include advice on whether you will qualify for the New Residence Nil Rate Band, which could allow a couple to leave an extra £150,000 per person to their descendants, tax free.
You may want to set up a Trust to make sure money is available to support someone even when you aren’t able to help them
Although it can be difficult to consider what will happen to children or grandchildren, setting up a Trust can offer peace of mind that plans are in place should we no longer be around.
At Farnworth Rose, our solicitors will offer expert advice on whether setting up a Trust could be of benefit to you.
Should you make a Lasting Power of Attorney?
As a part of your estate planning, it is recommended that you consider making a Lasting Power of Attorney.
A Lasting Power of Attorney (LPA) allows you to appoint a person (or more than one person) to act as your attorney. An attorney will be able to make decisions on your behalf should you be incapable of doing so yourself.
There are two types of LPA:
- Property and Financial LPA
- Health and Welfare LPA
One of the most important aspects of a Lasting Power of Attorney is to plan for your future whilst you are still in good health.
For many people, it is reassuring to know that a person whom you trust can make decisions on your behalf.
Talk to the specialist solicitors at Farnworth Rose
To find out how the specialist solicitors at Farnworth Rose can help you plan for your future, call us today on 01282 695 400.
Or, you can arrange a call with a member of our team at a time that suits you by completing our quick online contact form here.