When you die, you’re dead and you’ve got nothing to worry about (unless you believe in heaven and hell) – right? Either way, what about the people or organisations you want to benefit from your estate? Whether you believe in life after death or not, it is better to get organised now. This will be a weight off your mind because you know that after you die, the people who matter to you won’t miss out or find themselves in a complicated situation that you could have saved them from. It can also reassure your significant others if they know they will be doing what you would have wanted, and it can help avoid disagreements and claims against your estate after you’re gone.
And never mind dying, what if you become mentally incapable and can’t deal with your own affairs? Who will sort things out for you then?
So here are some top tips to get your affairs straight for starters:
- Review and update your Will regularly to ensure changing family needs will be appropriately dealt with on your death.
- Make a Lasting Power of Attorney for Property and Financial Affairs to ensure your assets can be managed without delay in the event of a loss of mental capacity (or if you are physically unable to manage) and encourage other family members to do the same.
- Make a Lasting Power of Attorney for Health and Welfare so your attorneys can advise doctors on resuscitation and life sustaining treatment, and health and social care professionals on how you want to be cared for.
- Make the most of available lifetime giving allowances to help your family and friends, and minimise inheritance tax on your death.
- Check the title deeds of your home and other properties you own and deal with any irregularities in ownership.
- Prepare a detailed list of personal belongings and put in writing who you want to receive them on your death to prevent arguments.
- Keep a private note of any passwords and usernames required for managing your assets online with your Will and Lasting Power of Attorney for Property and Financial Affairs.
For more advice on any of these courses of action, the Morrish Elderly Client team are here to help.