Quiz night in aid of Cotswold Care Hospice on 18 June 2009
10/07/09
Is your business taking up all of your time? Step back and think of yourself for a minute.
Thursday 9th July 2009
How long is it since you have thought about your family or financial affairs? Have you made a will or does yours need amending due to a change in circumstances?
With a will you can;
nominate an executor(s) to carry out your wishes and deal with your affairs after death.
appoint guardians for your children – vitally important if there is likely to be any disagreement as to who should bring them up.
give legacies to charities or to kind friends.
express thanks to those that have been kind or helpful to you during life.
provide for family treasures to go to those who will look after them.
ensure that your main assets go to those that you wish to benefit.
protect your estate from inheritance tax and consider the impact of long term care home fees.
avoid expensive legal misunderstandings – there is no such thing as a “common law spouse,” a partners child will not be considered your child and marriages and divorces invalidate part if not all of an existing will.
In addition to making a Will you need to think about protecting your assets not only with regard to Inheritance Tax and Capital Gains Tax but also what would happen if you were no longer able to look after your own affairs? Do you know who would be able to control your money if you suffer an accident or are simply out of the country for long periods at a time?
If you are concerned about how your affairs would be looked after if you are not able to you should ask about Lasting Powers of Attorney. With a Lasting Power of Attorney you can;
Keep in control. You say who should manage your affairs in the event you are not able to do so.
Control when and how much help your attorney provides and can include rules and guidance for them to follow.
Prevent fraud meaning only your authorized attorney can access your funds on your behalf
Save on costs and on Court fees. If you do not nominate an attorney the Court has to be consulted to appoint one which is a lengthy and expensive process.
Protect how your money is looked after for your children and all the beneficiaries of your Will.
This article provides a general overview and cannot be relied upon in any particular case.
AES Winterbothams have been advising clients since 1835 and have the experience to help you get your intentions clear and easily understood and to ensure your wishes are carried out. Please contact our probate department at our Stroud office on 01453 847200 or at our Nailsworth office on 01453 832566 to arrange an appointment with one of our solicitors.