Spring Cleaning your Personal Affairs

Spring brings new life and (hopefully) better weather which in turn imparts energy to declutter and reorganise our lives. Psychologically this boosts mood, reduces stress and affords us more time to accomplish activities from which we derive pleasure.

Blowing the dust off our personal affairs, checking all is in working order and that we have sufficient plans in place is just one task we should all consider to minimise the risk of an expensive surprise later on. It’s a little like servicing your boiler!

Here’s a brief “to do” list to consider:

Wills and Succession Planning

If you have a Will in place, it is advisable to check it is still tax efficient and fit for purpose – not just for now but into the future. Without a Will in place the Intestacy Rules apply which could mean the people you want to benefit on your death may not inherit and/or in the proportions you would want.

Lasting Powers of Attorney (LPA)

Not just for the elderly! Anyone can lose capacity at any age, and we recommend everyone over the age of 18 should have them in place. Spouses and/or adult children cannot automatically access your finances nor do they have authority to make care decisions on your behalf in the event you lose capacity. LPAs give you a voice through your appointed and trusted attorney/s to make decisions on your behalf when you have lost that ability. You can only make a Lasting Power of Attorney when you have capacity and without them in place you are potentially exposing your loved ones to an expensive, stressful and time-consuming Court of Protection Application.

Trusts

Review your Trustees to ensure that they are still willing and able to perform their function appropriately. Without the requisite power to remove and appoint new Trustees, problems can occur if a Trustee loses capacity. Consequently, elderly Trustees may want to consider retiring.

Pensions

It is always advisable to review your pension provision at intervals. Part of that review should include reviewing your nominated beneficiaries to ensure the right people benefit on your death.

Knowledge is Power

A list of advice points to ensure that when the time comes your affairs are managed efficiently:

• Ensure your executors and attorneys know where your latest Will and LPAs are being held.
• List all your assets, liabilities, utility providers and key reference numbers such as NI and UTR numbers in an accessible folder or spreadsheet.
• Notify your executors of any funeral wishes and/or plan you may have in place.
• Keep a running list of your future preferences so your attorneys can be confident, in the event they must make a decision on your behalf, they are making the decision you would make.

Whilst we might not be able to service your boiler, we can certainly assist you with your personal legal affairs to give you peace of mind that they are in good order for the coming seasons and beyond.

Call 01892 510 222 or email info@bussmurton.co.uk to get in touch.