As we come to the end of 2023, many take the opportunity to reflect on the past year and look at setting resolutions for the new year.
A brief history lesson
Setting resolutions in a new year dates back to Babylonian times (around 4000 years ago) where promises would be made to repay debts. Years later, Julius Caesar created a calendar commencing with January (named after Janus, a two headed God who symbolically looked both back at the past and ahead to the future). The Romans offered sacrifices and promised good behaviour.
Relevance today
New Years Resolutions are still made by many today mainly to better themselves, with the most common including improving diet and fitness. However, what if there were resolutions you could set to make life easier for those around you?
Later Life Planning
Some still view Wills and Lasting Powers of Attorney (LPAs) as “tasks” for those aged 60 plus. However, they should be given careful consideration by all adults.
Below is a checklist for you to utilise in 2024:
- Will – This is your opportunity to stipulate how your assets are to be distributed. Remember: No Will means the Intestacy Rules will dictate which family members receive your estate.
- LPAs – An LPA allows you to choose individuals to make decisions when you lack mental/physical capacity. Failure to have LPAs in place will make it virtually impossible for your loved ones to make decisions on your behalf. Remember: once capacity is lost, it is too late to make an LPA.
- Estate Planning– Consult a professional to leave your estate in a tax efficient way.
- Review your Trustees – Ensure your Trustees are still suitable. NB: The majority of trusts must be registered with the Trust Registration Service. Check HMRC website for more information.
- Pensions– Nominate beneficiaries and if done so already, ensure you are still happy with your choice. There is nothing worse than your widow/widower discovering you have not updated the pension provider and payments end up in the hands of your former spouse!
- Lists – Prepare a list of your assets (including digital assets) and liabilities as this will make the administration of your estate a smoother process. It is also useful to make a list of utility providers and dates for renewal.
Please contact our team who are more than happy to assist you with this non-exhaustive checklist. While we cannot provide you with tips on exercise routines and healthy eating, when it comes to later life planning, we definitely know a thing or two!
In the interim, on behalf of all at Buss Murton Law, we wish you a very Merry Christmas and a Happy New Year.
For bespoke advice on this or any other area of law, get in touch with the team now.
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