Future Planning – Why you need to look at a Will, Inheritance Tax & Power of Attorney and make conscious decisions now
Making a will, planning for inheritance tax and making provision for power of attorney are all things people tend to put off doing, not least because they involve thinking about death or loss of capacity. However, there can be very real consequences if you don’t act.
If you don’t make a will:
- Your possessions will be distributed according to the law, rather than in line with your wishes and those of your family
- Your nearest and dearest could suffer a lot of extra aggravation in sorting out your affairs once you have gone – there could well be family disputes and arguments
- Only your relatives can inherit – without a will there will be nothing for a common-law partner (no matter how long you have lived with them), close friend, favourite charity etc. Your partner could even lose the home in which they lived with you
If you don’t plan for inheritance tax, your family could be faced with a large, unexpected and unwelcome tax bill following your death, at what is already a difficult time.
If you don’t effect a power of attorney:
- Your family could be forced to go through a lengthy and costly court process to get control of your affairs should the time come when you lose all mental capacity
- The court, rather than you, will appoint the person who takes control of your financial and other affairs. It is possible that a solicitor or public official, rather than a relative, could be appointed
For assistance with any of these matters, contact Courmacs Solicitors today! We can help you draw up a will, taking time to understand your personal situation and what you want to leave to your family and others when the time comes. We can help you with estate planning and minimising your inheritance tax bill. We can also set up a Power of Attorney, based on your wishes, and explain the different types of Power of Attorney and when they apply.