How to plan ahead to protect your loved ones

We all want to make sure our loved ones are looked after, especially during periods of geopolitical and economic upheaval.

Often it can be hard to know where to start. Simon Mitchell recently wrote a piece for Wealden Times, outlining the top three things to consider from a legal point of view when planning for you and your family’s future.

Make or update your will

It isn’t easy to think about what will happen to your loved ones and assets when you pass away, but it is never too early to make a will. In fact, it is one of the most important documents you will ever sign.

Even if you have a will in place, it is important to review it regularly, and especially after any major life changes such as getting married or divorced.

Think about Inheritance Tax (IHT)

IHT is impacting more and more families. There are ways to help reduce your exposure to it, including making life time gifts (for example paying for your grandchildren’s school fees), making use of deeds of variation and setting up trusts.

This is a complex area and it is a good idea to take advice tailored to your unique situation at an early stage.

Put Lasting Power of Attorney (LPAs) in place

We all hope to go on running our lives for as long as we can, but there may come a time when we need help in making decisions.

An LPA is a legal document appointing one or more people to act on your behalf, should you no longer have capacity to make decisions. There are two types, one for property and financial affairs and one for health and welfare.

Having LPAs in place can avoid the expense and the potential difficulties of Court of Protection Deputyship if you later need someone to act on your behalf.

If you have any questions about the above points, or anything else related to wills, estate and tax planning, then one of our team would be happy to help at info@ts-p.co.uk.