Published on: 27th June 2017

What you can do to put your affairs in order

It may be hard to consider putting your affairs in order, however careful planning could now significantly help both yourself and your loved ones in the future. Below is a guide of things you may wish to consider:

• At Casey and Associates, we recommend making Lasting Power of Attorney (LPA) documents as a crucial first step towards putting your affairs in order. Should you find yourself needing assistance with financial matters, an LPA is a good way for your nominated attorneys to have the authority needed to assist you. Furthermore, should you lose mental capacity, both a Property & Financial Affairs LPA and a Health & Welfare LPA will allow your attorneys to help you at a time when you may be unable to help yourself. It is recommended to create an LPA as soon as possible because you can only do so whilst you have mental capacity. Therefore, if or when you lose mental capacity and need it the most, you will be unable to create one.

For more information on LPAs, please click here.  

• Careful estate planning can also be beneficial to both yourself and your loved ones. Trusts are an important factor of estate planning. Our Consultants will be able to advise you on which trust is best for you, based on your personal circumstances. By creating a trust, you could be not only protecting your home from potential care fees assessments but also mitigating an Inheritance Tax liability.

To find out more regarding Inheritance Tax, please click here.  

• Another recommended step would be to create a Will. A Last Will & Testament is a legal document explaining your wishes regarding the distribution of your estate for after you pass away. Studies show that around two thirds of adults in the UK do not have a Will. A Will allows you to dictate exactly who you would like to benefit from your estate and how. Without a Will, your estate will pass via the laws of intestacy. This could mean that those who you wish to receive, may not.

For more information about creating a Will, please click here.  

• As important as it is to create a Will, it is just as important to inform your executors of this Will and where they can find it. After you have passed away, it may not be obvious to others who your executors are and where to locate your Will. If your Will cannot be located, it would be as if you had passed away intestate. By informing your executors ahead of time, you are ensuring that they are able to locate your Will and carry out their role as executor.

Please click here to find out more on the role of executor.  

• The final thing you may wish to consider is a pre-paid funeral plan. Whilst it may be hard to consider planning your funeral, it could spare your loved ones both emotional and financial stress at an already difficult time. Whilst 71% of people rely on their estate to cover the cost of their funeral, it is worth noting that usually, funerals take place before your estate is distributed and therefore it may come at a cost to your loved ones. Planning the funeral of a loved one can be an emotional struggle for many families as they decide what you would have wanted. By planning for your funeral ahead of time, you could relieve that stress at an already difficult time.

To find out more about our funeral plans, please click here.

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