How Can a Solicitor Help You Plan for the Future?
Sorting out life planning matters is something many people put off until the proverbial rainy day. While you might not want to think about preparing for later life, or what could happen if your health declines, it’s important to take action while you can. We never know what life has in store for us but failing to prepare for the cost of care, becoming incapacitated without a Power of Attorney in place or dying without a will could result in extra stress for you and your loved ones at an already difficult time.
While some people may take the DIY route to life planning, going it alone can be fraught with problems. Get the documentation wrong or fail to understand the more complex aspects of what you’re doing, and you may run into problems in the future. Without the right guidance, you may find you don’t make the most of your assets or they won’t end up in the right hands.
Consulting a good private client solicitor is a sensible way to give you and your family peace of mind that your affairs are in order. They can ensure that any paperwork is completed properly and give you detailed, professional advice on a wide range of issues. This includes:
Making a will
You want to know that your loved ones will be taken care of after you pass. While you might be tempted by a DIY will, making mistakes in your will or dying intestate may mean your assets don’t go where you want them to. And with the number of inheritance disputes rising every year, overlooking mistakes could leave your assets at the centre of a family feud. Getting your will made by a solicitor will help to minimise potential issues and ensure your family are well provided for.
Inheritance Tax Planning
With so many ongoing changes, it can be hard to keep up with what’s happening on the Inheritance Tax front. Consulting a legal professional gives you the best chance of mitigating your Inheritance Tax liability and having the latest, expert advice on which to base your financial decisions.
Paying for care in later life
The social care crisis has left many wondering how they will afford care fees should they need assistance in older age. While a lot of people assume they will have to sell their home to pay for care, it’s not always the case. Your solicitor will be able to explain all the funding options available to you, so that you are able to make more informed decisions and feel less worried about being able to afford any support you may need in later life.
Lasting Power of Attorney
None of us know what will happen in the future, so it’s wise to plan for most eventualities. Should you lose the mental capacity to make your own financial, health and welfare decisions, you want them to be in the hands of people you trust. Setting up a Lasting Power of Attorney means you can declare who has the authority to act on your behalf, and spares your loved ones from having to go through a stressful legal process to acquire the necessary authority after the fact.
Setting up a trust
A trust is a good way to safeguard your assets and ensure your family are well taken care of for the future. There are a number of reasons why you might want to set up a trust, from protecting assets and gifting money, to paying care fees or providing managed funds to someone vulnerable. A lawyer can guide you through your options and process of setting up, managing and terminating trusts as needed.
Get life planning advice from the experts
The prospect of getting to grips with life planning administration can seem daunting, but with expert guidance and advice, you’ll be better equipped to make the most of your assets and take the right decisions for you and your family.
For peace of mind that your affairs are in order, our friendly private client solicitors are here to help you plan for the future. We have years of expertise and our solicitors’ professional memberships and affiliations include Solicitors for the Elderly and STEP (Society of Trust and Estate Practitioners).
If you have any concerns about how to access legal advice safely at the current time, please let us know. We’re still able to provide comprehensive legal services to all our customers via phone, email and video consultations. Just contact your nearest Rowberry Morris office to find out how we can help you.
- For Reading based private client queries call: 01189 585 611
- For Richmond based private client queries call: 01784 457 655
- For Staines based private client queries call: 01784 457 655
- For Tadley based private client queries call: 01189 812 992
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.