Getting Your Affairs in Order: A Valentine's Day Gift

Valentine’s Day is often viewed as a celebration of love and affection, but it also serves as an opportunity to reflect on your relationships with your loved ones. Whether you're planning a special gesture for a significant other or focusing on self-care and appreciation, it important to get your affairs in order in advance. What better way to show your love and affection than by incorporating your loved ones into your estate planning and ensuring that your wishes are respected, and your family is cared for when you are no longer around.

Consider how long ago it was since you reviewed your Will. There has been many legislative changes over the last few years and perhaps you have a Will which is no longer fit for purpose or could in fact diminish what your family are to inherit in the future because of lost personal allowances.  

There are many instances where a Will review would be necessary, for example:

• A change in financial circumstances

• Legal changes

• The passing of a beneficiary

• Family conflicts

• Marriage

• Divorce

• The addition of grandchildren / great grandchildren 

• Adoption

What better way to nurture your loved ones than with a little bit of personal planning. You may need to update your current Will or you may simply require a new Will because you haven’t got one in place at all. You may also need a Lasting Power of Attorney (there are two types: Property and Financial Affairs and Health and Welfare), in order for your family to make decisions on your behalf at a time that you cannot make those decisions for yourself.

It is crucial to have a Will in place so that your wishes can be adhered to when you pass away and it may also prevent family conflicts. If you do not have a Will then your estate will pass under the rules of intestacy, which means your assets may pass to people who you would not wish to benefit from your estate. Something I hear often is “my spouse will get everything anyway”, when actually this is a common misconception. Similarly, when you do not have a Lasting Power of Attorney, you may end up with somebody dealing with your affairs, who you may not have chosen yourself, if you had the choice… Gift yourself that choice.  

Whilst cupid is playing with his bow and arrow and people everywhere are celebrating love with chocolates and extravagant gifts, it is up to you to gift yourself peace of mind, in knowing that you have all of your affairs in order, to make life as easy as possible for your loved ones, at a time which will already be quite difficult for them.

So with that in mind, lets celebrate love together, by making sure you have all of your affairs in order, for the sake of those you cherish the most.

If you would like to speak to us about Wills, Trusts or Lasting Powers of Attorney, please give our friendly team a call on 0116 212 1000 or 01858 445 480 or complete our Contact Us form.

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