Decades ago, when I was a Cub Scout, “Be Prepared” was the motto we all tried to follow.
But the same motto could be applied to later life.
Below is a list of some of the practical steps you can take to prepare for loss of capacity and death, making the job of your nearest and dearest a lot easier.
Make a Will
If you have a Will, make sure it is up to date and that you know where the original is kept.
As you may remember from my previous article (How Updating Your Will Can Save On Inheritance Tax), changes to tax rules mean that Wills made before 2008 need to be reviewed urgently, and even Wills made before April 2017 should be checked.
Our team here at Monan Gozzett can help you with all legal matters concerning Will writing.
Make Lasting Powers of Attorney
If you do not have Lasting Powers of Attorney in place and you become incapable, your next of kin is in for a long and expensive wait before the Court of Protection will give them authority to make decisions.
If you have Lasting Powers of Attorney in place, check with your Attorney that they know your wishes and are still happy to act as your Attorney.
If you need help with a LPA, our Private Client team can help.
Read more about our Lasting Power of Attorney services.
Make a Funeral Plan
Paying for your funeral in advance or having an insurance policy or savings in place to cover your funeral is good, but not enough.
You should consider your wishes for the funeral itself: buried or cremated? Religious or non-religious? And so on.
A local funeral director can discuss all the decisions that need to be made and record your wishes in writing.
Organise Your Paperwork
Make sure all your paperwork is sorted and in date order.
At a time when relatives and friends are grieving, their job is made a lot harder if they have to hunt high and low for your important documents.
I recommend keeping a folder with a copy of your Will, Powers of Attorney, funeral plan, and details of pensions, bank accounts, investments, insurance policies, and bills. This then serves as a handy starting point for your Executor or your Attorney.
And finally…
Make sure your Executor and your Attorney know where to find these documents!
If you do not have an up-to-date Will or Lasting Powers of Attorney, please contact me to book a free initial appointment in our Arundel office or at your home.
You can contact me by calling Monan Gozzett LLP on 01903 927055, or by email to ssampson@monangozzett.com.
If you would like to speak to our expert legal team about this, or any related subject then please contact our team by phone on 0207 936 6329, Email or by completing our Quick Contact Form below.