Planning Ahead with Cotswold IFS
Whether it's making a shopping list or mapping all the family birthdays onto the calendar, we all like to be able to plan ahead. Planning ahead is especially important when it comes to your finances and estate, where the right preparation in good time can make the world of difference to your family and loved ones. It's not something people like to think about, but planning ahead can help ensure your wishes are carried out and that your family are well looked after.
Without a legal will, your money might not go to the person you want it to. Intestacy rules may distribute your wealth and estate contrary wishes - in some cases it may even be left to the Crown if not properly planned. In these situations, your successors could be left to jump through any number of legal hurdles at an already stressful time in their lives.
Power of Attorney
Lasting Power of Attorney (LPA) is the legal appointment of someone you trust to look after your health, possessions or finances should you become incapacitated. Without this, your finances may be frozen and your family will be unable to access the funds you may need for medical, legal or funeral expenses.
Probate is the legal right to deal with someone's estate after their death. Similar to wills and other legal formalities, it can involve a number of complexities that are best dealt with as soon as possible. Probate would include such things as checking a will is in place, paying any due Inheritance Tax, collecting the estate's assets, paying any debts such as rent or utility bills, and distributing the estate to any beneficiaries.
If you have any questions or queries regarding Legal Services and Planning Ahead, feel free to pop-in to our Earlsdon office. Alternatively, you can email us at firstname.lastname@example.org or call on 02476 920029.