Planning for the inevitable

As you age, making sure your affairs are in order will help ease the burden on your loved ones when you are gone. Ensuring you have a complete and up-to-date record of all your personal and financial affairs can be seen as one last gift to your family.

Where to start? Your priority is to make sure that is your will is valid and up-to-date.  Getting one done with a solicitor will help avoid any mistakes that could cause issues for your executors and beneficiaries.  Having a Lasting Power of Attorney in place will ensure that if you lose your mental capacity before you die, you have someone who can act on your behalf.  You can also leave a letter of wishes with your will, but it is not legally binding and should not contradict your will. The letter lets you leave specific instructions, such as who will receive specific personal possessions and details of what you want for your funeral.  Additionally, it can provide guidance to your executor/s on how your assets and any trusts are to be dealt with.

Another area to look at is having all your important documents and financial paperwork organised and kept in a safe place. This practical step can empower you to take control of your affairs, ensuring that your loved ones are not burdened with unnecessary tasks when you are gone. To help your loved ones, you can complete a list of what you have and where they can find them when you are gone. This should include your birth & marriage certificates, up-to-date bank statements, and details of investments, pensions and other financial affairs.  Furthermore, to help with Inheritance tax, you should list any gifts you have made over the last seven years.  As with your will, keeping this list/ document up-to-date will help your family.   

 Portland Financial Planning has a wealth of experience in helping clients organise their paperwork. We can provide you with a comprehensive booklet called “What I Own and Where I Keep It” that allows you to document everything you want your family to know and where to find things. This professional assistance can give you the support and guidance you need to ensure your affairs are in order, providing peace of mind for you and your loved ones. 

If you would like a copy of this booklet or want to discuss any of the above points, please do not hesitate to get in touch with us.