Research shows that 54% of adults in the UK have not made a Will*.
One of the best things I find about a general declutter is that it can often highlight and act as a reminder for me to update my legal affairs.
The Benefits Of Making A Will
54% of people will not have a say on where and to whom their estate goes. In other words, when you die without a Will your money may not go to those whom you had intended. This can cause avoidable conflict, uncertainty and additional cost to families at a time of bereavement.
Think of the benefits of a Will – saving your family the stress of extra paperwork and paying for unnecessary legal advice. A properly executed Will can ensure your money and possessions go to the right people; leaving money in trusts so children receive it at an appropriate age, providing for stepchildren and for unmarried partners. You can also seek advice on IHT exemptions, saving your family unnecessary tax.
Other things to think about include choosing an executor, appointing a guardian for your children and leaving a ‘Letter of Wishes’ that covers things like your funeral.
If you already have a Will, make sure you review it every 10 years – you may have more children, or your beneficiaries have changed!
Lasting Power Of Attorney
Whilst you are doing all this, why not invest in a Power of Attorney too. A Lasting Power of Attorney (LPA) includes personal welfare along with property and financial affairs.
This can be a crucial document for your family if you are ill or incapacitated and need someone you trust to run your affairs on your behalf. Your attorney will be able to pay your bills, withdraw money on your behalf and arrange for care; all the things that you would normally do, were you fit and able.
According to Rosemary Easson of Will Services Scotland, the Power of Attorney must be signed by you while you are of full sound mind, so it is therefore vital to plan ahead, lest the worst should happen.
Will Services Scotland offer advice on both making your Will and Power Of Attorney. They can be contacted via www.willservicesscotland.com.
Start With A General Declutter
Do you have some precious or personal items that you would like to individually bequeath in your Will? Or are you unsure where to begin and need some help to organise this?
I can help you with a general declutter of your home, sorting, recycling and arranging for up-to-date valuations of your belongings.
Read more about my decluttering services and contact me on 07779 174730 or [email protected].
Caroline.
*(Which Magazine Dec 2018)
(Image by Helloquence, Unsplash)