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New Year Resolutions: Planning For Your Future 01 January 2020

'T is the season to be merry and plan New Year resolutions that often include the gym and swapping wine for water - and we think it's the perfect time to also plan for your future.

Alongside the more common New Year resolutions sit ones that involve getting your personal affairs in order, including your Will and making a Power of Attorney.

Resolutions For 2020

Write a Will

Writing a Will enables you to select who benefits from your estate - that is, everything you've ever worked for and own - and express wishes for who inherits certain assets and on what basis, for example creating a trust to hold money for your children until they are 21.

Power of Attorney

Right now, you may not think you need to make a Power of Attorney (POA) but for sheer peace of mind, doing so today means you have someone to handle your affairs should you ever lose your mental capacity. Illness, accident or unexpected circumstances can change a person's life in an instant and if you have a POA in place, you have the support already there and know your chosen person will handle your affairs and decisions on your behalf.

Extraordinary Assets

Assets like life policies and pensions are easy to overlook but can make a big difference to loved ones following your death. Make sure your arrangements are up to date and that you seek financial advice and guidance on this to ensure your assets are the most tax efficient and provide the best protection for loved ones.

Additional Resolutions for 2020

As well as ensuring your personal and financial affairs are in good shape as we head into the New Year, it's a good idea to update certain things too, including:

  • Your Will
    Is your Will still relevant? Make sure you're happy with your beneficiaries and executors, and update any family or financial circumstances that may have changed. This may include having had kids and needing to appoint a guardian, or making changes based on the tax rule changes that have come into effect since you last made your Will.
  • Your Title Deed
    Ensure the title details for your house held by the Land Registry are up to date and correct, as this will help to protect the asset for you and for your family.
  • Your Living Arrangements
    If you and your partner co-habit and are not married or in a civil partnership, be sure to make or update your Will to state your wishes, or the rules of intestacy may not pass your assets to your partner upon your death as you might hope.
  • Your Business Status
    If your business partner or shareholders die, you need to have a plan in place to deal with the process in this situation and ensure the business is protected during this stressful time.
  • Your Foreign Assets
    The succession laws and location of your assets abroad will determine how your foreign assets are distributed on your death. If you hold assets outside of the EU you may need to plan for this and possibly have a Will in each country you hold assets that unites well with your main Will.

To speak to one of our specialist solicitors about planning for your future - including Wills, trusts, Power of Attorney, inheritance tax and estate planning - please contact us at our Failsworth office on 0161 681 4005 or at our Chorlton office on 0161 860 7123 or email chorlton@hlfberry.com or failsworth@hlfberry.com