Preparing Your Affairs For 2022
With all this uncertainty around, it’s normal to find yourself wondering what the future may hold and whether you are sufficiently prepared for it. The new year is a great opportunity to prepare your affairs, ensuring they are up to date.
Our Wills and Estates team have put together this guide to help you prepare your affairs for 2022.
Preparing Your Affairs For 2022
Preparing your affairs refers to the process of organising your financial and legal arrangements, particularly so you are prepared for unexpected events, such as ill health or death.
Ensuring your legal affairs are in order well in advance can make things easier to deal with for yourself and your family members should the unexpected arrive.
Write a Will
Writing a will ensures your wishes about your estate are taken care of in the event of your death. Many people associate making a will with getting older, so it can be something you put off or never get round to doing.
However, having a valid will is particularly important if you have children, blended families, or complicated financial assets. If a person doesn’t have a will in place, it can cause numerous problems when they die.
Plan for Your Digital Assets
When preparing your affairs, you need to make a plan for your digital assets. Essentially, digital assets refer to your digital files and online accounts you own and use on your devices e.g., computers, tablets, phones, or other devices. These types of assets tend to hold little monetary value, but they may have significant or sentimental value for your family members.
To ensure your digital assets are taken care of after you die, you should make a plan for what happens to them. For further information, please read can I pass my digital assets through my will.
Inheritance Tax Planning
Depending on the value of your estate, inheritance tax may have to be paid after you have died before the remainder of your estate is given to your family members. Inheritance tax planning can help your family members to avoid paying much more than expected. Here are 5 common questions about inheritance tax.
Inheritance tax planning can be extremely complex, our Wills and Estate Solicitors can provide clear and honest legal advice on ways to reduce your inheritance tax. For more information, please contact us today on 033 3344 9600.
Lasting Power of Attorney
A Lasting Power of Attorney is a legal document, which can prove to be vital during times of long-term ill health or following a serious accident. It allows you to appoint one or more people you trust as your attorney. They will be able to make decisions on your behalf if you lose the mental capacity to make them yourself in the future, or if you no longer want to make decisions for yourself. For further information please read what is a lasting power of attorney.
Wills & Estate Solicitors
Morrish Solicitors is a long-established law firm based in West Yorkshire providing a comprehensive range of legal services both regionally and nationally. We have a team of specialist solicitors experienced in all aspects of wills, probate, and estates. Our wills and estate solicitors can provide professional and confidential legal advice on a range of matters including:
- Will Writing
- Probate
- Estate Administration
- Trusts
- Tax Planning
- Lasting Powers of Attorney
- Court of Protection
- Advice regarding cost of Residential/Nursing Care
- Care Homes
If you would like assistance with any of these matters, please contact our wills and estate team on 033 3344 9609 or simply email [email protected] with your request.
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