Bounce Magazine February 2016

Resolutions you
need to stick to
become a landlord
pension planning
work life balance
retirement planning
control spending
marriage plans
buy a house
be prepared
new baby
make a difference
separation
FEBRUARY 2016 | ISSUE #40
be responsible
balance my budget
be confident
trust funds
make my will
new year resolutions
private client
become financially dependent
control debt
new business premises
retirement planning
grandparents
school fees
be healthy
divorce
change my job
Wills_Wordagram_2016.indd 1 15/01/2016 15:38
At this early point in the new year why not
take steps to protect your assets, and your
loved ones, with a Will? Fiona Ashmead, of
Rudlings Wakelam Solicitors (left) explains
why it is well worth doing
Traditionally the New Year is
the time for reflection on the
last year and the goals we are
going to set ourselves for the
New Year. Most of us will have started
it planning to give up something -
perhaps cake or alcohol. Maybe we
have set our sights on an achievement
- a new job, weight loss, or spending
more time doing something we have
not made enough time for, whether it
be family or a previous pastime.
Whilst these resolutions may now be
slipping, what should still rank as
important on your ‘to-do list’ should
also be the goal of looking at how you
manage and look after your legal and
financial matters. Most assets which
people own have been won through
hard work and investment in time, and
therefore it is important that they are
looked after during your lifetime and
also after your death. Whilst the
majority of us are aware that we should
get affairs in order
make a Will, 60% of the nation still die
Intestate (without a Will) and thus leave
their assets to be distributed in a way
that they may not have chosen. If you
have not made a Will then this should
be at the top of your list. If you have
made a Will, still take five minutes to
consider whether your circumstances
or those of your beneficiaries have
changed. Such triggers to consider
include:
• New family members, children,
grandchildren, partners etc.
• Divorces, separations or marriages.
• Retirement and Pension Planning.
• Problems that may necessitate
adjustment to your list of
beneficiaries – Divorces, financial
difficulties or death.
Having made a Will or reviewed it,
then you need to consider the interim
position. If you were unable to handle
71
your own financial affairs through ill
health or lack of capacity, would you
not prefer to hand over the reins to
someone you trust and have
appointed? Bearing in mind the ability
to choose someone to look after your
financial affairs has been possible since
1985, too few people appoint an
attorney. Prior to 2007 it was
possible to make an Enduring Power of
Attorney and these are still valid
documents. Since 2007 it has been
possible to make a Lasting Power of
Attorney (LPA) for both financial matters
and also for health and welfare
decisions. Only 7% of adults have
chosen to make them. This means a lot
of people are needlessly struggling to
have their finances properly administered
or their health and welfare issues
addressed as they should be, especially
if they have lost mental capacity. If an
LPA has not been made then the more
lengthy and costly route of applying for
a Deputy to be appointed will become
necessary. This can cause stress and
delay in the intervening period before
a Deputy is appointed.
On the business side you also need to
check that you have the correct
agreements in place in relation to any
Partnership or Company you run or are
involved in. Are your partnership
agreements up to date, do you have
the correct directors or shareholders
agreements in place? Finally, if you
have lent money to a family member or
friend you should have this protected
by a charge being placed against a
property or a Declaration of Trust so
that in the event for example, where
you have lent a son or daughter money
and their relationship breaks down,
then you can safeguard the return of
that money. So whilst you may have set
goals for yourself in the New Year that
have lapsed, you still need
to complete your “to do”
list in relation to protecting
your assets and your loved
ones.
For further advice contact:
Fiona Ashmead
Rudlings Wakelam Solicitors
14 Woolhall Street
Bury St Edmunds,Suffolk
IP33 1LA
Tel: 01284 755771
Email: fiona.ashmead@rudlingswakelam.co.uk
Website: www.rudlings-wakelam.com