Legal and Financial Planning
Having the correct legal documents in place is essential to ensure your wishes are followed and to help your family navigate this difficult time.
Wills and Trusts
Create or Update Your Will: A will is crucial for outlining how you want your assets—such as property, savings, or investments—distributed after your death. You can also appoint guardians for your children. In the UK, a will needs to be signed by you and witnessed by two people to be legally binding.
Set Up a Trust (If Necessary): If your financial situation is more complex, or if you want more control over how assets are managed after your death, a trust can be a useful tool. Trusts can help avoid inheritance tax complications and ensure assets are managed according to your wishes.
Advance Decision (Living Will):
Seek guidance on creating documents like a living will or healthcare proxy that specify medical care preferences in case of incapacitation.
An Advance Decision allows you to refuse certain medical treatments in advance, should you be unable to communicate your wishes later. This can be particularly important in the UK to avoid unwanted life-sustaining treatments.
Lasting Power of Attorney (LPA):
This allows someone you trust to make decisions on your behalf if you lose capacity. You can set up an LPA for health and welfare, and another for property and financial affairs. Both must be registered with the Office of the Public Guardian to be valid.
Beneficiary Designations:
Tips on updating or setting beneficiaries for life insurance, retirement accounts, or investments.