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Planning for the future is not just about your own well-being; it’s also about ensuring the financial security and protection of your loved ones.
As a loving and responsible family member, it’s natural to want to protect your loved ones and ensure their well-being in the future. This involves careful planning and proactive measures.
In this article, our Private Client team will explore essential steps and considerations to help you navigate the estate planning process and safeguard your family’s future.
- Create a detailed will
A Will is a legal document that sets out instructions for who will inherit your estate after you die.
It includes how you would like your possessions to be distributed; who should bring up your children and what sort of funeral you would like.
A Will is essential to secure your future and, if arranged properly, can help protect your family assets for your loved ones. It is something all of us should have in place.
What should I include in my will?
Funeral wishes – do you wish to be buried or cremated? Including this in your Will avoids your loved ones having to make the decision.
Executors – who do you trust to administer your estate? They can be family or friends (including those inheriting) or they can be professionals.
Guardians – if you have children under the age of 18 who will they live with
Personal belongings – do you have any personal items that you would like to leave to anyone specifically? The answer can be no.
Fixed Cash Gifts – would you like to leave someone a specific amount? This could be a small amount left to grandchildren.
2. Create a comprehensive Estate plan
Estate planning is essential to make sure your wealth is protected for you and your family. By structuring your assets in an efficient way, you can make sure everyone is provided for in the future.
Every family is different and every estate is unique. We understand this and create a bespoke plan that works for you and what you want to achieve.
3. Communicate your plan
You should discuss your financial and estate plans with your family members and share important information such as the location of legal documents and contact details of the professionals involved.
4. Create an LPA ( lasting power of attorney)
A Lasting Power of Attorney (LPA) is a powerful legal document that can play a significant role in protecting your family’s future. It allows you to appoint trusted individuals (known as attorneys) to make decisions on your behalf should you become unable to do so yourself.
It empowers trusted individuals to make decisions on your behalf, ensures your wishes are respected, avoids court proceedings, minimizes family disputes, and provides peace of mind for you and your loved ones.
Protecting your family’s future requires careful consideration, planning and action. That’s why taking proactive steps today will provide invaluable peace of mind and ensure a secure and stable future for your loved ones.
For more information please contact us on 01753 486 777 or email our Private Client solicitor on lthomas@astonbond.co.uk.
