Make sure your Will is up to date
It’s one of the most important documents you can have.
Having a Will is the only way to be sure that your wishes relating to your money and assets will be carried out after you die. If you know you need full-time care and you don’t have a Will, make one now.
Does your Will reflect your specific wishes?
If you already have a Will, make sure it’s up-to-date and that it says what you want it to say. You may want to add a codicil to your Will – for example, to change the executors, make provision for specific gifts or allow for discretionary trusts, etc.
To make changes to any Will, mental capacity is key. If your mental ability is impaired and you are no longer able to make decisions for yourself – and therefore no longer able to understand the implications of those decisions, you won’t be able to change your Will.
That’s why it’s vital to act now.
The transition between being able to make decisions or not is often swift, so it’s best to get your affairs in order right away.
It’s also advisable to check that you own your property and assets in a tax-efficient way. Take legal and financial advice on this, especially if you’re married or in a civil partnership.
The nil rate inheritance tax band for the first person to die can often be transferred to the other person – effectively doubling the inheritance tax threshold on the second person’s death. Always take advice!
Take action now
Do it now, while you still can. It won’t make any difference to your life while you’re still alive, but it will make things much easier for those you leave behind and who will be grieving.
Talk to a qualified and experienced solicitor – and one who is insured and who is regulated by the Solicitors Regulation Authority. Don’t be tempted to take shortcuts for the sake of cost. You could make a mistake that leaves your family facing a huge tax bill and other charges.