The dictionary defines the word ‘resolution’ as: a firm decision to do or not to do something.
Now, since Covid 19 onwards, my Will writing business has kept me well-occupied. Even so, this country still has something in the region of 30 million adults with no Will in place. Now I’m neither suggesting nor supposing that a staggering number of people have made a firm and conscious resolution to not get their Wills written. What’s more likely is that they’ve simply not got around to it. Is that you? Is the thought ‘I must get my Will sorted out’ being ever pushed to the back of your mind as the daily grind takes precedence? I get it. You’ve got a million and one things with no name to get done. And then a million things that have a name on top of that. But I’m appealing to you. As we enter a new year, I’m appealing to you to be resolved in making 2024 the year that, at last, you get your Will and/or your lasting power of attorney drawn up. Or updated if you already have them.
Why am I appealing to you?
The short answer to that question is: it matters. It’s so much more important than you might think that you have Wills and lasting powers of attorney in place. You might think to yourself, ‘But I don’t have anything of any great monetary value. Nor do I have much capital – so why should I bother?’ Well, you should bother because if you die without a Will, then Intestate rules come into force. And those rules dictate how your money, your property and your possessions are dealt with.
The disadvantages of having no Will
If you don’t have a Will then, when you die, there’s a real danger of your estate (however modest it may be) not being divided in a tax-effective way. The liable consequences of that are someone you leave behind being hit with an avoidable tax bill. It could also mean any young relatives inherit sizeable sums of money with no proper protection.
Back in 2022 I used the blog, Make 2022 the year you make your Will, to outline eight ways that an up-to-date Will puts you in control. There’s no need for me to go over it all again here – all you have to do is follow the link. But here’s the first and foremost:
A current Will is simply THE best way to provide for your loved ones in the event of illness or an unfortunate event befalling you. Whether it be flu, falling over the novelty slippers you got for Christmas or choking on the last mince pie.
Lasting powers of attorney
I’ve mentioned these already. And I’ll mention them again. Because the other thing I’m appealing to you to do in 2024 is to tackle the issue of lasting powers of attorney. Either for yourself or for your parents. As for why that one matters – Why Your Parents Need a Lasting Power of Attorney explains all. And of course, it goes without saying, what applies to them applies also to you.
Were you to ask me why you or your parents should bother with a lasting power of attorney I’d answer in three words: peace of mind. Peace of mind for all concerned in fact.
For anyone setting up an LPA, what it brings is the knowledge and reassurance that someone you, or your parents, trust, is taking charge of their affairs.
Thus, as I said in the aforementioned blog, if you hold the position of adult offspring and your parents haven’t yet got an LPA set up then you must talk to them. And the sooner the better. Because one never knows does one?!
You’ll find more information on lasting powers of attorney on my website here – including a guide to what it costs. I also have some lasting power of attorney FAQs and you’ll find those here. Also, the Office of the Public Guardian explains LPAs in great detail and is user-friendly.
So now you know what a resolution is. Please, I beg of you. If you make ONE firm decision/resolution for 2024, make it getting your Will drawn up.
Where you can get more information from me
There are several ways you or your parents can get in touch with me. I’m ever happy to chat and offer initial advice – whether that be about LPAs or Wills. Or indeed both!
In the first instance, you can send a message via my webform here.
Of course, if you or they prefer, I’m reachable by phone on 07538946839. Or you can email me at firstname.lastname@example.org
If you’re the social sort why not check me out on social media? You’ll find client reviews there and more. You’ll find me on Facebook here. Or LinkedIn here. And last but not least, if you’re an Instagrammer you can find me here.