How to Protect your Wishes and Secure the Future

Protecting your Future Wishes

Considering your own death or what would happen to your estate if your health declines and you can’t make decisions is not a happy topic. But it’s important to talk about these things to help protect your wishes and secure the future of your family.

A lack of planning could lead to a host of complications when you pass away, particularly if you have a large or complex estate. So, whether you want to write a Will or talk to an estate planning expert such as Nick Hughes, try not to delay. A professional can help you to navigate trusts, disposal of overseas assets and more, minimising your Inheritance Tax liability.

Is Death a Taboo Topic?

According to research by the National Will Register, death remains something of a taboo topic, resulting in a lack of organisation and confusion when people pass away. Some 42% of adults in the UK haven’t told anyone what they would like to happen to their estate when they die, with a quarter believing it’s too morbid to talk about. Over a fifth of over-55s surveyed didn’t consider later life planning a priority, stating they had no concerns about what happens when they’re gone.

However, there are several questions worth considering, which will make the lives of your loved ones easier when you pass away. For example, will your spouse or children be financially secure if you were to pass away unexpectedly? Where would they live? Who would take guardianship of your children if both parents passed away? If your estate is sizable, or you have assets you want passed onto specific people, it’s vital to take action. Similarly, it’s worth having someone you trust to manage your affairs should you lose mental capacity through illness or injury. Here’s what you can do:

Write a Will

One of the most important things you can do is write a Will. This will help you to ensure your estate goes to those you choose. It’ll also help to financially protect your loved ones and prevent the Rules of Intestacy taking effect, which dictate who benefits from your assets regardless of how close they are to you. For example, an unmarried partner would not benefit at all from your estate under the Rules of Intestacy, which could leave them financially struggling or without a home. While a Kent accountant for probate services can help your administrator take care of a range of matters upon your death, it’s important to make your wishes known in an official document.

A Will is also extremely important where there is a second marriage or children from a previous relationship. Blended or complex family set-ups can be problematic if there is no Will in place, leaving children or other relatives fighting over what they consider to be rightfully theirs. Talking about your plans in advance, allocating an Executor and being open about your wishes will help to prevent misunderstandings and conflict.

Get a Lasting Power of Attorney

Who would manage your affairs if you fall ill or have an accident that makes you incapable of making important decisions yourself? Spouses, civil partners and children do not automatically have the right to control your estate should you lose mental capacity, so it’s wise to implement a Lasting Power of Attorney so that someone you trust has power. If you don’t do this the Court of Protection will appoint deputies to handle your affairs. Often, deputies do not even know the person in question.

As you can see, preparing for death (even if you expect to be alive and well for many years ahead), is important. Contact Kent tax advisors for help with estate management and wealth planning to put you in the best position for writing a Will and organising Lasting Power of Attorney.