If you are heading for retirement and starting to think about planning for when you get older, there are many legal matters that require your consideration.
Justin Wallace, solicitor and partner at Brewer Harding & Rowe looks here at some of the key legal issues you may need to consider.
He said: â€œOf course, everyone should have a will, but a will by itself may not be enough to protect your assets and help reduce estate taxes and other costs.Â
â€œIt is worth remembering that provisions you have made previously may need to be adjusted to reflect your current situation. #
â€œPerhaps your marital status has changed, you are now living with someone else or your estate size and complexity is now different than when you originally drew up your will.â€
As he points out, a will is only part of the jigsaw. He continues:
â€œAs we get older, it is more likely we may need assistance in managing our financial affairs and perhaps in making certain health care decisions.
â€œYou can prepare for this by appointing an attorney (such as a close friend or family member) who can make some of these decisions for you if the need arises and you are unable to make those decisions yourself.
â€œCompleting a lasting power of attorney (more commonly referred to as an LPA) is good forward planning and saves families an enormous amount of heartache and stress if a loved one does become incapable of making these decisions.â€
Justin added: â€œCompleting a will and an LPA will help protect your assets and ensure that your wishes are carried out.
â€œHowever your family circumstances and likely future needs may also mean you wish to consider setting up a trust.
â€œThere are different types of trust and some may not be suitable to you. It is always best to discuss your personal circumstances with a legal professional to be aware of the full picture.â€
Brewer Harding & Rowe has produced a free Family Protect Brochure which highlights all the key decisions people should be aware of.
It available to download from brewerhardingrowe.com or a printed copy is available free of charge by contacting any of the offices.
Justin Wallace is one of a fully qualified team of lawyers at Brewer Harding & Rowe that can advise on wills, LPAs and trusts that suit your circumstances and needs - all for a fixed fee.
For a free initial consultation, contact Stephen Dove or Richard Allin in the Barnstaple office on 01271 342271, Justin Wallace in Bideford on 01237 472666 or Donna McNulty in Braunton on 01271 812033.
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