Resolutions for 2020 - "a win/win situation"
Most of us make resolutions which often don’t outlast the Christmas leftovers. As we move into the next decade, here are a few “resolutions” designed to be easily followed and which could have a very significant and lasting impact, albeit involving minimal effort and cost. A “win/win” situation surely.
- Take 5 minutes to “dust down” and review your existing will. This may not require any amendment but at the same time as reviewing your annual finances, it is important that the terms of your will are also revisited on a regular basis. Personal circumstances, addresses and taxes continually change, and when we die it is crucial that those who inherit are those who we truly wish to benefit.
- Check your direct debit payments and standing orders. It only takes a few minutes of your time to review these and to cancel any payments you no longer need or use.
- Do you have a Power of Attorney? So many people in their 60’s now die with dementia and others lose their faculties through accidents, strokes and other diseases. Without a Power of Attorney being in place to allow access to funds, the process for next of kin to pay for treatment and care will be a slow, painstaking and very expensive one involving an application to the court. The preparation of a Continuing and Welfare Power of Attorney is generally straightforward and relatively inexpensive and can be of huge benefit and assistance to the grantor and next of kin
- Consider reviewing your banking arrangements. At the start of a new year many financial institutions have a new marketing budget and offer significant incentives to lure customers to make the change.
- When we die something is always left behind. As our devices become increasingly intertwined with our lives, they are also becoming more important to consider when someone dies. How can password protected data be accessed given that many devices have been set up with security in mind? Give some thought to what information you store on your devices, what data your next of kin may require on your death and what you may not want anyone to ever know or to access.
None of these “resolutions” need be particularly time consuming, difficult or expensive to activate, yet individually or collectively could make a huge difference to you and to your nearest and dearest.
Our Private Client department are here to help you review your personal circumstances and assist you in putting your affairs in order.