People approaching retirement look forward to having more free leisure time for gardening, house improvements, holidays or taking up a new interest.
Although, retirement is also an excellent time to review your will, make lasting powers of attorney, and plan for what to do if a family member dies.
In this article, we will examine the main reasons why making a will and lasting powers of attorney is a smart idea. If a family member dies, we describe the major steps required to acquire probate.
Wills
Many people do have a will, but is it up to date? If the will was written more than ten years ago, it is highly advised that it be reviewed to see if an amendment is required.
We can arrange a review meeting to confirm your existing will is acceptable and to see whether modifications are required. Executors appointed in the past, for example, may no longer be able to act. Provisions for appointing guardians for small children may be out of date, and the primary gifts in the will may also need to be updated.
Crucially, a will review meeting can confirm that the will was lawfully signed and witnessed, ensuring that there are no issues when it is accepted to probate.
Anyone approaching retirement age who has never written a will should do so now, it could be the most important document you make of your life. There are various reasons why having a legitimate will is a good idea.
To begin, it is advisable to form a will while you are in good health, rather than postponing it until later. Illness and a lack of mental ability for a widespread disturbance such as Covid-19 pandemic could make it more difficult to make a will.
If you do not make a will, your estate will be distributed in line with the intestacy rules, and you will have no control over who receives an inheritance.
If you need any assistance, please do not hesitate to contact us.
If you would like any further advice, please do not hesitate to contact us:
3C Legal Limited
Tel: +44 (0) 1684 212822
Fax: +44 (0) 1684 294865
Mobile +44 (0) 7707 644738
info@3clegal.co.uk