September still feels like a brand new term, even long after our own school years have ended.
Our body clocks have developed a sort of “September Fresh Start Mode” from years of working to the academic calendar.
Turning over a new leaf goes hand in hand with the arrival of autumn, making it the perfect time to stop procrastinating and get our priorities right.
Must Do Better as the teacher might say! Now is the time to act.
That’s why you should write your Will this September. Consider an Estate Plan. As you drop your children and grandchildren off at the school gates, ask yourself those difficult questions that no-one wants to face despite their paramount importance:
Who would be responsible for the children if their parents died?
Without proper provisions in place, social services will likely need to step in and children can be placed in care while potential guardians are assessed.
The notorious case of a British family murdered in the Alps, leaving two surviving children, is a good example of why it is so important to nominate legal guardians. The two remaining children of the al-Saffar family were put into foster care after their terrible ordeal. Their heart-broken relatives had to fight for guardianship through the official channels.
NOMINIATE LEGAL GUARDIANS for minor children now and discuss the role with preferred choices. I’m sure you’ll agree – this is an important item to tick off the list.
What happens if you or a partner were to lose mental faculties due to illness or injury?
Unfortunately too many people do not put in place a Legal Power of Attorney while they have their full mental faculties. Illnesses such as dementia or injuries that result in a coma or loss of mental capacity can leave relatives powerless to make financial and medical decisions on behalf of the sufferer. This can mean mortgage payments are missed as the funds cannot be accessed. Life support decisions can be out of their hands.
PUT IN PLACE A POWER OF ATTORNEY TODAY so there’s no danger of leaving it too late.
Will the right people inherit everything I wish for them when I die?
Don’t assume that loved ones will get their fair share without your explicit instructions.
Also bear in mind that Wills are contested more often than you may think.
There are ways to ensure your wishes are carried out as you planned.
An Estate Plan can also save your loved ones significant amounts of Inheritance Tax and other costs by putting your assets into a Trust.
WRITE YOUR WILL AND ESTATE PLAN to ensure that your intended beneficiares inherit the wealth you have worked so hard to achieve in your lifetime.