After a lifetime of dedicating yourself to your loved ones, your career and your passions, retirement is the time you can finally reap the benefits of all of your hard work and properly experience the culmination of a lifetime of planning.
However, the prospect of such a huge lifestyle change doesn’t spark excitement in all, and uncertainty about what the future might hold can be stressful. The best way to alleviate some of that confusion surrounding the future is to continue planning for it, and this includes making a will.
As you’ve made sound choices to build and protect your savings and assets throughout your working life, it’s important to continue protecting those assets for your loved ones and yourself.
The leading wills and probate lawyers from DRN’s branches in Burnley, Colne and Ramsbottom have provided some expert advice and compiled a short guide to help you plan the support for your family when you’re no longer around.
Enlist the expert support of a wills and probate lawyer
Whilst it is possible to create a will yourself, the process can be complex and mistakes are fairly easy to make if you’ve never done it before. With many DIY wills, important information is often accidentally left out and, in a worst-case scenario, this can mean that your beneficiaries do not receive what you wish for them. They could even be made liable to pay for fees or taxes in your name.
Working with a qualified solicitor when drafting your will give you coverage by the official Solicitors’ Regulation Authority. On top of securing your will, they will be able to offer you expert advice on a range of topics, including providing details on your inheritance tax allowance, enabling you to make informed decisions now to aid your loved ones in the future.
Choose Executors and Powers of Attorney wisely
The executor of your will will be in charge of exercising your wishes and managing your assets after you’re gone. Selecting your executor is a big decision, and with them holding so much responsibility it’s important that you invest in someone you can trust. Before making your decision, it’s also a good idea to talk through your plans and ensure that they know what the role will entail.
One of the most common myths surrounding legal decision-making is that your next of kin will be able to make decisions on your behalf should you lack the capacity to do so yourself. Sadly, this is not the case. No one person is able to act on your behalf unless they are legally authorised to do so, whether this is to do with your assets or your health.
Making sure a Lasting Power of Attorney is in place as early as possible is the safest way to ensure your wishes are adhered to by people that you trust. It can take around 12 weeks for an LPA registration to be authorised, so it’s a good idea to get it secured as soon as possible to avoid facing stresses when the time comes to needing it.
Review your decisions regularly
It’s important to remember that the decisions outlined in your will aren’t set in stone – you are entitled to change your mind. Review your choices as often as you see fit, and don’t be afraid to speak up if some of those decisions shift and change.
Having your will and executors secured before you reach retirement will give you peace of mind, allowing you to enjoy your time as a retiree as fully as possible. Whilst it’s often a difficult discussion, it’s important to have the conversation with family and loved ones about your wishes after death. Taking the time to think about how you can continue to protect those closest to you can make a big difference to their futures, and initiating that conversation is a necessary, but ultimately very positive, step.
The will and probate team here at DRN have years of legal experience and are on-hand to guide you through the whole process of writing your will.
Contact us today on 01282 433 241 to find out more about how we can ensure your wishes are met after you’re gone.