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Taking Care of Your Loved Ones

Security and Peace of Mind for the People who Matter to you Most

7 Ways to Put your Affairs in Order and Do the Right Thing for the People You Love

How to Give Peace of Mind to Those Closest To You

1.Make a will

When putting your affairs in order, the key to doing the right thing by the people you love is to make a will.

The consequence of not making a will is that your estate will be divided according to the Rules of Intestacy when you die.

The Rules of Intestacy are complicated and archaic. Look them up here if you ever find you can’t sleep one night – you’ll be off the land of nod in no time.

Because the Intestacy Rules are inflexible, it’s a gamble as to whether they will operate to pass your estate to the people you love and care about the most.

For example, intestacy does not provide for your partner if you are unmarried, or for your best friend, or your carer, or children you have brought up as your own, such as your partner’s children, but who are not your blood relatives.

The consequences of dying intestate can be cruel, and the obvious and sensible way to make sure that you provide for the people you love, as you see fit, is by writing your will.

2.Appoint the right executors

When you make a will, one of the most important choices you must make is who should act as executor of your will. Although strictly you don't have to appoint more than one executor, it is always best practice to appoint at least two. Don't go overboard, though; stick to a maximum of three or four, because administering your estate can be over-complicated when it's done by committee.

The responsibilities of an executor are quite heavy, so it is important to choose people with the skills and confidence to do the job effectively, who won't feel overwhelmed.

You can also appoint professionals to the role of executor; many people appoint their solicitor or, if they have a business, their accountant.

The duties of an executor are to locate and gather in all your assets, administer your estate as required by law, make sure any debts are paid off, submit a tax return, pay any taxes due, apply to the court for a Grant of Probate and make sure the estate is shared out exactly as prescribed in your will.  Finally, a full set of accounts must be prepared and made available to the beneficiaries, the court and any creditors of the estate.

Your executors are the people you must trust with the responsibility of making sure that your plans to do the best for the people you love are followed to the letter, so choosing the right executors is essential.

3.Consider who you want to provide for and how

Think carefully about the people you love and want to provide for. Whose long term security do you regard as your responsibility, even partially?

Do you want to provide for your other half, to make sure they have a secure old age if they outlive you? Do you have children whose needs must be met? Are there members of your family who need to be more generously provided for than others? How will any competing needs be balanced?

Is making long term provision for later generations of your family important for you? This is often foremost in the minds of people who have become grandparents.

 These are issues that can be difficult to address without support, but it's amazing how easily they can be resolved with some creative input from a skilled estate planning solicitor.

4.Appoint guardians for your children

Think carefully about who you would wish to look after your children if they were orphaned. You parents might be a good choice in the short term, but are they young and fit enough to be able to see things through until your children have grown up?

You may feel that your siblings or close friends your own age are a better choice. In that event, are they equipped to bring up your children, especially if they already have children of their own?

If possible, make plans so that your children’s guardians have adequate financial resources to bring your kids up properly in a loving home without hardship or the risk of resentment creeping in. 

5.Consider life insurance

There has never been a better time to put your affairs in order and provide for your loved ones by taking out life insurance. Premiums are at a record low, and you can get surprisingly generous levels of cover at an affordable monthly cost.

Talk to a financial advisor about what is available – you will probably be pleasantly surprised.

If you do take out life insurance, take care to have the policy written in trust in favour of the person or people you want to benefit. For example, if you intend to provide for your other half, nominate them as the beneficiary.

If you are taking out relatively short term cover to protect your children from the consequences of being orphaned before they grow up, you might want to name their chosen guardians as beneficiaries of the policy, so that the guardians have access to all the resources necessary to give your children the life you want for them.

6.Talk to the people you love

It really is crucial that you are frank and open with the people that you love, and tell them exactly what you have planned and your reasons for doing so.

Every disputed will case I have ever seen could have been avoided if the person writing the will had been brave enough to tell the people involved, in advance, what they had decided and why.

Nobody likes being taken by surprise, and bereavement can often bring out the worst in people. To receive unexpected news as to how an estate has been divided can be very painful, causing family members to feel they have been treated unfairly, to blame each other unjustly and fall out bitterly.

Situations like this can escalate out of control very quickly, with both sides resorting to solicitors’ letters and even court proceedings, which can quickly burn through thousands of pounds from your estate.

Especially for parents of adult children, doing the right thing has to include talking about your plans and the reasons for them, which can avoid untold misery and even litigation.

7.Consider Lasting Powers of Attorney

One of the greatest courtesies you can do for the people closest to you, is to create and register a Lasting Power of Attorney, for your property and financial affairs and for health and welfare related issues.

Doing this means that, if you ever lose the ability to make decisions for yourself, i.e. your mental capacity, the people closest to you can quickly pick up the threads and smoothly take over managing your affairs.

The consequence of not taking out a lasting Power of Attorney is that, if you lose mental capacity, an application has to be made the Court of Protection, to appoint deputies to represent your best interests. This process costs thousands and takes months. The stress on the people closest to you can be intolerable.

Doing the right thing for those closest to you must involve making Lasting Powers of attorney, to save them from wading through layers of officialdom on your behalf.

Any questions? Feel free to fill in the enquiry form below – I’ll be in touch with the answers before you know it. Or feel free to telephone on 0151 601 5399.

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"Recent life events brought home to me the importance of making sure that my beautiful grown up daughter, who is my pride and joy, is well provided for. After a very in-depth consultation, during which my circumstances were considered from all angles, a carefully tailored estate plan was prepared for me, which addressed all my concerns fully. As a result, I am now confident and reassured that my assets are safe from erosion and that my daughter’s future is secure."

Kim D

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