Are your personal affairs in order?
Consider these 3 tips:
- Do you have an updated and valid Will?
Make sure that you have a Will, but more importantly, a Will that is correctly worded so you can have peace of mind that your wishes can be carried out on your death, legally. A valid Will ensures that the right individuals are appointed to take care of your affairs upon your death and details who is to inherit and when they can inherit. You do not have to wait until your late 80’s to consider signing a Will in the fear that you might die. Everyone needs a Will, regardless of age and wealth. A trusted attorney who is impartial, reliable and experienced in Wills and personal estate planning and administration will be the most qualified to ensure that your Will caters for your wishes and your unique circumstances.
- Assess your circumstances regularly
As you reach different milestones in life (marriage, divorce, kids, illness, retirement, old age) ensure that you keep a detailed record of your property, bank accounts, policies, taxes, loans, debts, business interests and note who relies on you financially. It is important to consider who will be vulnerable if you are no longer able to provide financial support. Keep this information amongst your personal papers and include these considerations when consulting with your attorney to update your Will.
- Have a relationship with a trusted 3rd party who will be prepared to take control should the worst happen
We are all vulnerable to life’s challenges and unexpected events. Having a trusted person, who you can rely on, to take control of your affairs if you are not able to is important, even if it is for temporary period (for example, if you are injured for an extended time). Building a relationship with that third person and signing the right documents while you are of sound mind is crucial. A trusted and experienced attorney who has broad knowledge and expertise in a variety of areas is a good place to start when considering who that 3rd person might be.
The Estates & Trusts Department of Woodhead Bigby Attorneys has a team of experienced lawyers who have skills and expertise in personal affairs and estate planning. Contact us for a consultation to start the process of getting your affairs and priorities in order so you can have peace of mind.