Thinking about the future and discussing your plans with your loved ones can be hard. It may never seem like the right time to have such a difficult conversation, though planning for the future offers you and your family complete peace of mind.
A will, for example, is one of the most important documents you'll arrange in your lifetime. Without a will you'll have no control over what happens to your estate and your assets will be distributed according to the laws of intestacy, which may not be the way you planned. There may be a time in the future when you don't have the mental capacity to make decisions, or you would prefer for loved ones to do so on your behalf.
If you haven’t got a valid lasting power of attorney (LPA), the Court of Protection may need to get involved. This can be a lengthy and costly process, and your appointed attorney may not be the person you would have chosen to make decisions when you can't.
It's never nice to think about death and how you'll arrange your affairs after you’re gone – but it’s crucial if you want to mitigate inheritance tax for your loved ones. When you have arranged estate planning early on, you can be sure that your loved ones will have the freedom to carry out your wishes. The earlier you can start planning for the future the better.
At Key, our personal service gives you the help and expertise you need to make sure you’re prepared, no matter what the future holds.