At the time of writing, the Covid-19 pandemic is causing enormous amounts of uncertainty both socially and economically. Whilst everyone is, quite rightly, concerned with keeping safe and healthy (and many navigating tricky financial waters), there are some simple things people might like to think about during this time.
Keeping certain legal documents like Wills and Trusts up to date is the best way of ensuring that disputes are avoided should the worst happen. Also, ensuring that your current wishes and feelings are captured provides, that all important, peace of mind.
We have summarised some of the key documents that people have in place, together with a simple check-list to help you quickly identify the sorts of things that can easily go out of date and may need updating:
- Are the Executors and Trustees correct
- Are the Guardians correct
- Are your funeral wishes up to date
- Are there any gifts you would like to make, both cash and gifts of items
- Do any addresses need updating
- Are all family members catered for – for example, do you have any grandchildren that you’d not included before
- Do you have a list of all of your passwords that your Executors can access if something happens to you
- Do you need to set up a Trust – for example, to protect the inheritance of someone who is vulnerable or disabled
- Do you need to consider adding another Trustee in case of illness or death of one of the current Trustees named
- Are you still happy with the choice of Trustees if you are no longer around
- Is the list of beneficiaries still correct
- If you have a Trust, would you like to put any assets in it
Letter of Wishes:
- When did you last update your Letter of Wishes that sits with your Will and do you need to update it now – you may like to give personal instructions about your funeral or gifting personal belongings
- Do you have a Letter of Wishes that sits with your Trust and does this need updating – the circumstance of the beneficiaries might have changed since you made the last one
- Do you need to attach anything to a Letter of Wishes – for example, a list of contact names and address
Lasting Powers of Attorney (LPAs):
- Have you considered putting in place LPAs? If not, perhaps think about doing them now
- If you have LPAs in place, are you still happy with the choice of attorneys
- Do you need to update instructions and/or preferences – for example, guidance on the health and social care you would like
And, most importantly, do your family and friends know where your legal documents are stored?
How Renaissance Legal can help
We specialise in advising our clients how to effectively plan for their own future, as well as that of their family. Our expert team are able to advise you on the right approach for your individual circumstances to ensure that you are able to feel confident in the choices that you make.
As well as working with our clients to design Wills, Trusts and LPAs that are bespoke to them, we can also help you put in place regular checks and changes to ensure everything is up to date.
Please contact us for more information.