The Wider Picture

Wills and future planning

It's buttery, it's snappy, it's covered in chocolate!!

Chocolate may well be what you can't wait to get your hands on (we are in Lent after all) but what you really need is not chocolate but a Plan - A Life Plan - and that means more than just making a Will.

A Will is vital - it allows you to choose your beneficiaries but should not be considered in isolation. In today's world it's just one part of the real task of wealth protection. The key is tax planning - will your family end up paying too much to the taxman? What other aspects of your life are important to you? Who would you choose to look after your affairs if an accident left you incapacitated or you had a stroke? Would you appoint a professional adviser as your attorney or a trusted family member? Perhaps both is the best way forward. An Enduring Power of Attorney would deal with this potential risk. Do you have strong feelings about your medical treatment should you contract a terminal illness? If so, what about a Living Will?

These are not subjects solely for the elderly or even the middle aged - only for those who have an independent spirit and do not wish to sacrifice choice because they age or their health declines. It's about taking control; expressing an opinion about the sort of life you want to live and who you want to have helping you if the need arises. It is not a depressing exercise - there is reassurance in well-ordered affairs and nothing wrong with planning ahead and insuring against risks. Consider these statistics for a minute - 1 in 3 women and 1 in 5 men who reach 65 will need care before they die. At 85 the odds rise to more than 1 in 2. With these odds, wouldn't you consider it worth putting in place some insurance? After all, when was the last time someone you know had their house burnt down? Yet we all pay buildings insurance, even those without mortgages! Equally, how many people die in air crashes or at a young age when compared to the numbers who insure against these low risks? Plan ahead and you may be able to mitigate asset erosion by residential /nursing home fees so that there is something left to leave in your Will.

Think holistically - a Will is just one aspect of a well-ordered life - wouldn't you like to remain in charge? Now - how many days is it until Easter...?

April 2003

If you have any questions please do not hesitate to contact us, Selena’s email address is selena.hinds@raworths.co.uk