5 Things You Must Do to Protect Your Family’s Future

With all this uncertainty around, it’s normal to find yourself wondering what the future may hold and whether you are sufficiently prepared for it.

Morrish Solicitors’ experienced Wills and Estate solicitors can help you organise your financial and legal affairs so your family’s future is protected should the unexpected happen.

In this article, our Wills and Estate team highlight 5 things you must do to protect your family’s future.

How to Protect Your Family’s Future?

5 Things You Must Do to Protect Your Family’s Future

Below are 5 things you must do to protect your family’s future in the event of your death:

  1. Make A Will & Keep It Up to Date – A will is a legal document which expresses your wishes as to how your estate (property, money and possessions) is to be distributed after your death. By having a will and keeping it up to date you can ensure your wealth is passed onto the people you want it to. For more information read our article on what should you include in your will and when should I update my will.

 

  1. Set Up a Lasting Power of Attorney – A Lasting Power of Attorney (LPA) is a legal document, which allows you to appoint one or more people you trust as your attorney. Your attorney can make decisions on your behalf if you lose the mental capacity to make them yourself in the future, or if you no longer want to make decisions for yourself. There are 2 different types of LPAs: Health & Welfare Lasting Power of Attorney and Property & Financial Lasting Power of Attorney. By setting up a Lasting Power of Attorney it ensures that those you trust carry out your wishes when you are unable to manage your own financial affairs. For more information read our article what is a lasting power of attorney and why do I need one.

 

  1. Understand Inheritance Tax – Inheritance Tax (IHT) is tax that may have to be paid on someone’s estate (property, money and possessions) after they die. Understanding how IHT is calculated can help you manage your financial affairs effectively and reduce the amount of IHT your beneficiaries will have to pay on your estate after your death. For further information please read our 5 common questions about inheritance tax.

 

  1. Gift Assets to Family Members – To effectively reduce the amount of Inheritance Tax payable on your estate after you die, you can gift some of your assets to family members or relatives whilst you are still alive. However, there are strict rules you should follow when it comes to gifting assets. Contact our Wills and Estate team on 033 3344 9609 to ensure you correctly gift assets.

 

  1. Seek Advice from a Wills & Estate Solicitor – Planning your legal and financial affairs for the future can be complicated. Seeking advice from an experienced Wills and Estate Solicitor can provide you with peace of mind your affairs are in order and your family will benefit from your estate after your death. Contact Morrish Solicitors’ Wills and Estate department on 033 3344 9609 for expert advice.

Wills & Estate Solicitors

Morrish Solicitors is a long-established law firm based in West Yorkshire providing a range of legal services both regionally and nationally. We have an experienced team of Wills and Estate Solicitors specialising in all aspects of wills, probate and estates. Our solicitors can support you with your case sensitively and professionally.

Our services include:

If you need support with writing a will, setting up a lasting power of attorney or legal advice on any of the above matters, please contact our Wills and Estate Solicitors on 033 3344 9609 or simply email [email protected].

We offer our legal services on the phone, via email and in person, so we’re always available to support you on a range of matters no matter where you live.

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