Planning for the Future Lawyers East Lothian
Planning for The Future Lawyers East Lothian
In later life, decision making can become harder. Often issues cannot be discussed with the family for various reasons, or there may simply be nobody to discuss them with. At Paris Steele, we are here to help you create an effective plan for the future.
Below we cover some steps you may need to take towards financial security. To obtain legal guidance for your particular circumstances, please contact our Private Client Team.
Updating Your Will
You should, of course, ensure that your Will is up to date and reflects your wishes. This means taking account of any recent changes in your personal or financial situation. We recommend you review your Will every five years. If you need to make minor changes, this can be done by creating a codicil (a supplement that adds, modifies or removes a part of your Will). For significant changes, however, we may advise creating an entirely new document.
Power of Attorney
You may wish to grant a Power of Attorney so that others can make decisions for you if you become unable to do so. It is best to grant a Power of Attorney when you are fit and healthy, with clear advice on when your appointed person can act on your behalf and what decisions they can make. This avoids any questions being raised about your capacity at the time of granting and guarantees your wishes are respected.
Inheritance Tax Planning
You should consider mitigating any Inheritance Tax that your family will have to pay after your death. Our lawyers take a diligent approach to reducing your tax liability so that your loved ones receive the maximum amount possible. We will set out all the relevant tax reliefs and reductions and work with you on a plan that takes full advantage of these.
Financial Planning and Support
You may also want to look at ways of maximising your income in retirement. Or, you might need more practical help to do things such as completing tax returns, paying household bills or nursing home fees, or even investigating the different types of accommodation available.