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Back to School Admin... for adults!

As our children are heading back to school and university, and home-working with a full house becomes a distant memory, now is as good a time as any to take the opportunity to review our financial and personal affairs.

September is often a time for families to get organised for the future; with children progressing through their education, graduating, or getting their first job and becoming independent, responsible adults.

It is times such as these that we advise clients to come to see us to discuss matters such as reviewing their Wills, making Lasting Powers of Attorney and exploring the options regarding rearranging their assets. Clients may be considering making gifts; transferring assets into Trust; or transferring assets to children or grandchildren, which can be a good option for some people, but must be carefully considered by all the parties involved.

Wills

Clients often find that they have not revised their Wills for 20 or 30 years and so their existing Wills may appoint family members, such as their siblings, as Executors and guardians for their, now adult, children. By the time many people revisit their Wills, their children have grown up and often have children of their own. At such a time, our clients often update their Wills to appoint their children as Executors and sometimes to include their grandchildren in their Wills, hoping that the legacies they leave them will help with the cost of higher education or planning for the future.

Lasting Powers of Attorney

During a person’s younger life, they will usually assume that they will maintain good health and be able to manage their own affairs. However, as life goes on and children get older, many clients look to the future and a time when they might not have the capacity to manage their affairs themselves due to sudden illness or a progressive disease such as dementia. Making a Lasting Power of Attorney, which is a legal document authorising one or more persons to manage your affairs on your behalf is a relatively straightforward procedure and something which is always better to put in place sooner rather than later.

Gifts

Some clients, having reviewed their finances, decide to make gifts to family members and seek advice as to the tax implications of doing so and also how this might affect the assessment of their assets should they ever need long term care. There are various options for making gifts and we advise clients about these, sometimes working in conjunction with their financial adviser, to allow clients to take the opportunity to obtain a wide range of advice.

Many clients also find themselves managing the affairs of older people, such as their parents or perhaps other relatives who have no other family members to help them, so even if our clients are not concerned with the cost of care for themselves, they may be experiencing the process of managing care costs for the first time. We assist them with the various issues and difficulties that are often encountered at this time.

We work with various organisations who deal with the challenges surrounding the care and the needs of the elderly; and we have developed useful links with local companies to which we can refer our clients, to provide them with as much assistance as possible at what can be a very difficult time in their lives.

Get in Touch

If you would like to undertake a review of your affairs, please do not hesitate to contact Charlotte Fox, one of our solicitors in the Private Client Department, on 0118 958 9711 or by email: [email protected].

Further Reading:

The Growth in Post-Death Inheritance Claims, Following COVID-19

Inheritance Tax Receipts are Rising

What to do if a parent dies overseas – Probate Overview

 

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"barrettandco" and "Barrett & Co" are trading names of Barrett & Co Solicitors LLP, a Limited Liability Partnership incorporated in England and Wales under registration number OC356263, with registered office at Salisbury House, 54 Queens Road, Reading, Berkshire RG1 4AZ. Barrett & Co Solicitors LLP is authorised and regulated by the Solicitors Regulation Authority www.sra.org.uk (SRA Number 549694).

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