Looking Ahead

We all like to think that we are immortal – but of course this is not the case. Recently, we at Argyle – Jean & Phil that is - have been looking at the actions we personally need to consider to put our own affairs in order for the time when we do eventually drop off this mortal coil.

We are finding the issue to be a fairly daunting task as there are so many things to consider, but have already realised that it really is something that has to be done. Our motivation, probably just like everyone else, is to protect those left behind and also to make sure that our wishes regarding our estate are fulfilled.

The starting point for everyone is of course making a Will. Without one there is every likelihood that someone else not even connected to your family can become involved in sorting out your affairs and, sometimes, the Tax Man demands his share of your estate before any of your beneficiaries.

For those of you with young families you do need to think about what would happen if Mum and Dad went first – who would you like to have responsibility for your children? This can be a difficult decision and often we find that clients with young families haven’t made a Will simply because trying to find an answer to this important question is so fraught.

Those of us who are older should start thinking about arranging a Power of Attorney so that there is someone we know and trust around to handle our financial affairs when we become unable to do so. This is quite a simple thing to arrange and of course the time to do it is whilst we still know what is going on.

At the risk of repeating ourselves, everything revolves around Making a Will – because how is anyone going to know what we wanted to happen to our money when we’ve gone if we don’t leave specific instructions behind. If we don’t have a Will the law will take over and our family will have no choice in the matter. Expressing your wishes through a Will is particularly important for those of us living together but are not married – contrary to common opinion there is no such thing as ‘common law spouse’ - and the financial consequences of not making your intentions clear can be disastrous.

When you are making your Will, you need to appoint one or two executors who will carry out your wishes and we do suggest that you consider a family member or friend and not a firm of solicitors as they are likely to be extremely expensive. There is nothing to stop your own executors obtaining professional help if they need it and they will be able to negotiate an appropriate level of charges.

We have had experience with clients involving all of the situations outlined above and in each case we were able to help and advise. So if any of the above applies to you, please do get in touch.

Please use 0845 604 6285 to contact us with any queries or, alternatively you can send an email to: advice@argylefinancialgroup.co.uk

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If you would like to speak with Jean or Phil face to face, please let us know and we will provide our SKYPE details.