Turning a Milestone
During the last six months I celebrated the big 50. The change into a new era made me take stock of my own personal circumstances. Everyday I advise people on making Wills and Powers of Attorney, but it was about time I took heed of my own advice. This resulted in me looking at the following areas and taking some actions:
- My Will – This had last been written 15 years ago. Circumstances had changed somewhat and it was important to ensure that my Will reflected my current wishes.
- Powers of Attorney – Ok I may only be 50, but you never know what is around the corner. It is important to have a Power of Attorney in place in the event that you are not able to deal with your finances or make welfare decisions.
- Making things easier for your executors – Many times in this job the executors or family have no idea about the deceased’s financial situation. Sometimes I can be presented with boxes of paperwork to go through. To make it easier for my executors I have prepared a ‘To be opened in the event of….’ I’ve included a list of all my assets, together with details of utility providers who would need to be contacted and of course a few relevant passwords. Like most people my computer is password protected, but once you are not here it makes life difficult for others if they can’t access your machine.
- Letting others know your funeral wishes – Some people have some wonderful ideas about where they would like their ashes scattered, but that is not going to happen unless someone knows about it. Either write it down or discuss with your executors or family.
- Getting your finances in order – At 50 you may be making plans about when you would like to retire. It may be time to take stock of your finances to ensure that sufficient savings or pensions are going to be in place. As a lawyer I cannot advise on this, but I can recommend someone who can.
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