Happy New Year!
At this time we welcome in the New Year, by raising a glass and singing the traditional “Auld Lang Syne”. But how many of us understand what this old Scottish poem by Robert Burns is about?
“Should old acquaintance be forgot and never brought to mind? Should old acquaintance be forgot, for the sake of auld lang syne?”
“For auld lang syne, my dear, for auld lang syne, we’ll drink a cup of kindness, dear, for the sake of auld lang syne.”
These questions remind us not to forget the people who are important to us for “old time’s sake” and as we look forward, we wish for good things ahead in the New Year.
The New Year is also a good time to consider getting our affairs in order. At the top of the list, a New Year’s resolution you could make is one of kindness, by make things easier for your loved ones and making or updating your Will or putting a Lasting Power of Attorney in place using our ‘Peace of Mind’ package.
If you do not have a Will already, give yourself and your loved ones peace of mind knowing that, when the time comes, your worldly goods will go to those you intend to receive them.
If you already have a Will, dig it out and check that it still meets your wishes. If your Will was made before 2017, you should certainly review it, as there were major changes in the law relating to inheritance tax. There is now a “residence nil-rate band” which can allow a married couple to leave their main home to their children up to a maximum value of £350,000. You should check to make sure that, if you benefit from this, your Will makes sure that you can.
You should also consider making Lasting Powers of Attorney. These allow you to appoint, whilst you are well, your chosen attorneys who can step in and make decisions in relation to your property and financial affairs or in relation to your health and welfare if you were to become unwell and unable to make decisions for yourself. If you have no attorney or attorneys (you can appoint up to four) someone would need to apply to the Court of Protection for a court order. This can prove to be very time-consuming and expensive in comparison to making Lasting Powers of Attorney. It can lead to delays in being able to access your funds if you become unwell and the person appointed by the court may not necessarily be the person you would have chosen.
To make your New Year’s resolution for 2024, contact us and ask about the ’Peace of Mind’ package which includes a Will and Lasting Powers of Attorney for a discounted fee compared to doing these individually…… for the sake of Auld Lang Syne!