Covid-that five letter word that has impacted everyone one of us wherever we are and whatever we do. In my world of estate planning and later life planning, Covid has forced people to rearrange those to do lists and make time for a discussion. Today is no exception…
…It’s Friday and I have just finished a call with, lets call him, Mr Bloggs. Mr Bloggs called to discuss his parents. His father has received a diagnosis of dementia and although his mother has been at home, she has taken a fall and is now in hospital. He has been told to arrange a Lasting Power of Attorney.
He explained that his parents had meant to prepare Lasting Powers of Attorney but like many, never got around to it. During our conversation it became apparent that firstly, other approaches may need to be considered, as capacity is now an issue and secondly, their Wills have not been reviewed for some time and by the sounds of it, there is some tax exposure which the Wills don’t address
Mr Bloggs also mentioned that perhaps he needs a Will – and explains he is a shareholder in his business.
In light of the above there are some keys considerations not just for Mr Bloggs and his family but relevant for all our clients:
- Regular Will reviews should be undertaken to make sure you keep up with current legislation and take advantage of all the tax reliefs available
- Don’t leave things until tomorrow. Covid has shown us all that sometimes life throws curveballs we weren’t expecting. So, have a conversation about Lasting Powers of Attorney, gather the information and understand the importance of these documents which can be used not only to protect your family – but also your business
- Don’t just think about Wills and estate planning as a personal issue, our services can also protect your business and co-shareholders
The above scenario is a typical situation but everyone is different, so please do get in touch with me Georgina.Smith@napthens.co.uk if you have any questions or would like advice about your own circumstances.