Every year on the first Wednesday in October, World Financial Planning Day is held to raise awareness about the importance of financial planning.
Money is often seen as a ‘taboo’ subject, and it can be difficult to talk even to those closest to you about your financial position and your plans for the future.
However, research shows that people who engage in discussions about finances tend to make better and less risky financial decisions, have stronger personal relationships, help their children develop good lifelong money habits, and feel less anxious and more in control.
Solicitor for Estate Planning Blackheath
Although every individual’s financial situation is different, and objectives and priorities vary, there are certain steps we can all take to protect ourselves, our loved ones and our wealth.
Preparing for this is crucial.
Unforeseen events and accidents can occur at any time, and knowing that you have the appropriate plans in place for your money, property and other possessions both during your lifetime and after your death provides valuable peace of mind.
A solicitor can help. Solicitors specialising in estate planning will talk through your family circumstances, your current financial needs and your long-term goals in order to establish the best ways to protect your estate.
At Beverley Morris & Co. Solicitors, we take the time to understand your situation and tailor our estate planning legal advice to your needs.
Our friendly and professional solicitors will work closely with you to ensure that any estate planning solutions suit you and best protect your money and your loved ones.
To speak to one of our estate planning specialists about protecting your assets, call us now on 020 8852 4433 or email enquiries@beverleymorris.co.uk.
Wills and Estate Planning Solicitors
In this blog, our specialist Wills and Estate Planning Solicitors give their top tips for having open conversations about financial plans.
1. Plan in advance.
Conversations about finances can be stressful, but thinking in advance about your financial situation and what you would like to do with your assets can ensure that you are ready to share your intentions.
Drawing up a ‘financial checklist’ of your assets and liabilities will mean you have a clearer picture of your estate and what it is worth.
Your assets may include property, pensions, investments, savings, and certain personal possessions. You should also consider any debts or liabilities, such as mortgages or loans.
It can also be helpful to gather the relevant paperwork so that you have the necessary documentation to hand.
2. Be open and honest.
Contentious probate cases are on the rise, and families falling out over the contents of a Will can cause added stress at an already difficult time.
Being transparent about your wishes and explaining what you wish to happen to your assets ensures that everyone is aware of your intentions, reducing the likelihood of any disagreements at a later date.
It is also advisable to speak to anyone whom you would like to play a part in handling your finances or administering your estate, such as someone you might wish to appoint as your attorney under an LPA or your potential executors. Speaking to such people in advance means you can express your preferences, and it also allows them to confirm that they are comfortable with the role you wish to assign to them.
3. Link to a life change.
A significant life event, such as a birth, marriage or house move, can often serve as a useful segue into a wider conversation about financial plans.
In England and Wales, a Will is automatically revoked by marriage or a civil partnership. Similarly, a birth in the family can often prompt an update to an existing Will to include the new arrival.
4. Get the right legal documentation in place.
It can be easy to put off having a conversation about your financial plans, but delaying putting in place the right legal protections and communicating your intentions to loved ones can lead to issues further down the line.
It is never too early to make a Will or Lasting Power of Attorney. Both are essential documents that act as valuable safeguards for your and your family’s future and should be made in good time.
Estate Planning Solicitors Near Me
At Beverley Morris & Co. Solicitors, we help individuals and families plan and prepare for their future by offering legal advice and support in various areas related to estate and succession planning.
With offices in Blackheath, we have provided Wills, trusts, inheritance tax and estate planning services to individuals and businesses throughout London and the South East for many years.
Our helpful, experienced team will provide you with clear and sensible advice on all aspects of estate planning to ensure that the whole of your estate is passed to the people you wish to inherit it, providing a sensitive service that is tailored to your needs.
Writing a will is an essential part of the estate planning process and will ensure your wishes are carried out after your death.
Even if you are married or in a civil partnership, without a Will, your spouse will not necessarily inherit all of your estate under the intestacy rules.
For more information about our Wills and estate planning legal service, please get in touch by calling 020 8852 4433, emailing privateclient@beverleymorris.co.uk or filling in this contact form.