Some life events are inevitable but others can be unpredictable, however, making arrangements for the future can help to avoid unwelcome consequences for whatever comes your way. With that in mind here are six key areas its worth planning for.
Getting Together
If you have a partner you may be considering cohabiting, marriage or entering into a civil partnership. It is important to take appropriate advice as each arrangement has different legal implications if the relationship were to breakdown. A cohabitation agreement or prenuptial agreement can help to protect both parties and their assets if the relationship ends.
Finances
It is advisable to review your finances regularly as your priorities will depend on your personal circumstances. Those who have their own business may particularly wish to ensure that their income is protected in the event of illness. Others may look to invest money which has been inherited or save for future events such as a child’s wedding. For some it may be time to start planning for retirement and working out what income will be available for later years.
Property
It’s essential to plan a house move in good time and gather all the necessary information including taking advice from professionals such as estate agents, solicitors and mortgage brokers if loan finance is needed. You should take steps to find out what your property is worth at an early stage in the process and what it might cost to move into your next home.
Illness and Incapacity
Powers of Attorney can be useful for people of any age, especially for those with a debilitating illness or those who has been involved in a life-changing accident. In an ideal world a Power of Attorney is never required, but if that’s not the case and you find yourself unable to manage your own affairs, it is better to have made the appropriate plans so your family or loved ones can step in and help you when you are not able to make decisions yourself.
Death
Making a Will is a straightforward process and useful for your family in the event of your death. Whether you have a large and complex estate or your affairs are more straightforward, it is important to put a Will in place. Once you have a Will it should reviewed throughout your life so amendments can be made as your circumstances change.
Tax
The tax year runs from 6th April to 5th April and there are allowances available each year. It is important to know how you can benefit from these allowances, so may be useful to meet with a tax adviser in advance of the tax year end. This may involve making a contribution to your ISA, selling an asset to utilise your capital gains tax annual exemption or making gifts to mitigate your potential inheritance tax liability to your estate.
