Life changes all the time, and your legal documentation, such as your will, should keep pace. The start of the new year is the perfect time to review key legal documents to ensure they accurately reflect your current wishes.
It’s best practice to review and update your will every five years or when a major change in your life occurs that impacts you or your loved ones, such as a marriage or civil partnership, divorce or dissolution of a civil partnership, the arrival of a child, the loss of a loved one, or changes related to gender recognition.
An up-to-date will not only ensures your wishes are honoured but also sets out clear guardianship arrangements for your children. Alarmingly, many parents don’t have a will or haven’t legally appointed guardians for their children. Without a will, guardianship decisions may be left to the courts, which might not align with your preferences.
Setting up a Lasting Power of Attorney (LPA) is another crucial step that every adult should do before it’s too late. An LPA ensures that someone you trust can manage your financial and healthcare decisions if you become unable to do so, because we never know what is round the corner. You can establish a Property and Financial Affairs LPA for handling your finances and a Health and Welfare LPA for decisions regarding your care and living arrangements.
Finally, it is wise to prepare for the unexpected. Create a secure emergency document with essential contacts and key details for accessing important accounts, such as online banking. Additionally, documenting your funeral wishes can reduce the emotional burden on your loved ones during a difficult time.
By Sian Lias, Partner at Phillips Law and Member of the Association of Lifetime Lawyers
