Three New Year’s Resolutions for 2012

Along with shedding the pounds gained over the festive season, looking after the pounds we have worked so hard to earn tops the list of most common resolutions we make as the clock strikes twelve.

Here are our top three tips to take control of your finances in 2012:

1. Make a Will

Nearly two thirds of adults in the UK do not have an up-to-date Will. Without a Will, the law decides who will be entitled to a share of your estate. The absence of a Will can complicate and prolong winding up your affairs causing unnecessary anxiety and expense for those you leave behind.
As well as providing for distribution of your assets, a Will can be also be used to reduce tax liabilities on death and nominate guardians for young children. 

2. Put in Place a Power of Attorney

By granting a Power of Attorney, you can authorise family, friends or professionals to deal with your welfare should you become incapacitated. This document can also include powers to deal with financial matters on your behalf. Without a Power of Attorney, your assets would be frozen and your family would have to go to court for permission to act as your guardian, a process which costs thousands of pounds and can take months.

Your financial attorney can also deal with your affairs if you are abroad which can be convenient when dealing with property transactions or investments.

3. Start Planning for Your Retirement

In these uncertain times it is all the more important to have the peace of mind which comes from the knowledge that you have planned for your retirement. This will depend on your individual circumstances but could involve setting up a trust or doing some tax planning.

Our experienced Private Client Team specialise in drafting Wills and Powers of Attorney and undertaking tax planning. We take the time to understand your priorities and give you the comfort that comes with being prepared for the future.