‘Cleaning up’ Your Affairs- Power of Attorney and Wills
Well, aren’t we living in very strange somewhat scary times? Some of us are working from home, some of us have been stood down and don’t have much to do, some of us don’t know if our business is going to survive the pandemic and some of us don’t know if our/our loved ones’ health will be impacted by the spread of the current virus.
Many are taking this downtime as an opportunity to do a big ‘clean up’. Right now is also the optimal time do a ‘clean up’ of your affairs.
Power of Attorney – Personal and Business
Most people know that a power of attorney authorises another person(s) to deal with your financial affairs in the event that you are unable to do so yourself. If you own a business and trade as a company, you can also prepare a power of attorney authorising another person(s) to act on behalf of the company.
Now more than ever is the time to ensure that someone you trust can step into your shoes and ensure that your business continues to operate in the event that you are unable to do so– for whatever reason.
A power of attorney does not mean that you lose control over making decisions. You can provide a power of attorney to a person(s) to carry out your instructions on your behalf, eg signing documents, negotiating and/or entering into a contract, lease or some other function. In that instance, you are still making the decisions for yourself or your business.
Now more so than ever, everyone over the age of 18 years that owns assets (e.g. a car) should have a will. If you already have a will, you ought to review it to ensure that it does what you want it to do, that is, that the right beneficiaries are named and that your intentions with respect to gifts are correct. And if you don’t already have a will, you should instruct an experienced solicitor to make one.
When reviewing your will, you ought to consider whether any of the following events have occurred since you signed your will:
• New relationship
• Contemplation of Marriage
• Birth of a child
• Death of a person named in your will
If so, there is a good chance that your will requires changes.
Our experienced solicitors can assist you to prepare a will that clearly sets out your wishes, and makes provisions for future changes (known or unknown). We can also guide you as to how to sign the will whilst we are required to comply with social distancing rules.
To find out more contact one of our friendly staff at Bambrick Legal today:
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