So, while you’re still alive and have capacity, what are some of the considerations you need to take into account? Here’s a list of a few we’ve come up with:
- Enduring Power of Attorney document
- Advanced Health Directive
- Consider Trusts or Asset Protection strategies
- Do you want to provide for your families by giving away assets prior to death to ensure they go where you want?
- Make sure your passwords and bank account details are available to those who will need to know
- Review your documents on life changes such as marriage, loss of a spouse, divorce, health changes or when investing
And then there are considerations to deal with matters that will arise around your death that require attention, such as:
- Your Will
- Mental Capacity – will having dementia affect your nneds
- Letter of Wishes – where exactly would you like certain things to go or how would you like to be interred – cremation or burial?
- Do you need a Testamentary Trust to provide for your children – adults or minors?
- Do you have outstanding taxation issues?
- Do you have a blended family that needs to be dealt with?
Along your journey, you’ll likely need to keep your documents in a secure loaction and make sure your advisers are up to date with your wishes. Review your circumstances at least annually as things can change very quickly!
Making sure you have ‘all your ducks in a row’ is a beautiful gift to leave your family as dying intestate causes many problems. Please don’t put it off. Catching up with a solicitor or engaging a professional who can assist you is important. The cost is nothing compared to the peace of mind you’ll have for both yourself and those left behind.