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Organising Your Estate Plan to Reflect Your Wishes and Needs

The key thing with estate planning is understanding your wants and needs and having the right legal documents in place. Planning for future incapacitation and eventually death can give you peace of mind that your loved ones will be provided for in accordance to your wishes.


Here at Oakmere Wealth we can provide professional support to guide you through the process to getting all of your ducks in a row.




Important Documents

  •  Power of Attorney – allows you the ability to nominate a trusted person/s to make Financial and Health decisions on your behalf.

  • Will – Your will lets you decide what happens to your money, property and possessions after your death, without a will in place, your estate will follow the rules of intestacy.   

 

Communication is key

Now you have done the hard work of putting together a clear comprehensive estate plan it’s important that you discuss your wishes with everyone involved. i.e. if you have named your son or daughter as the executor of your Will, a conversation is necessary to make sure they are firstly, aware of their role in your plan, but also so they understand your wishes. Involving the next generation in the conversation can be vital in ensuring things run smoothly and exactly how you want it to.

 

Simple things to organise your estate

Easy areas to miss are often the simplest fixes. Check that you have completed your paperwork correctly and it reflects your wishes.

 

  • Death in Service: Expression of Wishes – this tells the insurance provider where you would like your lump sum to be paid.

  • Trusts – make sure your trust is registered with HMRC and provide your trustees with a copy of the trust.

  • Online Investments – store physical information about the account. e.g.: if you have opened an ISA investment, bank account or Premium Bond via an online platform and no one knows about it, if you become incapacitated it’s easy to lose track of investments.

  

Where did I put that document?

Over time you will inevitably begin to collect important documents, such as a copy of your Will, your Powers of Attorney, information on where your bank accounts are etc.


Storing these documents securely is important but make sure your trusted person knows where they are or has access to them. At a time when you are incapacitated your attorney would need original documents to register their access with most institutions, knowing where the documents are could save a lot of time when it’s needed.

 

Keep everything up to date

As your circumstances change naturally over time it important to continually revisit your estate plan to make sure it evolves with you. Life has a way of throwing curveballs and legislation changes all the time and you want to make sure that your plan continually reflects your wishes. Regular meetings with your adviser can help you keep track of changes.

 

 

Will writing and Powers of Attorney involve the referral to a service that is separate and distinct to those offered by St. James's Place and along with Trusts are not regulated by the Financial Services Authority.

 

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