By Richard Horwood, Partner and Head of Private Client.
As the New Year begins and everybody starts talking about “2020 vision” and how it can be used as a “strapline” or turned into something more adventurous by the marketing and branding gurus it reminds me that hindsight is equally referred to as “2020 vision”. There are many things that one can wish that he or she had done with the benefit of hindsight. Getting your affairs in order should not be something that is looked back upon and thought “I wish I had done that”! With some forethought, there is the opportunity of putting in place all of the appropriate arrangements.
The New Year is often a time for resolutions and people vowing to get their affairs in order, and I would encourage everybody thinking about this to contemplate the following:
- Is your Will in place and up-to-date? I encourage all clients to think about the terms of their Will every three, five and ten years. Changes are not necessarily needed, but it is important to make sure that the terms still reflects your current wishes. If you have not put in place a Will then now is as good a time as any to start the process.
- Are Lasting Powers of Attorney, in relation to Property & Financial Affairs and Health & Welfare, in place and up-to-date? It maybe that Enduring Powers of Attorney were prepared, but as these do not deal with Health & Welfare decisions it may be appropriate to consider preparing them.
- Have personal circumstances changed such that any of these documents need to be reviewed?
- If you are in business is the shareholder agreement or partnership agreement up-to-date and fits for purpose?
- Have your terms and conditions of business, or contracts with third parties been reviewed recently, and updated as appropriate?
- Are all of your employment contracts for any employees that you may have up to date?
There are numerous other areas of personal and business life that are constantly changing and it is at the beginning of the year, looking forward to whatever 2020 may hold, that it is a good time to take stock and just think about the future. Here at Longmores we can help you with all of the legal aspects of your personal and business life, so please do get in touch if we can assist further.
Please note the contents of this blog are given for information only and must not be relied upon. Legal advice should always be sought in relation to specific circumstances.