"2023 is the year I get organised. Where’s best to start?"

Tom pettman portrait.

Tom Pettman


Phone 01264 325810

Email tpettman@bsandi.co.uk

Good intentions are in plentiful supply at the beginning of the new year. Whether it's weight loss, calling time on a bad habit, or sorting out a relationship, January comes with the kick-start we all need.

And it’s a popular time for getting financial and other affairs in order. Clients often tell us they’re relieved to have finally got around to putting property in trust for their children, or ring-fencing future care home fees – things they’ve been meaning to do but haven’t found the time to formalise. This type of planning can encompass so many elements. In fact, one of the challenges is in knowing what you need and where to start.

Talking this through with a private client solicitor will make this clear. You explain your situation and what you hope to achieve (tax efficiency, peace of mind that your family is taken care of, wealth preservation, for example), and they’ll get the wheels in motion to put that into effect. Some of these things may be more pressing than others - for example, a Lasting Power of Attorney needs to be put in place while you still have mental capacity (which can mean that time is of the essence). But in most situations, it’s really a case of ‘the sooner the better’.

Generally speaking, a Lasting Power of Attorney is a key document to have in place. It appoints people to take care of decisions about your property and finances and your health and welfare. Another is a Will; everyone should have one. More than that, everyone should have a Will that properly reflects their current wishes. As personal circumstances evolve, you should remember to revisit your Will and update it as necessary. It’s straightforward to do – speak with your private client solicitor about either replacing your Will entirely or adding a ‘Codicil’ that sets out the changes.

A new year, a new start. It may be the cliché thrown around as people set their resolutions, but if it provides the impetus to make improvements and shore things up for the future, it’s one worth taking on board.

To speak to us about your future planning, from making or updating a Will, to minimising your family’s Inheritance Tax liability, contact us at 01264 353411 or at info@bsandi.co.uk" target="_blank">info@bsandi.co.uk.

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Find out more about how we can help you in your circumstances by contacting us. You can call us on 01264 353411email us at info@bsandi.co.uk or complete our online enquiry form.