Wills and legal advice at Lifetime Solicitors in Stamford, Lincolnshire
It’s that time of the year again.
Summer is just around the corner and many people have got their annual spring cleaning underway.
It’s a time to have a long, hard look at things you want to keep or bin, as well as dusting down all those items that have been neglected during those long winter months.
But it’s not just about deck chairs, winter jackets and feather dusters.
Now couldn’t be a better time to also dust down some of your financial documents and give finances a good thorough clean-up.
“Most of us lead busy lives and that can often put off these tasks which are so important,” said Charlotte Corbyn, who is a Director Solicitor at Lifetime Solicitors in Stamford.
“So now is also the perfect time to carry out a ‘personal spring clean’ too.
“It could only take a moment to carry out a quick and basic personal spring clean and to get matters acted upon.”
Here are five great hints and tips to give your finances a good spring clean:
1. Knowing your monthly budget
A quick tot up of money in and out can help you to refocus your budget and allow you to start planning how to put your income to best use. Plan ahead if there is likely to be any large expenditure in the year.
Charlotte says: “You can also look to see if there is excess income and whether it is being properly saved, invested or put to good use. Perhaps it’s time to start considering making gifts or looking at wrapping up funds into a trust?”
2. Have there been changes to your personal or financial circumstances?
Is your Will still saying the things you want it to say? Has something happened which has resulted in your finances needing to be rearranged. Have retirement plans altered your situation or has money been invested somewhere?
Charlotte says: “Whenever there are changes in personal or financial situations, it’s really important to consider if they will impact on any previous investment strategies or estate planning. So reassessing where you are financially is so important and should not be left to chance.”
3. Do you have sufficient protection to cover any change in your finances?
Have you got your life insurance sorted out yet, or are you thinking about the impact your debt may have on your plans for who those in line to inherit your estate?
Charlotte says: “Not only is it important to look at changes in finances in terms of budgets, savings and investments, but also, to consider that you have sufficient protection in place should you pass away unexpectedly. Many people may find it difficult to speak about things like dying or death - which is totally understandable - but not doing something about it while you’re alive is actually worse.
4. When was the last time you had your Will reviewed?
Did you know that it is not just changes in personal or financial circumstances that will need your Will to be reviewed, but also laws and inheritance tax changes as well?
Charlotte says: “Review you Will whenever there are changes in your life, or at least every three years. If you don’t have a Will, then take action to get an appointment to get your Will drafted. Remember that it is important to get proper legal advice and avoid unregulated Will writing companies.”
5. Have you sorted out a back-up scenario with regards to handling your personal and financial matters should you become incapacitated?
Are you prepared for the unexpected? Once you’ve got everything in order, it’s important to ensure that you have Lasting Powers of Attorney for both personal Health and Welfare decisions as well as Property and Financial decisions.
Charlotte says: “This will make sure that there is someone ready to step into your shoes and carry on making decisions on your behalf should you become incapacitated. Without it, much of your hard work could simply go to waste.”
Lifetime Solicitors are a firm that deals with a range of services, including Will Writing, Residential Conveyancing, Trusts and Probate, Lasting Powers of Attorney, Family Law and Court of Protection.
All the services are designed to protect clients, enabling complete peace of mind. Anyone wishing to find out more can give the firm a call.
To find out more details about how Lifetime Solicitors visit the official website by clicking here, call 0333 241 7675 or email firstname.lastname@example.org.