These articles gives a general overview only and the legal position at the time of writing them. It cannot be relied upon in any particular case. Specific legal advice must always be considered to include consideration as to whether the legal position contained in this article has changed since going to print.
Do You Know Where Your Money Is Going?
If you became ill tomorrow who would pay your bills for you? Who would pay for your long term care? If you died tomorrow would your money go where you want it to?
Most of us would like to think we are in control of the answers to these questions but are we? Many people may believe that residential or nursing home care will be paid for by the Government. This is frequently not the case and can sometimes mean that your savings are reduced and your home sold to pay for your care. With some forward planning this need not be the case.
With care fees easily reaching £25000-£30000 per year think how quickly this would use up you hard earned money. There are several ways of retaining at least some of the value of your home to pass on to your relatives and friends when you die. Some of these require action now but even if you are about to move to a home, before agreeing to the sale of your home you should consider taking professional advice on the best way to fund your stay there. You can then make an informed decision about whether your home needs to be sold.
The number of people living alone is increasing every year. We may live alone through choice, relationship breakdown or the death of a partner. This makes it ever more important to make arrangements for someone of your choosing to be able to look after your financial affairs should you become incapable of dealing with these matters yourself. Even if you live with someone now or are part of a close family unit, this does not mean that they will be able to help out when the need arises. A Power of Attorney, used by someone you trust, could ensure your affairs would remain in order.
Even when you die you can control where your money ends up. Many married people choose not to make a Will, believing that their husband or wife will inherit everything. It may surprise you to know that this is not necessarily the case.
Most of us have relatives with whom we have regular contact. What about those brothers, sisters, aunts, uncles, nieces, nephews and cousins (to name but a few) we have not seen or heard of in years and even those you did not know existed? If you do not make a Will they may benefit from your death. Is this what you want?
The above are all issues that a solicitor with expertise in these areas can advise on. Too few people consider where their money will go if matters are taken out of their control. Do not wait until it is too late! Acting now to put your affairs in order could bring peace of mind and save you money in the long run.
April 2009
This article gives a general overview only and the legal position at the time of writing this article. It cannot be relied upon in any particular case. Specific legal advice must always be considered to include consideration as to whether the legal position contained in this article has changed since going to print. For further information and advice, please contact Deirdre Moss, Gail Leece, Gareth Horner or Trish Watkins on 0800 135 7917 or alternatively by email on Deirdre.Moss@lemon-co.co.uk, Gail.Leece@lemon-co.co.uk, Gareth.Horner@lemon-co.co.uk or Trish.Watkins@lemon-co.co.uk.
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<p><strong><a href="http://www.lemon-co.co.uk/article_power-of-attorney.php">If you became ill tomorrow who would pay your bills for you? Who would pay for your long term care? If you died tomorrow would your money go where you want it to? </a></strong><br />
If you became ill tomorrow who would pay your bills for you? Who would pay for your long term care? If you died tomorrow would your money go where you want it to?...</p>
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