There are numerous issues which can arise when a vulnerable beneficiary (a person who is mentally or physically disabled; or someone under 18 who has lost a parent through death) inherits a sum of money from an estate if no safeguards have been put in place. Often these safeguards take the form of trust provisions incorporated into your Will which allow your executors, who would act as the trustees, to hold funds on behalf of the vulnerable beneficiary until either a certain age or event is reached, or until your trustees think it is appropriate for funds to be made over to the beneficiary.
According to the Law Society, the number of people looking to write new Wills in the UK has risen by at least 30 per cent following the outbreak of coronavirus. Nevertheless, the process of creating and amending Wills relies heavily on face-to-face interaction, which makes the government measures to stay at home and self-isolate more challenging.
It’s crucial that during this period, you do not delay getting your estate planning in order. Being in lockdown is an unusual situation to adapt to, however it has also created an opportunity for people to get overdue tasks completed, including writing or revising your Will.
At Macnabs, we are always available to assist you and will continue to offer trusted guidance, no matter your legal need. To speak with a member of our team about your estate planning, call us on 01738 623432 or complete the online enquiry form and one of our lawyers will get back to you as soon as possible.
Making decisions is part of everyday life; from where we go when we step out the front door to who comes to visit us in our homes. You rarely consider a time where these choices will be made for you, and yet, the measures implemented as a result of the coronavirus (COVID-19) crisis have left us all incapable of planning our next move.
While many are likely to feel unsettled and anxious during this time, it is important to focus on areas of your life which you can control. A Power of Attorney is a fantastic tool which provides you with the power to act early and be in charge of what happens to you.
Estate planning allows you to get ahead of your future and ensure all the appropriate documentation that divides your estate is in line with your wishes. Having a well-thought out plan will not only protect you should you lose mental capacity, but it will also support your family and causes close to your heart on your death.
A number of roadblocks have been put in place as a result of the coronavirus (COVID-19) pandemic; from adapting your home into an office to finding a suitable witness to your Will. Organising your affairs can feel near enough impossible while adhering to the current government guidelines, however, our team remains on hand to ensure that the current crisis does not impact your estate planning.