Covid-19 Service
Covid-19 Action Plan
Recent events have focused people’s attention to ‘what ifs’ and planning, so we have developed a 5-point Covid-19 Action Plan to guide you through key areas which, in our opinion, you should be considering. This page provides a brief outline of what it covers, but you can register to receive a copy of the full Action Plan at the bottom of this page:
1. Do you have a Will? If not, you need one
- If you have one, is it valid?
- Is it appropriate now?
- Do you know where it is?
- Do your beneficiaries know where it is?
- When did you last review it?
2. Do you have a Lasting Power of Attorney (or EPA)? It's never too early to put one in place
If you have previously set up an Enduring Power of Attorney (EPA), you should be aware that since 2007, EPAs have been replaced by Lasting Powers of Attorney (LPAs), which provide extended powers. We can advise you about whether your existing EPA is valid and appropriate for you, or if you should consider appointing a LPA instead. You should also ask yourself:
- Do you know where your LPA or EPA is?
- Do your beneficiaries know where it is?
3. Do you have a Funeral Plan?
If not, you should perhaps consider one. If you die tomorrow, your beneficiaries could pay more for your Funeral than you would pay today for the same Funeral.
4. Where are all your assets and liabilities recorded and evidenced?
Think about what you have and what you owe and evidence this. The simple fact is that Assets are not claimed when someone dies, because nobody knows they exist.
Also, with the amount of passwords we all seem to have these days, we feel you should consider compiling a list starting with priority passwords. Obviously you need to be sure that your information is safe and you need to decide who to give the information to or who to advise where the information is and how it can be accessed. We can assist by storing confidential paperwork with your Will and we also suggest you store other important paperwork with it, for example, property deeds. You then have important documents safely stored remotely in one place and documents can be updated as and when details change. Charges do apply, but they are minimal.
5. Have you considered the cost of Care?
Long term care, or indeed any care, can prove to be expensive. However, adequate planning can ensure that liquid assets are protected, and the family home that you want to pass on to future generations can be protected for them.
Without the right protection and forethought, you might currently be thinking that a property worth (for example) £250,000 could perhaps be sold to pay for your care when you need it. However, if the cost of your care were £1000 per week, the capital would be used up within 5 years and your asset would be lost forever. The inheritance you might have wanted to pass on to your descendants would no longer be available to give them. And it needn’t be this way!
We have seen a situation where an elderly gentleman was in care, and had effectively spent the value of his property, having sold it. He then inherited money from his late sister, but that money simply went into the ‘pot’ to be spent on more care. He was not able to prevent it from happening.
They were two people who could have taken advice and protected their assets. Then various children and grandchildren would have not lost their inheritance – which the elderly gentleman had always thought would be left to them. Talk to us about how we can help you.
Register To Receive The Full Action Plan
Register here to receive a FREE digital copy (PDF) of our COVID-19 Action Plan. It will highlight the interests you need to protect and the key areas that should be considered.
Get In Touch
For a confidential chat about securing a more stable future for you and your dependants, please call us on 01823 240241, or send us a message now.
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