If you've been meaning for ages to get your legal affairs in order, consider spring cleaning them: any or all including wills, lasting powers of attorney, property, family arrangements and business succession planning.
This month’s article from Scott Bailey Solicitors sums up the various and varied legal matters some or all of which might affect us - and be due for a spring clean!
Spring Cleaning Your Legal Affairs!
As the days grow longer and the first signs of spring appear, many of us turn our attention to a familiar ritual - the annual spring clean. Cupboards are cleared out, paperwork is sorted and plans are made for the months ahead.
At Scott Bailey, we often talk about giving your legal affairs a “spring clean” too. When you are in the mood to get your house in order, it can also be a good opportunity to review your important legal documents. Many are created at key moments in life, but they are rarely revisited unless circumstances change dramatically. Over time, those documents may become outdated, incomplete, or no longer reflect your wishes.
Taking a little time each year to review your legal arrangements is a really good idea, and can provide reassurance that everything remains in order for you and your family.
Wills
One of the most important documents to revisit is your will. Many people write a will after a major life event such as marriage, the purchase of a home, or the arrival of children. However, it is easy for many years to pass without reviewing whether it still reflects your current circumstances.
Changes in family relationships, financial circumstances, or property ownership can all affect whether a will remains suitable. For example, you may wish to update beneficiaries, appoint different executors, or make provisions for new members of the family such as grandchildren.
If you do not have a will at all, we would advise you to consider putting one in place. Without a valid will, your estate will be distributed according to the intestacy rules, which may not reflect your wishes at all.
If you are not sure where to begin with writing a will, you are not alone. Many people feel uncertain when they first start thinking about it. Our experienced solicitors will guide you through the process from the outset, helping you consider what needs to be included, how assets are typically divided, and ensuring that everything important has been carefully thought through.
Lasting Powers of Attorney
Another area that is often overlooked is Lasting Powers of Attorney (LPA). These documents allow someone you trust to make decisions on your behalf if you lose the ability to manage your affairs. It is very important, once you have assigned somebody as your LPA, to update this immediately if your circumstances change and they are no longer the best placed to make important decisions on your behalf.
There are two types of LPA in England and Wales. One covers property and financial affairs, while the other relates to health and welfare decisions. They are both equally important.
If you don’t have lasting powers of attorney in place, it is wise to do so. Many people assume these documents are only necessary later in life, but in reality, unexpected illness or accidents can occur at any age. Having lasting powers of attorney in place ensures that trusted individuals can act in your best interests if the need arises.
Property
If you own property, it may also be worth checking how it is legally held. For example, couples who own property together may hold it as joint tenants or as tenants in common.
The way property is owned can affect what happens to it if one owner were to pass away.
Changes in relationships, inheritance planning or tax considerations may mean that your current ownership structure no longer suits your circumstances, and we can advise you on that. Reviewing your property ownership structure periodically can help ensure that your property arrangements remain aligned with your long-term plans.
Family arrangements
If you are living with your partner but are unmarried, it is important to understand that unmarried couples do not have the same legal rights as those who are married or in a civil partnership.
Putting a cohabitation agreement in place can be a sensible step, particularly where couples share property, finances, or have children. These agreements allow couples to record how assets are owned, how financial responsibilities are managed, and what arrangements should apply if the relationship were to end.
We regularly support couples who are simply planning ahead. A cohabitation agreement is not about anticipating the worst, but about future-proofing your arrangements and ensuring that both partners are protected.
If the relationship does break down, having an agreement in place can help avoid uncertainty and reduce the likelihood of disputes during what can already be a difficult time.
Our experienced family solicitors can prepare clear and carefully considered agreements, giving both partners confidence that their arrangements are properly documented.
Business succession planning
For business owners, reviewing the long-term future of your business should form part of your legal spring clean.
Often, directors and shareholders find themselves so busy focusing on the day-to-day running of their business that they rarely take time to think about what would happen if they were no longer able to run it. Without clear planning, unexpected illness, retirement, or death can create uncertainty for family members, business partners and employees - and having a succession plan in place can help provide clarity and reassurance.
Succession planning may involve reviewing shareholder agreements, partnership arrangements, or ensuring that your will properly reflects your business interests. In some cases, business owners also consider arrangements such as cross-option agreements or business property relief planning as part of their wider estate strategy.
It is wise to review these arrangements from time to time, to ensure the future of your business is protected and that your intentions are clearly documented.
Help is at hand!
At Scott Bailey, we have expert solicitors on hand to help with writing wills, putting LPAs in place, reviewing your property ownership, advising on tax planning, and handling a variety of business
When your spring clean is done, it is worth checking that important legal documents are stored securely and that the right people know where to find them. A will, for example, should be kept in a safe place, and executors should be aware of its location.
Similarly, copies of lasting powers of attorney, property documents and other key records should be organised and accessible if they are ever needed.At Scott Bailey LLP, our experienced lawyers regularly assist individuals and families with wills, lasting powers of attorney, estate planning and property matters.
Reviewing your legal affairs does not have to be complicated, but taking the time to ensure everything is up to date can provide valuable peace of mind.
If you would like to discuss your personal legal arrangements, our team would be pleased to help you review your position and ensure your plans continue to reflect your wishes.
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About Scott Bailey LLP
Founded in 1930, Scott Bailey has grown to become a leading firm in the New Forest, providing a full range of legal services to private individuals and businesses. Services for individuals include Residential Conveyancing, Divorce, Family, Wills Trusts & Probate, Litigation & Disputes.
SME business legal services include Corporate, Commercial, Intellectual Property, Dispute Resolution, Landlord & Tenant, Insolvency and Employment Law. Scott Bailey LLP is one of only a very few firms based in the New Forest providing these specialist services.
The first firm in the region to receive the Law Society's prestigious LEXCEL award for high standards of practice management and customer care, Scott Bailey LLP promises top-quality, professional help from a team of expert solicitors who will put your best interests at the heart of their work.
Scott Bailey was delighted and proud to win "Business of the Year" at the 2023 New Forest Brilliance in Business Awards.
