This article highlights the importance of financial planning, particularly focusing on Power of Attorney (POA), asset protection through trusts, and estate planning with a Will. It emphasizes how these steps can prevent financial stress and ensure loved ones are cared for in case of unforeseen circumstances.
With the start of a new year, many of us find ourselves reflecting on areas of our lives that could use a little more organisation and foresight.
1. Make sure there is 'no drama' It's important to arrange a Power of Attorney while you're still fit and able, and doing so can offer a great amount of peace of mind. These loved ones can then make any key decisions about your care and wellbeing in your best interests, meaning you and your family can rest easy about the future knowing you're in safe hands.
A trust can be a great way to manage and preserve your financial assets, including the family home. It distinguishes the property owner from the person who gets the benefit of the trust property, while you still hold legal ownership and control. For example, if you’re not married or in a civil partnership, your partner won’t automatically inherit your money. Or, if you’re a parent with young children, there won't be any instructions on who assumes guardianship or how your children are to be cared for.
Financial Planning Power Of Attorney Trusts Estate Planning Will
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