Five Legal Resolutions for the New Year – Moving from 2025 to 2026
The New Year presents an ideal opportunity for establishing goals and resolutions. Here are our top five recommendations for organising your personal affairs for the upcoming year.
1. Create or Amend Your Will
A will grants you the authority to designate the beneficiaries of your estate, as well as to appoint the individuals responsible for administering it. If you pass away without a will, the applicable laws of intestacy will govern the distribution of your estate, which may not align with your personal wishes or expectations. Furthermore, the absence of a will is likely to result in delays and increased costs in the administration of your estate. Scotland possesses distinctive ‘legal rights’, a form of forced heirship applicable to spouses, civil partners and children, which should be carefully considered. Appropriate legal advice should be sought when instructing your will. If you already possess a will, it is advisable to review it periodically, typically every few years, to ensure it accurately reflects your current intentions and situation.
2. Establish a Power of Attorney
It is a widespread misconception that your spouse, partner, or “next of kin” would automatically possess the authority to manage your affairs if you are unable to do so yourself. However, a power of attorney is necessary to grant such rights to individuals you wish to act on your behalf in the event of a loss of capacity. We advise that all individuals establish a power of attorney, irrespective of age or situation. You then have authority to designate the individual(s) you appoint as your attorney(s), as well as to specify the scope of the powers granted to them, which typically encompass authority over your financial and welfare affairs. If you were to lose capacity without a valid power of attorney, it would be necessary to apply to the court for a guardianship order, which is often an expensive and complex process.
3. Consider Designating a Guardian for Your Children
Arrange for someone to care for your children in the event that something were to happen to you. You may designate guardians for your children either within your will or through a separate document. This may prevent family disputes and the possibility of prolonged legal proceedings to resolve the issues.
4. Update Your Death and Pension Benefit Details
Ensure that your nomination forms for life assurance, pensions and death in service documentation are current and accurately represent your present wishes.
5. Talk about it!
Discussing issues related to ill health and mortality, along with their implications, such as care arrangements, funeral planning, and financial considerations, can be a sensitive and challenging subject. Nevertheless, clearly understanding and articulating your preferences in advance can facilitate difficult decisions for your loved ones. Challenging life circumstances can be alleviated through proactive planning and expert guidance.
Your situation may necessitate tailored legal advice. Please contact our experienced team of solicitors at 0141 433 2626 to arrange a complimentary initial consultation.
