There are various points in your life where it is a good idea to get advice from a solicitor. These points are loosely, but not absolutely, determined by age and situation.
Many people are hampered by misconceptions about lifetime planning. You might be told told things, like "you only need a Will when you're OLD" or "you don't need a declaration of trust if you're getting married", that mean you do not receive the best possible advice for you at the right time.
We've set out some of the commonly thought of "stages" in life and different things to consider below.
Whether you're starting out in the "firsts" stage, getting going in the "bedding in" stage, consolidating in the "top of your game" stage or thinking about retirement, at Julie West Solicitors we're here to help you prepare properly at every stage of your life.
the "firsts" stage
First time buyer, first time parent, first time dealing with a serious illness in the family.
This is a stage where you will be making some of the most important and expensive decisions of your life for the first time. Without help from family etc, budgets can feel tight. You want to make sure you're making the right decisions and are getting the best possible advice for your money.
Some things to consider at this stage:
You need to make a new will if:
You want to appoint guardians for your children
You're thinking of getting married or cohabiting
You've invested in a new asset (flat/house/new business)
You need a declaration of trust if:
You're moving in with your partner
You're investing in property and want to regulate the way that you will contribute to it, whether its spending money on renovations, splitting bills and mortgage payments or how you would get your money out if the relationship breaks down or if you die
“Really friendly. Prompt delivery. Overall really satisfied.”
the "bedding in" stage
In this stage things can get more complicated. You might be buying a family home, dealing with marriage breakdown, caring for elderly parents or setting up your own business.
You've dealt with lawyers before. You may have been burned in the past by "pile 'em high, sell 'em cheap" firms tied in by referral arrangements with estate agents, brokers and funeral directors. You're looking for someone you can trust, who understands your situation and can add real value.
Some things to consider at this stage:
You need to make a new will if:
You want to make provision for children from a previous or new marriage
You're getting divorced or remarried
You've got high value assets (like a house)
You run your own business that has a premises or stock and equipment
You need advice about lasting powers of attorney if:
You're caring for your parents and have been appointed, or think you will be appointed, as their attorney
You've been diagnosed with an illness and want to give your family power to make decisions about your care if you're not able to do so yourself
You run your own business and what to make sure there is an appropriate person able to be responsible for keeping it going in your absence
“It was a pleasure to meet you and thank you for being so efficient and speedy with putting our Wills in place.”
the "top of your game" stage
At this stage you might be in a better position than you've ever been in in your career and started planning for retirement, you may have inherited family money, your children might be leaving university or getting married and be asking for a helping hand. You might have found yourself looking after small grandchildren a couple of days a week.
This is the moment where appropriate tax planning can make a really big difference later on. You might also want to consider how to best deal with care fees if needed in the future.
To help with this we offer a will review service to check the provisions in your will remain appropriate to your current situation.
Some things to consider at this stage:
You might want to change your will if:
You no longer need guardians for your children
You want to change your executors
You want to set a particular age that your children or grandchildren inherit
You should set up lasting powers of attorney at this stage to save time, money and possible distress later on. If its not possible to make lasting powers of attorney you may need our help to make an application to the Court of Protection.
“I was impressed with their follow-up calls if a response had not been received”
retirement
This stage is a natural nudge for many people to think about getting their affairs in order.
Some things to consider at this stage:
Your might want to update your will if:
You're concerned about Inheritance tax or care fees
You'd like to include a gift to a charity in your will
You would benefit from our general advice if:
You're downsizing
You need to make provision for future income, for example if you don't have a full pension
You're thinking of taking out an equity release to free up capital from your house, for example if you're taking a "silver gap year" or helping your children get on to the property ladder
You're considering making a lifetime gift of money or property
You're thinking of buying or selling a holiday home
You are recently bereaved
“Liked - pervading sense of trust... adaptability and willingness to take on unusual issues”