Why you should get your affairs in order in 2023

Posted by Janet @ Alba on January 10th, 2023

When we are young, fit and healthy we tend not to worry about the future too much. Then as each stage of our life progresses, we are usually forced to accept that problems do occur. 'Life happens' is the common phrase for this nowadays. 

As lawyers, who help people who are dealing with grief or sick relatives, the last thing you need to be doing is worrying about paperwork at that time. Most people can't think straight, they are stressed and don't have time. It is due to this, that we strongly advise you to get your legal affairs sorted now while you are healthy and have time to read legal documents and think about what you want to achieve.

So what legal documents can you possibly need now? 

Will

A will in Scotland will stipulate who you wish all your assets to be passed on to when you die. Hopefully, you won't actually die for many, many years, however, having this document in place means it is easier. less stressful, and cheaper for your family to deal with your estate when you die. 

If the worst happens and you die young in an accident or through illness and you don't have a Will, it could result in problems for your loved ones. When a person dies Intestate (without a will) in Scotland, the rules of Intestacy will apply. For instance, if you are living with a partner, it could mean that your estate will be inherited by your parents or siblings.  Another issue is if your partner has children that you consider to be your step-children but have not legally adopted them.  They will not benefit from your estate without a Will. A partner can apply to Court to request financial provision, however, this can take time and will cost money.

Writing a simple Will can change all that. It will mean that you can state who should benefit from your Estate. You can stipulate who will inherit your home, your cash, and valuables that you may own. 

Power of Attorney

This is another document that if you know about it, people tend to relate it to the elderly. A Power of Attorney is a legal document that appoints 1 or more trusted people to act on your behalf if you are unable to do so.  A Power of Attorney can be for financial matters only, health and welfare matters only, or it can be a combined Power of Attorney.

Typically, children often have Power of Attorney for their elderly parents so that they can go to the Bank for them or handle their bills while they are in hospital. It also commonly used when an elderly parent has dementia or is living with Alzheimer's disease and they need a trusted person to look after their affairs.

So what has it got to do with a young, healthy adult?

Firstly, you can only appoint an attorney of your choice when you are in good health and of sound mind. If a Power of Attorney is required because you can no longer manage your own affairs, then an application has to be made to the court which can be costly and time-consuming. 

Secondly, appointing a Power of Attorney now, means it is in place if it is ever needed, even temporarily. For instance, you can select a good friend, partner or sibling and if you end up in hospital due to an accident or illness they can easily help you until you recover.

Conclusion

We sincerely hope that you won't be in need of either of these documents any time soon.  However, the benefits of having them in place when you are young, fit and healthy, far outweighs the small cost to have them prepared by a solicitor.

It is also much easier to set them up when you have time to think about who you want to nominate and who you want to benefit from your Estate. 

Speak to your local private client solicitor about making a will and appointing a Power of Attorney.  This is a very worthwhile New Year's resolution that is both useful and achievable.