Procrastination has its price

Let’s be honest, when faced with the prospect of a candid discussion about possible mental decline, potential family discord and death (at some point) who wouldn’t rather put it all off until another day?

Nevertheless, over the years that I have been giving specialist legal advice, I have noticed that individuals and families tend to fall into two categories. There are those who plan ahead, reaping the benefits of doing so, and those who put things off until they can no longer be ignored, often limiting their options and increasing the hassle and costs for themselves and loved ones.

Here are just a few examples...

If you leave it too late and your mental capacity is already diminishing, you probably won’t be able to put a ‘Lasting Power of Attorney’ in place. Your affairs will then have to be overseen by the Court of Protection, resulting in a more cumbersome, time-consuming and expensive process for those close relatives or friends whom the Court appoints to act on your behalf.

If you die without a will, or have failed to keep it up-to-date, or youhave invalidated an existing will through marriage, then the legal situation for any executor and any potential beneficiaries becomes much more complicated. It increases the risk of costly disputes and means that your estate may not be divided as you would have wished.

If you fancy shaking off that tendency to procrastinate, you can contact Ed Ryder, Head of Private Client Advice, and his team on 01904 558 660 or via www.harrowells.co.uk

Ed Ryder, Head of Private Client Advice at Harrowells.

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