MAKING A WILL
Making a Will allows you to make sure your affairs are in order and to ensure that your loved ones would be protected should anything happen to you. If you have young children, this should include appointing guardians who would be responsible for bringing up your children and looking after their welfare. What could be more important than that?
POWER OF ATTORNEY
Another essential thing to consider is preparing a Power of Attorney which would appoint someone to manage your affairs for you if you weren't able to do that yourself. Putting a Power of Attorney in place at an early stage saves a lot of hassle and expense for your family in the long run.
They are two fairly straightforward documents that are simple to set up. You should have them in place. They’ll ease your mind about what happens when you’re no longer here or no longer able to manage your own affairs.
TAX AND FINANCIAL PLANNING
Another key element in considering your personal affairs and future proofing is financial planning especially if we take heed of the assertion that nothing is certain in this world apart from death and taxes!
Do you have a savings plan in place? What about life cover to protect your loved ones should anything happen to you? What about inheritance tax planning? Have you made full use of your ISA annual allowances? What about capital gains tax allowances?
It is worth reviewing your finances generally to make sure you and your family are taken care of and your assets are protected. It is worth thinking about this at an early stage.
For example, we don't often see clients who say "we want a Trust". It's much more likely that circumstances mean that a Trust can help to save tax. They can ensure your assets are secured for your beneficiaries and save significant amounts of money in relation to Inheritance Tax and Capital Gains Tax.
For all of these considerations it is worthwhile seeking excellent legal, tax and investment advice. Get planning!