Talk Money Week runs 8-12th November and encourages conversations about money and managing your finances.
Talking about money and what you want to happen to it when you die, is no one’s favourite conversation. However, talking about financial and practical matters can help put your mind at ease and make things much easier for your loved ones when the time comes.
In this article, we will look at how to start conversations about money, discussing your Will and appointing executors and attorneys if you lose the capacity to make decisions in the future.
How to start the conversation
It can be difficult to bring up these sensitive matters without warning. Introducing the topic with a starting point should make this easier. For example, perhaps your circumstances have changed. Maybe you have remarried, had children or moved home. Starting the conversation with a topic like this can help it feel more natural.
If you are yet to make a Will or Power of Attorney, this can also be a great way to introduce the conversation to those closest to you.
Discussing your Will
One of the most important discussions you will need to have with those closest to you is what should happen to your money and property after you pass away. While the distribution of your estate may seem straightforward, unfortunately, disputes between remaining family members regarding the wishes in a Will are more common than you may think. As such, you should take steps to prevent such a dispute by creating a watertight Will while you are of sound mind.
Following a death in the family, emotions are raw, and many families end up in bitter arguments over property. The best way to ensure the distribution of your assets is straightforward; discuss your will and your wishes with your family. Explain why you wish for your property to be distributed in such a way, and do not be afraid that some people might disagree with what you have chosen to do. Even more important is to then record your wishes in a legally binding Will.
Wills discussions could even help you to decide what is best for your family before you make a Will, or encourage you to amend yours to provide for your family and support causes you value.
Appointing Executors and Attorneys
An important part of planning for the future is choosing who you would like to be responsible for your affairs after you have lost capacity or passed away.
-
Attorneys
A Power of Attorney gives a trusted family member or friend the power to make decisions on your behalf after losing the mental capacity to do so for yourself. You should choose a person you can wholeheartedly rely on to be your financial attorney. It’s best to discuss the role with them in advance and ensure they are able and willing to act for you if needed.
-
Executors
An executor is responsible for administering your estate after you have passed away. This can be a laborious and time-consuming role, so you must discuss it with those who you would like to step in.
You can appoint several executors which may include a professional such as a solicitor to deal with the more challenging parts of estate administration.
Speak with a Solicitor
Start a conversation about your finances with your loved ones this Talk Money Week. It’s never an easy conversation, but the sooner you have it, the better.
If you need support with any of the above topics, from writing a will, to appointing attorneys and executors, then make contact with us today.
Call our Private Client team on 0161 969 3131 or fill in this contact form