It happens. It is a bit hard to avoid! A useful checklist for putting matters in order along the way could be as follows:
1. Get a Will made, if you have not already done so. Dying without a will leaves a problem for those left behind. If the will was made more than 5 or 10 years ago, review it.
2. Get a Lasting Power of Attorney done. Most people have had the experience with a family member or friend where they reached a point where they could not deal confidently with key decisions regarding their health or finances and would benefit from help from someone they can trust. The Lasting Power of Attorney (LPA) puts an arrangement in place so that the named person or persons can act on their behalf.
3. If you are single and your possessions, including your property, are worth in excess of £325,000, or if you are married and the value of your joint estate exceeds £650,000, find out how Inheritance Tax affects you and see if there are some simple actions you can take to minimise or avoid gifting Inland Revenue 40% of part of your estate.
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