Well 2016 was an eventful year wasn’t it! The Referendum, Brexit, New Prime Minister, new President elect in the USA – it seemed like change was never ending. Let’s hope that 2017 is a calmer and more peaceful year, worldwide.
At home, there are more changes to come. In April 2017 there will be new measures coming into force regarding Inheritance Tax with the introduction of the new Residential Nil Rate Band. Much has been written in the press about this, but as is often the case with such complex measures, only part of the detail is disclosed. The new tax advantages will not apply to everyone and, rather than go into any detail in this article, we would strongly advise everyone to take good legal advice to see if and how it might affect their tax planning.
A New Year is always a good time to review your financial and legal affairs. Very often, having some extra ‘downtime’ during the festive break from work prompts people into sorting out their paperwork and making plans for the future. A New Year is a good excuse for optimism and looking forward to things improving (or at least stabilising) and putting the past year and its problems behind us.
Statistics tell us that very often, during the Christmas period, there are family fall-outs and also, sadly, more bereavements than any other time of year. So it follows that it is a good time to ensure that your Will and other legal documentation is up to date, including tax planning and wealth preservation.
Also, statistically, people are living much longer nowadays and often more likely to suffer from memory loss or other forms of dementia making it difficult to deal with their financial and property affairs or make decisions regarding health and welfare matters. Drawing up a Lasting Power of Attorney to appoint those you love and trust to help you when the time comes is a very important matter to consider.
The team at Parchment have been advising and helping clients deal with matters relating to their Wills, Powers of Attorney, Estate Planning and Probate administration for over 25 years and would be happy to talk to you in 2017 to help you put your affairs in order.
Our initial meeting to discuss your needs and wishes is free and you might agree that it’s a good way to start the New Year by seeking professional advice and reviewing your documents to give your family and friends the peace of mind they deserve.
We hope that 2017 will be a good year and wish all our clients, past, present and future a very Happy and Healthy New Year.