February 2010 - A Legal To Do List
It is a good idea at the start of a new year to prioritise dealing with important legal matters. An example of a good legal to-do list would be: Personal:
- Making a Will
- Ensuring property is in the right names
- Considering a pre or post-nuptial agreement
Business
- Entering into contracts with business partners and shareholders
- Introducing standard terms of sale and purchase
Even though the government is considering changing the law to give better rights to couples in common law marriages when one partner dies, it is still crucial to have a well drawn up Will. This will help to ensure that the people you wish to benefit from your assets are the ones that actually do as without a will, your assets may go to other family members in shares you would be unhappy with, or, in the worst case scenario, to the Crown.
If the law change to give new rights to cohabiting partners, changing your Will to protect the inheritance of children from a previous marriage may become another area for consideration.
Before moving in with a partner, or before and after a relationship, it is practical to agree in writing any important financial matters. If one partner has property or substantial assets that they wish to protect in the event of the relationship breaking up, it is worth drawing up a pre-nuptial or cohabitation agreement. Such documents are not legally binding, however, courts will generally take them into consideration, especially if both parties had legal advice and the terms of the agreement are reasonable.
If you are concerned about who will look after your affairs if you become unable to do so yourself because of an illness such as Alzheimer's or dementia, you might consider drawing up a Lasting Power of Attorney. This will set out who can make decisions about your finances and welfare should you lose legal competence.
If you need any help with Will, cohabitation agreements or Lasting Powers of Attorney, please call our private client team on 01562 514866, email them on
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or contact them using the contacts page of our website.
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