Happy New Year!
How many of you have made a New Year’s Resolution? How many have already broken it? Some of us may try to lose weight, join a gym, do more charitable work or give up smoking.
Now is a good time to look at your personal affairs and consider making some important resolutions that could make a big impact on your life in the coming year.
1. Make a Will – A Will is one of those things we keep meaning to make but never quite get round to. Making a Will is not difficult or expensive and it is the only way that you can ensure that your loved ones are provided for after your death in the way that you want them to be. If you have already made a Will, review it. Make sure it still reflects your wishes and your current family circumstances.
2. Consider a Lasting Power of Attorney – there are currently 800,000 people with dementia in the UK and the number is steadily increasing. By making a Lasting Power of Attorney now, you can choose who you would like to make important decisions about your care, medical treatment and money, if in the future you are unable to make your own decisions, giving peace of mind both to you and your family.
3. Review your business relationships – if you are in Partnership do you have a Partnership Agreement setting out your responsibilities, shares in the profit and losses of the business and what happens if you want to end the business? Review your Terms and Conditions. Do they define what you have agreed to supply and more importantly what you haven’t agreed to supply? Is the price clear? Is the extent of your responsibility clearly defined? Taking these simple steps now could help you avoid a lengthy and costly dispute in the future.
4. Review your personal relationships – sadly January is the busiest month of the year for divorce lawyers. If you have come to the realisation that there are cracks in your relationship which simply cannot be repaired, then get some professional advice as to the options open to you. If you are considering moving in with a partner, sit down and discuss with your partner the basis on which you will be living together, who owns the property and what should happen if you are to split up. Get your agreement recorded in writing. If you are taking the plunge of marriage, consider whether a Pre-Nuptial Agreement is a sensible step.
Wishing you all a happy, peaceful and prosperous 2014.
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