Putting in place a Will is a crucial part of your estate planning. If you have never previously obtained legal advice, it can be difficult to know how the process works. This is the third of a three part guide where I explain why Estate Planning is like baking.
Following the Meeting
For anyone who is actually skilled in the art of baking, I apologise if what I am about to say is too contentious. Yet, I always consider that when I have mixed all of the ingredients and I am about to put the cake mixture into the oven to bake, the hard part is over. I can let the oven work it’s magic and enjoy a nice cup of tea.
It is in the same way that once the path forward has been agreed for your estate planning, you can sit back and relax. I will be baking the Estate Planning cake in the oven. whilst you relax.
By the end of the bake, you should have in place:
- A Will, and
- Lasting Powers of Attorney.
Depending on your circumstances, you may also have:
- Separate lifetime trust document(s), and / or
- A plan for life time gifting to make use of lifetime inheritance tax allowances.
After I have prepared the documents, I will always send out drafts along with a covering explanatory letter. It is important to for you to have the chance to look through and make sure you are happy with everything before you sign and final versions. There should also be the chance for you to ask any questions that may arise.
Once you are happy with everything, then it is a case of signing the final versions. For your Wills, they are in place once they have been signed and witnessed correctly. Your Lasting Powers of Attorney also have to be registered once they are signed. For any trusts, there are some additional requirements to simply signing. I would usually deal with those requirements as part of the Estate Planning bake.
I hope that my three part introductory series to estate planning has provided a useful overview of what is involved. If you would like assistance with putting your legal affairs in order, or if you just have some questions, then I would love to hear from you. Please do reach out using the button below:
And finally, I would love to know who you think was right: me or my wife. Is estate planning like baking?
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