Now that the New Year is upon us, it may be time to start thinking about some important New Year resolutions that could benefit you now and in the future, and potentially your family members too.

Your Will

We always recommend to our clients that they put a Will in place providing clear testamentary instructions regarding what they wish to happen to their assets upon their death. This allows for assets held in their name at the time of their death to pass to whom they wish to benefit from their estate.

Although this is not an easy subject for many to consider, having a valid Will is extremely helpful for your loved ones when they are grieving as it will save them time and additional expense where it could have been avoided. Without a valid Will, in Scotland your estate will be governed by the laws of Intestate succession which can result in your property passing to those who you may not want to benefit from your estate and requires an executor to your estate to be appointed by the court.

By creating a Will now, it gives you and your family peace of mind, and ensures the correct advice is sought and any issues dealt with accordingly before your passing.

Power of Attorney

Granting a Power of Attorney in favour of a loved one is just as important as having a Will. Many people do not consider the consequences of not having a Power of Attorney when they become incapacitated through illness or in some cases, an accident. We strongly recommend our clients have a Power of Attorney as it can save thousands of pounds in the future where there is no Power of Attorney in place.

By granting a Power of Attorney, you are giving your Attorney the power to either handle your welfare or financial, or both welfare and financial, affairs on your behalf when you are no longer in a position to communicate your thoughts and wishes while you are still alive. Although you can authorise your Attorney to have control over your financial affairs while you still have capacity, their power over your welfare needs, which could involve making decisions regarding medical treatment or your residency in a nursing home, only become effective once you have lost capacity.

A Power of Attorney is extremely important in situations where you may be in respite care after being admitted to hospital. Where assessments show that you do not have the capacity to discharge yourself and you do not have a Power of Attorney, your loved ones may be required to put in place a Guardianship Order to move you out of respite care. Guardianship Orders can be expensive and time consuming as they require to be lodge in Court with all that entails.

Buying or Selling your Property

Buying or selling your property can be stressful. However, whether you are thinking of selling or buying in the future, The McKinstry Company are here to guide from start to finish. At The McKinstry Company our highly experienced solicitors in both our residential and commercial conveyancing departments will be able to guide you from start to finish to ensure you have a smooth and easy transition from your old property to your new property. The McKinstry Company can offer you advice tailored specifically to your needs whether that is regarding what reports are required for a particular type of property, strategic offer submissions and settlement offers.

Contact The McKinstry Company, Ayrshire

At The McKinstry Company, we are here to make your New Year’s Resolution come true and provide exceptional advice and guidance every step of the way. Contact us by calling 01292 388048 (Ayr), 01465 915042 (Girvan), or filling out our online enquiry form.