Ensuring your finances are in order can make an enormous difference to your life. A few straightforward processes can ensure you are debt-free, your assets are protected and, in the event you or a loved one experience any health problems in the future, your decisions and finances are taken care of. Let’s look at three financial resolutions for this year.
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No one likes to talk about what would happen in the event of a death; however, putting a will in place is the only way to protect your loved ones in case the worst should happen. A will allows you to decide what will happen to your assets and wider finances. This saves your loved ones from having to go through any difficulties to make sure things are shared as you wish.
2. A power of attorney
A power of attorney is another type of legal document that allows you to nominate a trusted relative or friend to act on your behalf if you get to the point in the future where you can’t make decisions for yourself. Losing capacity like this may happen in the event of an illness such as dementia, following a stroke, or after an accident.
There are two types of power of attorney: one covers health and welfare, while the other covers property and finances. Obtaining a power of attorney online is also easy thanks to specialists such as https://powerofattorneyonline.co.uk/.
3. Get all your finances in order
There is a great sense of satisfaction that comes with organising your finances. Paying off debts wherever possible, making sure your mortgage is at the best possible rate, and setting up a standing order to transfer money into savings or investments all make good sense to future proof your finances.
A trust can be an excellent way of futureproofing your finances should you ever need to go into a care home, which can be an expensive business. A trust protects your assets, in particular your home, against needing to be sold to pay for your care.