Online News
Sorting Out Your Legal Affairs in 2010
Added 04/02/2010
Unfortunately, it is not always easy to keep up-to-date with important legal matters, so the arrival of the New Year represents a good time to make some resolutions. Top priorities should include:
- Making a Will
- Ensuring property is in the right names
- Considering a pre or post-nuptial agreement
- Entering into contracts with business partners and shareholders
- Introducing standard terms of sale and purchase
Although the government is considering changing the law to give better rights to couples in common law marriages when one partner dies, it is vitally important to have a well drawn up Will. This will ensure that the people you wish to benefit from your assets are the ones that actually do so.
Should the law change to give new rights to live in partners, changing your Will to protect the inheritance of children from a previous marriage will become another area for consideration.
Before moving in with a partner, or before or after a relationship, it is sensible to agree in writing certain important financial matters. If one partner has property or substantial assets that they want to protect should the relationship break-up, it is worth drawing up a pre-nuptial or living together agreement. While such documents are not legally binding, courts will generally take them into consideration, especially if both parties have had legal advice and the terms are reasonable.
If you are concerned about who will look after your affairs when you are not able to because of an illness such as Alzheimer’s or dementia, it is worth considering 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.
