It’s been a long time coming, but it looks like the Government are planning on lifting all restrictions in England. With lockdowns, inability to see loved ones, no gatherings, no close contact and the impact on people’s health, what have we learnt from this pandemic? Here are our thoughts on what it taught us about your legal and financial plans.

Don’t take your health for granted. We tend to assume that as we age then that is when we need to worry about our health and well-being, but Covid has shown us that this can change at any time. You don’t always have the preparation time that you expect, in order to plan what happens if you find yourself in a position where you cannot make health and financial decisions for yourself. Ill health can be instantaneous and can happen at any time, through sickness or injury. If this happens, then who would you trust to make decisions for you? Your loved ones can only help with this if you have a Lasting Power of Attorney in place before it happens. Also, if it is in your best interests to go into care if you fall ill, having a plan in place as to how you will pay the fees, will remove the burden of sorting the finances for your care from your family. Planning for things that may happen in the future, helps those you care for if it happens, as you have a plan in place, just in case.

Being younger does not make you invincible. Unfortunately, untimely deaths happen, so if you’ve been thinking that you have years to make a Will, hopefully that’s true. It is however wise to plan for all eventualities and we know it will happen to us all at some point. Why not therefore, give yourself and your family the peace of mind of knowing that a Will is in place to ensure that your estate goes to those you care about. It can then be edited over the years to reflect the changes in your life, but it would be there if needed.

Cherish your loved ones, being able to see them and care for them. We all want to do the best for the people we care about, wanting to give them as much help as we can. By putting financial plans in place for the future, you can become more tax efficient, meaning that you can leave as much of your estate to your loved ones as possible.

This time has taught us to not take things for granted and to care for those we love.

Photo by Yoav Aziz on Unsplash