Four things you can do now to protect your loved ones in the future
Putting plans in place for the future might not be something at the top of your to-do list. It’s easier than you might think and has the added benefit of providing peace of mind for you and your loved ones.
1. Make a Will
A Will is a legal document where you can set out how you want your Estate to be distributed to the people or charities you care about. There are different types of Wills available depending on your needs, including Single Wills, Mirror Wills, and Trust Wills.
Without a Will, the law will determine who should inherit what from you after you die. This means everything you own could be distributed in a way you wouldn’t have chosen.
It’s never too soon to make a Will, but there are some key life events where it’s particularly important to ensure that your Will is in place, up to date and an accurate reflection of your wishes. This could be the purchase of a new house, a marriage, a divorce, or the birth of a child or grandchild.
There are a number of Will Writing options available to suit your needs:
- Over the phone
- Face to face consultation
Find out more about our Will Writing Service
Customer Feedback for our Will Writing Service
"Questions were straightforward and problems pointed out that we hadn't thought of." R.D., Cambridge
“Straight forward advice and simple to get everything completed to our satisfaction.” P.B., North Yorkshire
2. Take out a funeral plan
A funeral plan allows you to choose your own funeral arrangements and also pay for them in advance.
Funeral plans are a great way of not only providing financial security for your loved ones by covering the funeral costs, but also of reassuring your family that they’re carrying out your wishes. Funeral plans set out what you would like for your funeral; from practical things like choosing a coffin and saying whether you want to be buried or cremated, to personal decisions about flowers and charity donations. You can say exactly what you want and pay for it in advance.
There’s no right or wrong time to get a funeral plan - in fact, anyone over the age of 18 can purchase one, but many people choose to take out a plan in their 50’s. We also find that a lot of people who have had to organise and pay for the funeral of a loved one then decide to take out a plan for themselves - this could be because they don’t want their own loved ones to have to guess what they would have wanted, as well as the benefit of it being paid for.
There are several different ways to purchase a funeral plan, so you can choose which one works for you.
- Over the phone
- Face to face in a funeral home
- Application form from a brochure pack
- In your own home with an estate planner
Find out more about our funeral plans
Customer feedback for our Funeral Plans
“The whole process was simple. It’s given me peace of mind that my family won’t be hit with large bills when the time comes.” Kevin, Castleford
“I had purchased a plan for another family member, they couldn’t have been more helpful. Every issue was dealt with sensitively and efficiently.” Feefo trusted customer
3. Make a Lasting Power of Attorney
A Lasting Power of Attorney (or Power of Attorney in Scotland) is a legal document in which you can appoint someone you trust to make decisions on your behalf if you become unable to make these decisions yourself.
If you become unable to make financial or health decisions through either an accident or illness, without an LPA or PoA no one will automatically be able to make these decisions for you, not even your spouse.
You need to have sufficient mental capacity in order to put this document in place, so if you wait until it’s needed then you’ll have waited too long. No one else can make an LPA or PoA on your behalf after you’ve lost mental capacity, so it’s essential to plan ahead.
There are a number of ways in which you can make an LPA:
- Over the phone
- Face to face consultation
Find out more about our will writing service
Customer feedback for our Lasting Power of Attorney Service
“I liked the efficiency, speed and clear and concise explanations and instructions." M.G., Hull
"Everything was very professional yet I also felt was done on a personal level too." C.T., Bristol
4. Protect Your Assets and Wealth
It’s possible to protect your assets for future generations by implementing a range of different plans called ‘Trusts.’ There are different types of Trusts which can protect your assets in different ways. These include Lifetime Trusts (which can be set up during your lifetime) and Will Trusts (which come into effect after you die).
Trusts can be an effective way of protecting your wealth both during your lifetime and after you die. They can be used to ring-fence certain assets, such as your share in a property, to protect them from being swallowed up by care fees or redistributed in a way you wouldn’t have chosen after you die. Trusts can also be used to help ensure that you and your spouse both make the most of the tax allowances available to you.
Taking measures to protect your assets is a key part of planning for you and your loved ones’ financial future. If you are making a Will, taking out a funeral plan or putting an LPA in place then it’s a good time to also consider asset protection, to ensure that your wealth is fully protected for your loved ones.
There are different ways to arrange asset protection:
- A consultant can visit you in the comfort of your own home to discuss your circumstances and make recommendations
- Face to face in a consultant's office
Find out more about our Asset Protection Service
Please note, in England and Wales our Estate Planning Services are provided by Co-op Estate Planning. In Scotland, we have partnered with McClure Solicitors to provide Estate Planning Services.
Customer feedback for our Asset Protection Service
“The Consultant was very polite, helped me a lot and explained everything so I could understand. First class service” P. Smith
“The representative came to the house and put us at ease over a difficult item to deal with. Thank you.” Mr. Bennett