At this time of year, everyone looks forward to a new start. While we are all trying to get fit, lose weight, save money, read more books or give up a treasured vice, few of us actually follow through with our vows!
So why not make 2014 the year you finally tick a few long-standing items off of your ‘to do’ list? While we can’t help you lose weight or stop smoking, we can help you with your legal goals for the year ahead. Make 2014 the year you get your affairs in order with watersrule.
New Year’s Legal Resolution #1 – Write a Will
This is probably the easiest and most straightforward way to arrange your affairs, yet surprisingly few of us actually get round to actually writing a will. A will allows you to divide your ‘estate’ – the property you own at death including money, possessions and land & buildings, – according to your wishes. If you die without a will, you are said to die ‘intestate’ and your property is divided according to law. Rarely does this division match what we would want – especially given how much looser many of our family arrangements are nowadays. If you have ever seen the TV show ‘Heir Hunters’ you’ll be familiar with the idea. The law sets out how our property is to get shared and those rules are followed exactly, even if no near relatives can be found. Usually, the TV show results in an unsuspecting person getting a knock on the door from the hunters and receiving an inheritance from a long-lost great-great-great Aunt!
In cases where no living relative who stands to inherit can be found, the entire estate goes to the Crown as ‘the ultimate heir’. Obviously, no one actually wants this to happen. We’d all prefer that a close friend or cause close to our heart was catered for. Writing a gives you the freedom to decide how your hard-earned is spent when you’re gone. From children to charity, you can divide your estate as you see fit. Click here for more information on writing a will in 2014 with watersrule.
New Year’s Resolution #2 – Put in place a Power of Attorney
While we’re capable of making New Year’s resolutions, we’re also capable of managing our own affairs. Unfortunately, owing to illness, injury or old age, many of us lose this power. That is where a power of attorney comes in. A Power of Attorney allows us to put in place arrangements which allow a loved one or friend to manage our affairs on our behalf.
Having a Power of Attorney in place is quick, easy and inexpensive and may spare your loved ones having to make difficult decisions at a difficult time. Powers of Attorney can be put in place to manage financial matters only, to manage just decisions relating to care or to manage your affairs more comprehensively. You can delegate different powers to different individuals if necessary, and you can grant Powers of Attorney to more than one person. You can revoke a Power of Attorney at any time while you still have the capacity too.
These are a bit like insurance policies – we hope we never need it, but it’s great to have the peace of mind nonetheless. A simple, quick and painless process now to spare a lot of grief later – what more could you want from a resolution?
New Year’s Resolution #3 - Move House
If you’ve been thinking of moving for a while, 2014 is the time to do it. The recovering economy is pushing housing prices up, making it easier to move up the property ladder and the Government’s ‘Help to Buy’ scheme means you may only need as little as a 5% deposit to buy your first home. Mortgages are cheap at the moment, and interest rates appear, according to many analysts, set to remain stable. If you’re thinking of ‘upping sticks’, now is the time to do it.
Having a conveyancing solicitor you trust and who knows the local area is vital in getting the best deal on your new home and ensuring everything goes smoothly. Our conveyancing solicitors in Stirling & Tillicoultry know the Stirlingshire and Clackmannanshire areas inside out and have years of experience in helping clients buy, sell and rent property in these areas. There are many relevant factors which only a local conveyancing lawyer will be able to advise you on, all of which may an impact on your decision to buy and sell property in 2014: The existence of mining works in the area; the likelihood of flooding; the attitude of the local authority to building and planning and even just how desirable the area are all factors to be taken into account when buying your new home.
New Year’s Legal Resolution #4 - Get Divorced
This might not apply to many of our happily-married readers, but statistics show that there is an upsurge in the number of divorces and separations following the festive period. Whatever the reason for this be it the bleakness of January, the arrival of credit-card bills, the tantalising promise of a new start or simply one too many episodes of bickering over left-over Turkey. If the festive cheer has left and taken the spark out of your relationship with it, watersrule can help. As well as advising on the legalities of the divorce, we can advise on related property issues and contact and custody issues relating to children.
New Year’s Resolution #5 - Get Married! (With a Prenuptial agreement)
If, on the other hand, the season of goodwill and love to all men has you in a romantic mood, why not get married? In the modern world, couples increasingly have their own careers and thus earnings. Sometimes, a partner gives up a good career to raise the children. With that in mind, and the fact that is divorce increasingly common, many couples choose to put in place a prenuptial agreement. This protects both partners in the event of a divorce and sets out who gets what, should the couple split. Prenuptial agreements or ‘prenups’ can prevent lengthy, expensive and stressful court battles further down the line.
In Scotland, prenups are generally binding on the Court. A valid and fair prenup can save a lot of expense and stress further down the line. Even if our resolution #4 isn’t on your mind yet, an ounce of prevention is worth a pound of cure, and spending a few hours with a lawyer ahead of your wedding is worth it to avoid an expensive and protracted legal battle with a former partner at some point down the line.
Speak to us today about drafting an appropriate prenuptial agreement in Stirling or Tillicoultry today.
New Year’s Resolution #6 – Get a New Job
As the financial reality of Christmas and New Year’s excesses starts to bite, we all think of earning a little more money. If a promotion isn’t available, maybe it’s time to look to pastures new? If you are leaving your current employment for whatever reason, you may be asked to sign a settlement agreement. This agreement involves you waiving your right to any further claims against your employer, usually in exchange for a lump sum. It is vital that you take expert legal advice before signing such an agreement as you may be compromising your legal position in future.
New Year’s Resolution #7 - Start Your Own Business!
Now that you have left your job, perhaps it’s time to start a business of your own?
On any poll of life goals, hopes, dreams, aspirations and New Year’s resolutions, starting a business would surely come out on top. We all want the freedom to be our own boss, to chose our own destiny and to have the freedom and flexibility to leave behind the 9-5 corporate treadmill and do what we love.
However, it’s not as simple as just turning a hobby or skill into cash. Many business fail because they fail to plan ahead adequately. It’s important to ensure you have a viable business plan, that you know your market and that you are ready for the trials and tribulations all small business owners face.
In addition, every brilliant business plan needs to be built on a solid legal footing. Choosing the right corporate structure, setting your company up correctly, complying with your tax obligations, putting in place employment arrangements and protecting your products and ideas are all things which have to be taken into account when starting a business. Even finding the right property can be the difference between success and failure for your business. Give us a call to discuss how we can put your masterplan into action (we won’t steal it, promise!).
New Year’s Resolution #8 – Get Fit!
Eat less, move more. Start by taking a walk down to our offices!
