Look after ‘life admin’ to get 2024 off to a strong start - Caroline Pringle

The new year often leaves many of us feeling deflated. The long-awaited break for Christmas and Hogmanay has left as quickly as it arrived, and we are now flung back into the reality of our daily lives.

January can be a month full of postponed responsibilities and new projects, causing the return to work to be a sharp awakening. We often find ourselves anxious to get ahead of the game professionally, but what about personally?

Considering our own lives, deaths, and money concerns is daunting and it is easy to understand why wills, power of attorneys, taxes and other financial responsibilities often take a back seat, and many of us avoid or delay organising our personal lives.

It often seems easier to carry on with more immediate tasks, but we never know what is around the corner, and cementing plans that will benefit you and your loved ones should there be a turn of events can provide peace of mind.

Caroline Pringle is a Partner, Anderson Strathern (Picture: Chris Watt)

Knowing where to start can be difficult, but you’re not alone: around 60 per cent of Scots are yet to create a will.

Planning for illness or injury with a power of attorney can feel unnecessary if you’re in perfect health.

Although preparing for these moments can seem like tasks for ‘another day’, having a will gives you more control over who can inherit from your estate, and it also ensures your wishes are followed when the time comes.

Opportunities for wealth protection and inheritance planning are one of many benefits of this type of forward-planning that shouldn’t be overlooked.

There is now technology that helps to streamline the process of having wills and powers of attorney created, and we have found that many of our clients have appreciated being able to gather and submit details of their circumstances in this way via an online portal. It takes around 20 minutes and can be done from anywhere and at any time of the day.

This service is particularly beneficial to those who find it difficult to attend a meeting during regular office hours. It also means your solicitor is better informed about your individual situation before meeting with you and will be able to provide advice and ask questions tailored specifically to you.

If you have already written your will, be sure to review it every five years, or more regularly if there has been a birth, marriage, divorce, or death in the family. You might be surprised by how much has changed in what feels like a short space of time.

Also, if your will is more than 15 years old, it’s worth meeting with a specialist solicitor to make sure it reflects the most up-to-date laws and practices.

You can also create what is called a ‘living will’ – an Advance Medical Directive – which allows your wishes to be considered when it comes to medical decisions and end of life care if you become unable to communicate your wishes in the future.

Whether you’re at the start of your adult life or a bit further ahead, the earlier you address your life admin tasks, the more you can avoid legal worries in the future.

Caroline Pringle is a Partner, Anderson Strathern