New Year Resolutions with Middleton Ross
Getting your legal affairs in order for 2023
Post-Christmas and New Year celebrations are over. So many of us will be making resolutions for the year ahead, whether that be getting into better shape, keeping in touch with family and friends or just having more time for ourselves.
Why not make this year the year that you get your legal affairs in order and have peace of mind going into 2023?
Here are a few things you might want to consider:
Powers of Attorney
A Power of Attorney is a legal document which gives someone authority to make decisions on your behalf if, for example, you become incapable of managing them yourself. You can appoint a family member or someone you trust to make decisions on your behalf. Having a Power of Attorney gives you peace of mind that should you become incapable of making decisions, your best interests will be protected by someone you trust.
Will
A Will is a legal document that directs how your assets are distributed after your death. A Will appoints an executor but can also appoint guardians for minors. Making a Will can ensure your loved ones are left with something, whether that be money or something of sentimental value you want to give. Maybe you already have a Will and it just needs to be updated - whatever the position you will have peace of mind knowing that things are in order.
Property
Whether you own your home and live in it or own properties you let out, it is worth investigating if the property is registered on the Land Register. The Land Register is a digital service. When someone’s title is registered on the Land Register it is shown as one title sheet, condensing all the relevant information from historic deeds into one concise document. This contrasts with the prior Sasine Register, which is based on a succession of physical deeds, rather than being map-based. Most of the title deeds we hold are still recorded in the Sasine Register until they need to be registered in the modern Land Register. You can read more about making deeds digital on the dedicated blog on our website.
It is worth considering recent changes to the Land and Buildings Transactions Tax. It is also worth bearing in mind that from April 2023, an individual’s Capital Gains Tax allowance is reducing from £12,300 per person to £6,000 (any specific CGT advice will need to be taken from an accountant or tax adviser). These might affect your decision-making in terms of buying or selling a second property.
To discuss any of the above, please contact our team to find out how we can help get your legal affairs for 2023 and give you peace of mind for the year ahead and beyond.
