PROMOTION 2019 is the year Imake my Will. I promise! It's taken me 20 years but I am finally getting round to making my Wil t may come as a surprise but comments like this from clients are quite common. Big life events like owning a home or having childrencan prompt thoughts or stimulate discussion, but it can require another leap toactually seeing your solicitor tosortitout. If this sounds like you then why not make 2019 the yearyou finally make true your New Year's Resolutions and do some serious estate planning. And don't stop wih the Will, here are a few top tips for getting your estate planning on track: Make a Will. Think about what will happen to your Estate when you are no longer here, who you would like to deal with the administration and, ifyou have young children, who will be their guardians? Make a Lasting Power ofAttorney. There are two types: Property& Financial Affairs and Health& Welfare. You can appoint Attorneys to step into your shoes to manage your affairs. Even if you havwe mental capacity the Property&FinancialAffairs L.PA canbe useful if you plan to be away for a long period and what someone else to look after your finances or business interests, Consider Inheritance Tax. Inheritance Tax made headlines in 2017 with the introduction ofthe residential nil rate bandallowance, that is set to benefit spouses witha lllonlrate band by 2020. But the rules for this very helpful allowance are complex and do not apply in all cases. .Create a Trust. A trust is created when you give assets to people you choose (the trustees) to hold for the benefit of others (the beneficiaries) Itcan be setupduringyourlifetime (byusinga trust deed) or upon death (by inclusion in your Will) and can be used as a practical tool for inheritance tax planning and asset protection. Property co-ownership. Joint property owners often make a Declaration of Trust to clearly set out how the sale proceeds are split in the event of a sale. Such a document can be crucial where co-owners contribute unequal amounts to the purchase price For more information on any of the topics mentioned above please contact: Susan Glenholme, Partner Debenhams Ottaway 01727 735636 ottaway.co.uk debenhamsottaway.co.uk sgodebern DEBENHAMS O1rAWAY SOLICITORS Your aspirations are our inspiration