Safia Iftikhar is a senior associate solicitor and head of private clients at Blackstone Solicitors. She has a wealth of experience in estate planning and has a national and international client base. She has helped hundreds of clients prepare for the future, providing sensible and practical advice.
When should I start planning to protect my estate?
Yesterday! On a serious note, as soon as possible. If you are over eighteen and are of sound mind, you should make a Will. Whether it’s buying your first home, getting into a relationship or having your first child, making a will is crucial to ensure you have protected your loved ones and have reviewed what your current inheritance tax liabilities are. A solicitor would advise you on all the potential scenarios for you to make an informed decision. I would add, it doesn’t matter what the value of your estate is, your hard work deserves to go to the people you want it to go to – we all have something to lose.
Do I need a Lasting Power of Attorney if I have made a Will?
Absolutely! Your Will and Lasting Power of Attorney are two separate documents. Your Will takes care of your interests after you have passed, and your Lasting Power of Attorney takes care of your interests whilst you are alive. Having a Power of Attorney prevents you from being at the mercy of strangers. If you are ever in a situation where you cannot make decisions for yourself because of your physical or mental health, it is so important to ensure your health and financial affairs are handled by people you genuinely trust. You don’t know what’s around the corner and it’s always better to be safe than sorry.
Do I need a solicitor to complete my estate planning?
Yes. I have dealt with people from all different walks of life, every family is different, and everyone’s estate size varies – but for each and every client it holds the same value. Ultimately, we all want to protect our own legacy and a solicitor will be able to identify how you can maximise what you leave behind by taking advantage of the inheritance tax exemptions available to you. We at Blackstone Solicitors take pride in looking after our clients and we provide free consultations, so taking advantage of this would be a no-brainer!
