Life can be unpredictable. You never know when something is going to happen, or what lies around the corner. Landlord Wills are a fundamental part of your portfolio documentation and if you do not have one in place right now for the transfer of your property portfolio or investments in general once you pass away, then now is the time for you to change that. It has never been easier for you to take actionable steps, and if you follow this guide, you will soon find that you can give yourself and your family the protection needed to safeguard any assets you may have.
Landlord Wills
Using a specialist landlord wills company is so important. If you do not have a will, then you will not be able to hand off the property you want, to the family members of your choosing. You may think that having a will is just a waste of time if you are married, seeing as your assets will transfer to your spouse. That being said, if you and your partner were both involved in an accident, where would your assets go? Would you want your children to have control over such property at the age they are at now? Would you want to put any financial capital you have in a trust? By planning out your will now, you can give your family the financial comfort they need to navigate difficult times, should something happen.
Landlord Power of Attorney
In addition to landlord wills which help upon death, you may want to consider that the time may come when you are not able to make decisions of your own. This can happen at any time, and unfortunately, it also happens more than people realise. If you have power of attorney, then you have someone who can make decisions on your behalf. It’s important that it’s someone who is knowledgeable and someone you can trust. You should also have clear instructions on what they can and can’t do, for example, if they think it’s best for a letting agent to take over while you recover, what one, and what services. This is one of the best ways to protect your assets, should you fall ill and we hope to help you put that backup plan in place. You can create your own Power of Attorney here, or we can assist you in setting it up.
Backup Lettings Agent
Having a backup lettings agent is always a good thing. If your current lettings agent is no longer able to handle your property or if you self manage and you fall ill or pass away, it will give your spouse and family comfort, knowing that there is someone else who they can go through when managing property. You may know the market inside and out, but do your family? Would they know when good or bad decisions are being made? Either way, having someone who you can trust to handle the business side of things should you no longer be able to will always be a wise decision.
Digital Safe
Having digital documents in this day and age is so important. The great thing about digital documents is that it is possible to access them across a lot of different devices. Although this is convenient, safety measures are still required to ensure that those documents don’t fall into the wrong hands. A digital safe will help you to ensure that you keep all of your assets safe and that you are able to give regulated access to the people you trust. Although Landlord Wills do have to be paper based with a wet ink signature, simple steps like this can be a game-changer for your family if you should pass away unexpectedly.
Get in touch
Here at Legacy Guardians we’re building a team of Specialist Property Administrators focused on organising Landlords important documents into a Digital Vault; with the ultimate aim of supporting their loved ones through Probate Administration after they pass away.
But more than that, once everything is uploaded we can help keep you organised for the dreaded HMRC tax investigation and hopefully look to give you some help with planning for retirement and inheritance tax.
Best of all, once live we’re hopefully going to offer free specialist landlord wills and £500,000 in free landlord probate administration.
Please contact us on hello@legacyguardians.co or any of the details below to find out more about how we can help you to get that all important financial peace of mind.
