Rima Patel

09/08/2021

This weekend, I decided to spring-clean and declutter my wardrobe. I found something buried in the back underneath a bunch of other rubbish.

I came across my National Record of Achievements. I was hoping you wouldn't laugh; my school was relentless in drumming into you to keep a record of all your achievements, no matter how small. I didn't understand it at the time, but I am so grateful for it now.

I forgot that my 16-year-old self wanted to become an IT Programmer! I have no idea how I ended up in Law and, particularly, Estate Planning, but I wouldn't trade it for anything now.

Reading through my record, I noticed I focused so much on academic grades and how it was the be-all and end-all of getting a "good job". How wrong was I! But I realised it wasn't all my mindset. It was drummed into me by my parents, teachers, and the like. I remember being told repeatedly, "if you don't get good grades, you are a failure and will never succeed."

Don't ever let anyone tell you that you need brilliant grades to get your dream job or be successful. I was a mediocre student, failed many subjects, and took many exams again, but here I am working in Law, where you are judged on your grades and not your abilities. I still made it!

Yes, knowledge is powerful, but it doesn't need to be from a textbook or by going to university; studying a topic that you will never use in your life. Just because you didn't get good grades at school or failed at university or college doesn't mean you are unintelligent!

To all the students who are about to receive their results this week, remember grades are not the be-all and end-all. You learned something new, and that is the achievement!

I am so pleased I found my Record of Achievements; everyone should have one.

I have started this week with a positive mindset.

Let me know in the comments which career your 16-year-old self wanted and what your actual profession is now.

mindset

09/08/2021

Earlier this year, I took Will instructions from my youngest client to date who has just recently turned 18.

I was overly impressed with this client, he had done his research, thought long and hard about the content of his Will and asked all the relevant questions. I asked why he decided to make a Will. He replied that he is an orphan whose parents both died in a car accident and he has just come into his substantial inheritance. He explained that neither of his parents made a Will and his aunt after a long legal battle became his legal guardian.

His aunt was the person who made him go to a financial advisor to invest the money and in turn was advised to make a Will.

Just goes to show that Estate Planning is not just for the older generation. If someone as young as 18 years old has already started their Estate Planning journey, then there is no excuse for you not to do the same, especially if you have children!

So, STOP PROCRASTINATING and go and see a professional to make a Will and whilst your there give some thought to Lasting Powers of Attorney.

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30/07/2021

🔥Friday Hot Tip 🔥

Review your pension plans!

If you die before you retire, the money in most pension pots can be paid as a lump sum to your beneficiary.

Have a lovely weekend!

Planning

19/07/2021

How to choose the right Executor❓

The Executor is the person you nominate in your Will to deal with your estate once you are gone. The role is extremely involved, and responsibilities include:

✅ Locating the assets and any liabilities of the estate

✅ Deal with the administration of the estate according to law by collecting in those assets i.e, closing bank accounts, selling or transferring the Property, dealing with any investment accounts, etc

✅Determine the beneficiaries

✅ Apply to the Court for a grant of probate of the Will. (Probate is a formal document that confirms the Executors and gives them permission to administer the estate)

✅ Make sure all claims or debts are paid

✅ Arrange for the distribution of the estate in accordance with the terms of the Will

✅ Prepare accounts

✅ Deal with tax returns

Therefore YOU want to choose a person who is decisive, resourceful, trustworthy and can get the job done otherwise it will take forever for your estate to be administered and not to mention cost a lot of money if the Executor dilly dally's around 🤦‍♀️ If none of your family members fit these criteria then consider appointing a professional.

Contact me for more information.

I am passionate about helping people get their legal affairs in order. I’m a specialist with over 10 years’ experience in dealing with Wills, Lasting Powers of Attorney, Estate Administration, Trusts and Court of Protection matters.

16/07/2021

🔥 Friday Hot Tip 🔥

This week's Friday Hot Tip is to check your life policies to make sure they have been written into Trust.

This will ensure that your intended beneficiaries receive the policy proceeds quickly on your death.

Remember that making a Will is only one aspect of Estate Planning. You should also review all your finances including current investments, pension plans and life policies.