Time for some New Year’s Resolutions?

During the last 18 months of living with Covid, elements of our lives have been put on hold, whilst our personal circumstances may have been changed forever. As we go into 2022, it may be a good moment to reflect and consider what we should be doing or updating to protect some combination of ourselves, those we love, the businesses we have nurtured or the assets we have worked for or inherited.  Iain Grimes, Managing Partner at Fraser Dawbarns, outlines his top legal review points for the New Year.

Personal Issues

• Have your circumstances changed since you last made a Will? If so, it may be time to review it – for instance to take account of new grandchildren as beneficiaries?  If you have never made one, is it time you did? – anyone who owns a property or has a family should have one.
• Have you made a Lasting Power of Attorney? These are not just for the elderly; they give peace of mind to anyone who makes one that if they should be unable to make their own decisions for any reason then someone they trust can make them on their behalf.
• Did you embark on a significant new relationship during the pandemic or move in with a partner? If you are living with someone new, you might wish to consider making a cohabitation agreement.
• Alternatively, if you are about to marry or have just done so, would a Pre or Post-Nuptial Agreement be a sensible way to protect the assets that you have worked for before the marriage? While this may not seem very romantic, it is certainly more cost-effective than not having done so if things don’t work out in the long term.

Business Issues

• Have you changed your employees’ working patterns and place of work as a result of the pandemic? If so, do your employment contracts reflect the current position?  If not, they should be updated.  You may also need to look at your wider HR policies in relation to new working practices.
• Have you set up a new business, changed the structure of your business or gained or lost a business partner? If so, do you have the right partnership agreement or shareholder agreement to reflect this and do you have appropriate terms of business?
• Have you reviewed your business property arrangements recently? Do your premises still suit the needs of your business, or should you be reviewing your leases, or selling owned property, with a view to a move or getting a better deal?
• Have you relegated chasing longer-term debts to the ‘not now’ pile? It may be time to grasp the nettle and it is surprising how often a letter from a solicitor can speed the process up. If that doesn’t do the trick, we can advise on your next steps.

The team at Fraser Dawbarns can help with all these issues, and any other legally related New Year’s Resolutions.  Please contact us on info@fraserdawbarns.com or 01945 461456.