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Lesley Purvuer, of Larken & Co writes about New Year’s Resolutions and the need for a legal health check.




New Year’s Resolutions –Time for a Legal Health Check? — writes Lesley Purvuer, of Larken & Co.

We’ve hit that time of year again where we all look to the future and hope that the coming year is better than the last!

As is tradition at the beginning of a new year, many of us start on a positive note with making new year’s resolutions – perhaps to increase our daily exercise and improve our health and fitness, or to lose a few excess pounds, or even to complete a ‘dry January’.

Lesley Purveur, of Larken & Co, Newark.
Lesley Purveur, of Larken & Co, Newark.

While we may make these resolutions, sticking to them is another matter, and let’s be honest, many of us have lapsed by the time we reach the end of the month.

2025 may be the year to take a different approach – why not think about resolving to put your legal affairs in order? What legal protections do you have at the moment? Do these need revisiting and updating? Consider :

Wills

Do you have one? If you do, do you know when it was made, and have your circumstances changed since that time?

It may be worth reviewing your Will to check if anything needs to be altered because of any life events that have taken place.

Having a discussion with your solicitor about your current circumstances could mean changes are needed.

These may just be in the form of a codicil - a short addendum to your existing Will - or the Will itself may require a complete re-write.

Whatever the position, the peace of mind that you will get from knowing that things have been reviewed and are in order will be far more rewarding than any failed resolutions that you have made in the past.

Lasting Powers of Attorney

While a Will takes effect on death and passes your assets to your chosen beneficiaries, a Lasting Power of Attorney (LPA) is a legal document that is active while you are alive.

This will state which individual(s) you have chosen to make decisions on your behalf if you are unable to make those decisions for yourself.

There are two types: one deals with financial decisions, including making payments from your bank account, managing your investments or selling your property, and the other, with health and care decisions, which can include medical treatment, where you live, or whether you should receive life sustaining treatment.

You can only make LPAs while you still have mental capacity, and it is worth discussing options and benefits with your solicitor as none of us know what the new year may bring for us.

Property

If you own a property, be it a home or business asset, there are several things to consider. Is the title registered with the Land Registry?

If not, be careful because properties with unregistered titles can be more susceptible to property fraud. Consider getting a title registered to help protect your asset in the future.

If you own property which is occupied by someone else, ensure you have a written tenancy agreement, and check that this has not expired or is due for renewal. If there is no written tenancy, it is always best to consider documenting the arrangements.

Written tenancies are much easier to deal with as both parties can clearly see and understand what is expected of them.

2025 brings the Renters’ Rights Bill, which is set to become law by the summer. One of the key changes is the abolition of the ability for both existing and new tenancies to evict a tenant on a ‘no-fault’ basis by simply serving a notice. Landlords will have to provide a reason to be able to evict a tenant in the future.

The Bill introduces substantial changes for landlords, particularly around evictions, rent reviews, and tenant rights, and private landlords should make it a priority in the new year to be aware of all upcoming changes.

Business issues

For business owners, try to make business planning a weekly event - this will help you take stock of what did and did not work over the years, and help set new directions and adjustments where needed.

Make sure your terms of business are clear and that payment terms are incorporated into trading arrangements.

Terms and conditions should always include any credit period and details of interest charges on overdue accounts. With business costs set to rise in the new year business owners cannot afford to overlook late or non-payment.

Resolve to take positive action and tighten up on credit control to get through the challenging times we are in. You should also resolve not to allow problems with employees escalate – it is all too easy to bury one’s head in the sand and hope things will go away, but this rarely happens.

Try to deal with issues head on to avoid frustrations arising and becoming time consuming.

As we embrace 2025, investing a little time in yourself and your business could turn out to be time well spent!



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