In the past I have written articles about the importance of making Wills till it seems as though I sound like an old Testament Prophet. Now we have a BBC programme stressing the importance of putting our affairs in order and also National Savings and Investments issuing a report that very few of us discuss financial affairs with our children.
There is a line be to drawn between sensible discussion and children just wanting to find out how much we have squirrelled away! Certainly talking over the financial consequences of our death can not only reassure us that sensible decisions will be made but also allows the children to consider how this may affect them.
We as a race are secretive; perhaps we should be more open to discussion and then the financial mishaps, which sometime happen on death, can be avoided. Maybe lifetime trusts could be considered to mitigate Inheritance Tax but not lose control; are there assets which we feel ought to be preserved for the succeeding generation such as a family business, property or even treasured heirlooms.
It is a truism in that forward planning can make a difference whether it be considering Inheritance Tax, making a Will or a Lasting Power of Attorney.
This article is meant to encourage you to at least think about what happens on death to all those assets we have carefully built over many years; we owe it to ourselves and to those who follow us. It is not only about saving Inheritance Tax but of ensuring that our wishes can be carried out without any financial or other burden on our children. The first step is the most difficult one; to actually say to them – let us talk about what happens when we are gone.
Finally, I promise not to write about Wills for sometime – I will shave off my Prophet’s beard to be ready for the long hot summer!
At Sydney Mitchell our team of experienced will writers are here to assist you and your family at this difficult time so that they do not suffer hardship and most importantly that your wishes are written down in such a way that they will be carried out after your death.
Every member of our approachable and sympathetic wills, trusts and probate department will advise you and help answer any questions you may have about writing a will. Contact us today.
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