How To Manage Succession Planning In Turbulent Times – Wills/ Intestacy/ Estate Planning

As the seasons begin to change and thoughts of chasing our
recycling bins around the garden in stormy weather start to fade,
many of us will turn our thoughts to planning for the rest of 2024.
A year which will have both a UK and USA election and the
inevitable uncertainty and disruption such democratic events
bring.

In times of uncertainty and political change, it is especially
important to consider your own succession planning. While it is
almost impossible to predict the lay of the land for this time in
2025, it is certain that wealth creation, death, taxation and other
such constants will continue, albeit in possibly a different
form.

So, what actions could you and should you be taking now?

The key to succession planning is to understand that it is not
just about taking one single action. The best strategy involves
being organised, taking advice and then reviewing that advice on an
ongoing basis.

The basic building blocks of succession planning are making sure
that you have an up-to-date AND appropriate Will in place and that
you review your Will on an ongoing basis. The other key document to
have in place is an up-to-date Power of Attorney. Both should be
considered as living documents that may need to be amended over
time with the twists and turns of life.

Other points to consider are instructing Living Wills (or
Advanced Directives). Do you have a current nomination for your
SIPP? Do you know where your title deeds for your house are? Have
you considered your inheritance tax exposure and are you aware of
the simple actions you could take to make use of allowances to
potentially reduce that exposure?

Many clients find it easier to bring their family into their
succession planning now so that there are no surprises later
on.

So in between thoughts of summer, planning holidays and family
events, make sure you take time to ensure your affairs are ready
for whatever 2024 brings and you are engaged with your professional
advisors.

Originally Published by The Sunday Times’ The
Business

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.