Illness and death are inevitable. Their timing is not. Some of us die or become incapacitated prematurely and without warning The emotional impact of this on your loved ones can be life-changing. The consequences of a poorly planned ‘exit’ strategy can create additional issues for those we care for most. Careful management and contingency planning can ensure that these are avoided.
This is not simply about tax planning. It’s about family planning and dignity. It’s about deciding what you want for each of the people who survive you. Things can be reasonably straightforward if your life partner survives and can look after the children. If you both die and leave minor children you need to decide who will look after them as their guardians. In addition you must appoint trustees to manage their inheritance until they are old enough to receive. Your will is the last communication you leave and as such should be thought-through and embraced.
If you run a family business its continuity ‘after the event’ needs to be considered. If your situation is more straightforward it could simply involve an hour-long conversation and a water-tight will with the option of some more personal letters you write and leave alongside it.
ROBERT SCHON PLANNING AND TAX ADVICE 