Regardless of where you are in life, unexpected events can occur. Succession planning, more commonly known as estate planning, is highly advised when you want to ensure your loved ones are looked after when you are gone.
Why do I need to speak to my family about succession planning?
Although it may seem a difficult conversation to have, it is crucial that you share your wishes with your family and friends if you want those desires to be heard. This is your chance to outline any roles and responsibilities you would like to pass on to your loved ones. Whom will also be provided with some peace of mind by having an insight of what you plan to do with your estate.
What are the benefits of succession planning?
There are many benefits to succession planning and its long-term impact. Once your plan is in order you can sit back and relax knowing that your loved ones will have security and your wishes will be put into action.
- Peace of Mind
According to a 2018 study, around 60% of UK adults do not have a Will in place. That is over 30 million people who risk their property, finances, and other assets by leaving it in the hands of the law to decide what happens next. Even if it is not what they would have wanted. And where you reside has a huge effect on that outcome too. That is why it is so crucial to have your plan put to paper.
By estate planning, you can have the peace of mind that your assets will be going to the right place when the time comes. An extensive estate plan allows you to determine how and by whom your affairs will be handled.
- Do what is right for you
Every situation is unique and therefore requires a tailored approach. Decisions should be made based on what you believe to be right for yourself and your family, and a wide range of circumstances should be considered. Irrelevant of age or marital status, having an estate plan is paramount for everyone.
- Family legacy
You may be relieved to hear that the legacy you have worked so hard for can stay intact even after you are gone. And if generation after generation continue to pass down their wealth, assets, lands, and legacies then the impact on future family members could be unlimited. To ensure that your desires are kept by your beneficiaries it is best to cover all scenarios in your estate plan.
- Prevent conflict
When emotions are running high it can be a tough time to make decisions. By clearly communicating your wishes early on it removes this emotional burden from your loved ones. As well as allowing them to process your affairs in a smoother manner without conflict regarding how certain aspects should or should not be handled.
How do I approach this topic with my family?
Understandably, succession planning can be a hard and even painful point to speak about. However, it could also be one of the most beneficial things you could do for your family as seen in the reasons above. It may be best to have this conversation as a group instead of in one-to-one chats so that everyone can be clear on what is discussed.
- Timing and transparency
The only time we have is now. It is better to bring up this topic with your family at a younger age as you never know what tomorrow might bring. This conversation could easily be put off but by doing it sooner rather than later you open the possibility for your family to clear up any queries they may have. It is also important to remain transparent. The only way your desires can be heard is if you voice them.
A trusted person should have the necessary information for when the time comes. This may include legal paperwork, access to assets, the will, and more.
- An empathetic approach
Your family may find this conversation upsetting, therefore it’s important to approach the topic with understanding and empathy. The meeting, planned in advance, would give those attending time to process their thoughts and emotions as supposed to feeling taken by surprise. Let everyone express their views, ask questions and be open about their feelings.
How do I make an estate plan?
Our experienced Wealth Managers are here to help you every step of the way by crafting a comprehensive and personalised plan to suit your wishes. We will help you to achieve your goals and give you peace of mind in knowing that this intricate process will be handled smoothly. Contact us today at email@example.com and take that first step to ensuring what you have built all your life is protected.