Covid-19 is causing a level of social and economic uncertainty not previously experienced during peacetime.
For a large number of people, recent events will place even the most diligent of estate plans under significant and unexpected strain.
We understand that for many the rapidly changing situation will be causing considerable concern for them and their family. To help guide you through these uncertain times, we have identified some key considerations for your estate planning.
Understandably, keeping calm in some situations is easier said than practically achieved. If possible, try to make any key decisions having given yourself the time to consider all of the important and relevant features. In uncertain times, it is not uncommon to make choices where our emotions might lead us to make decisions different to those we would normally take. Therefore, try and implement a rational step process before making any important choices.
Often estate planning does not need to be complicated. If you feel your current arrangements might no longer achieve what you want, concentrate on the foundations first by ensuring your Will planning and Powers of Attorney are up-to-date. From a practical perspective, be sure those who might need to act on your behalf in the future know where to access all the information they might need.
Many will have committed considerable time and effort to carefully focusing and refining a core set of principles and beliefs to help shape and guide the implementation of their estate planning. In uncertain times, it would be easy to quickly abandon those guiding principles when, in fact, your long term objectives should still remain broadly the same. If there are to be any changes to the plan, these are likely to relate to the practical implementation of those steps to achieving your future goals.
Sometimes with short warning life can change so even the best laid of plans may need to adapt. Therefore, keep your estate arrangements under regular review and be open to adjustment should the need arise. Making changes to even the most prudent of plans can happen and should not be considered as a weakness, more an evolution to those earlier arrangements to ensure they continue to be fit for purpose moving forward.
For further information on this article or any related estate planning matters, please contact Tom Lawrence or your usual contact within Howes Percival’s estates team.
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