It is obvious to say the Coronavirus pandemic has led to an unprecedented level of restriction in the way we go about our daily lives.
For nearly all of us, the lockdown measures have meant we are spending considerably more time at home with our immediate family. For my own part, the pace of life away from work with my wife and two young sons seems to have slowed; not vastly so but sufficiently to make the change noticeable to the usual routine of life. There also seems to be more time for talking together.
One of the main reasons I hear from clients for why they have felt unable to properly address their estate planning any earlier has been the lack of time and opportunity to discuss their plans with their family.
If my own experience is similar to that of others, one positive which we might be able to take from the current situation is that it has offered us some more time together and, via the use of modern technology, a window of opportunity through which to have family discussions regarding succession for the next generation.
Making plans, setting goals and aspirations for a family’s future can often need time to grow and develop. It would be unusual for it to come together overnight. Therefore, it is about finding the time to have those discussions and less about trying to find what is perceived to be the ‘right’ time as that may never neatly arrive.
What are the key ingredients for a good plan?
Firstly, understand and recognise the now. You cannot start to decide where you want to get to if you have not properly evaluated the present. At its simplest, consider compiling a list of your assets and liabilities with up-to-date values where possible. Check with your professional advisors the main features of your current tax situation. It is always helpful to prepare a family tree starting with your most immediate family. Consider preparing a list of your succession priorities and any concerns you have which could impact on what you wish to achieve.
Secondly, outline some goals. These are aspirations and can be your vision of the ideal outcome. That is not to say all elements will be achievable ultimately but it can help to start a meaningful discussion as to how you might consider reaching those aims.
Once you understand your current arrangements and have set some initial aspirations, the conversation can most helpfully move with your advisors to the options available and start to build a greater picture as to your situation. This can also involve sensibly challenging those visions and aims to check where there might be a certain level of tolerance in what would be viewed as a successful outcome for the family. There should be no fixed formulae to this and do expect that a careful balance of your priorities will be needed while ensuring your key interests are placed central to the process.
For further information on this article or any related estate planning matters, please contact Tom Lawrence ([javascript protected email address]) or your usual contact within the estates team at Howes Percival.
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