We do it subconsciously – we plan all the time. Doing one thing and thinking about the next task. It might be deciding what is for tea whilst having a shower or making a mental note to leave the cleaner a cheque whilst eating breakfast.
Not exactly life changing but that sort of planning gets us through the day. The more important issues demand a little more attention.
We are always telling people that they need a Will; and that if you have a family and, particularly young children, it’s the responsible thing to do. When you put a properly considered Will in place there’s a sense of satisfaction and peace of mind that you have protected your family’s long term interests. You won’t be surprised to hear that it doesn’t stop there. Life moves on with alarming speed and in no time your children are grown up and making their own way in the world - or at least they will be once they have found themselves a job!
Look around at the people who form your family network. There’s a fair chance that three generations are involved – children, parents and grandparents. The children are our future and responsibility until they can fend for themselves, but our responsibilities also move in the other direction. Parents aren’t getting any younger, and they may not know that they, and anyone from middle age onwards, need Lasting Powers of Attorney so that someone they trust can deal with their affairs if they find they can’t do so because of infirmity or ill health. This is an increasing need as lives get longer; if this isn’t done, the younger generation is left with a real and avoidable problem when incapacity strikes.
So, the children are off your hands and it’s time to enjoy life and reap the benefits of your hard work. How do you feel about the taxman unnecessarily enjoying the fruits of your labours when you’re pushing up the daisies?
That’s not funny - particularly when inheritance tax is levied on money on which you have already paid Income Tax, Capital Gains Tax, VAT and National Insurance, and in any event shouldn’t the family be getting that money instead of him; something that could be possible with good planning.
