You never know what could happen…
If recent weeks have shown us anything, the importance of planning for the future, especially regarding estate matters, cannot be overstated. At SLS Wills and More, based in the picturesque county of Kent, we have witnessed firsthand how unexpected events can significantly impact our lives and the lives of those around us. This underscores the vital necessity of having robust estate planning in place, a service we are proud to offer to our community.
Thankfully, the recent events for our team haven’t been too serious but the unpredictability of life's events is a common thread that binds us all. For instance, one of our colleagues and estate planning consultants, recently experienced a dislocated knee – an unforeseen event that brought both physical and logistical challenges. Similarly, Jess, a valued member of our office team, faced health difficulties due to Covid. In my own life, I underwent back surgery, which, although anticipated, still required meticulous planning to ensure a smooth transition during recovery and to make sure our clients were still able to get the support they needed.
These personal experiences mirror the unexpected twists and turns that life often presents. They serve as a poignant reminder of why planning for the future is not just advisable but essential.
In the realm of estate planning, the unforeseen can take many forms. A partner might announce intentions for a divorce or a break-up, a scenario that necessitates a reevaluation of one’s estate plans. Whilst unmarried partners won’t benefit from an estate without a Will in place, if you experience a break up and do have a Will in place it would need to be reviewed. For divorce, the ex-partner is treated as though they have predeceased you. If it’s an amicable break up and you’d still like them to benefit from your estate then you’ll need to review your planning.
The sudden passing of a loved one is another stark reality that many face, often without warning. All too often we see this and the loved ones’ lack of planning can cause issues. It would be awful if something should happen to you and you hadn’t taken the time to plan. Something for serious consideration.
On a more positive note, an unexpected inheritance can also come our way, presenting both opportunities and the need for careful planning to manage the newfound assets responsibly. For some, they don’t want the inheritance as it might create an Inheritance Tax liability of their own. They might choose to forego a gift in favour of a child etc.
These scenarios highlight the importance of having a plan that can adapt to life's unpredictable nature. Estate planning is not just about drafting a document; it’s about creating a flexible strategy that can withstand life’s many surprises. It’s about ensuring that your wishes are respected, and your loved ones are taken care of, no matter what the future holds. Most importantly, it’s about making sure that these documents are always relevant. When we make plans, we plan for the future but the advice we provide is very much tailored to the position at the time the documents are drafted.
The recent news about the projected increase in the national minimum wage, or the possible scrapping of IHT is an example of legislative change which could impact our financial or estate planning position.
At SLS Wills and More, our commitment is to provide personalised, compassionate, and professional guidance in all aspects of estate planning. Whether it’s drafting a Will, setting up trusts, or advising on inheritance tax implications, our experienced team is here to ensure that your estate planning is robust, flexible, and tailored to your unique circumstances. It might be that for the next couple of weeks, those that see us see her over a video call.