End of life planning and crucial conversations

More and more estates are becoming contentious, as disappointed beneficiaries learn that they may not be receiving the inheritance that they expected. Even if this doesn’t result in a claim through the courts, it can sour memories and become very distressing at a time when ideally everyone would be pulling together.

A disputed will could cost your estate upwards of £100,000 and significantly delay the administration of an estate. This could mean missing out on selling a property and having to continue to pay the outgoings, or being unable to meet the tax bill so that interest accrues on the unpaid tax.

In many cases, the dispute could have been avoided, or at the very least conversations had so that everyone understood why things were left as they were.

Although there may be a good reason not to tell family or friends of your plans, after all your will is a private document at least until probate is granted after your death, it is often a good time to sit down with family members and tell them what you are planning. This could be coupled with a conversation about your funeral wishes or what you might want to happen should you lose capacity. This may also come out of instructions to make a power of attorney, usually a Lasting Power of Attorney.

You may think that the legal documents are the most important thing, and in may ways they are, but we also encourage you to discuss practical matters and have the difficult conversations that it is all too easy to avoid.

It can seem overwhelming to try to collate all of your paperwork together and to know what’s important. One of the most helpful resources I have come across is the book ‘Your Last Gift’ by retired solicitor and tax consultant, Matthew Hutton. It’s available on Amazon with more information here www.yourlastgiftbook.com and includes helpful forms, which you can also download, to help you pull together all of the information that your loved ones will need.

If you think you could be more organised, if you have questions about your will and estate planning or if you have concerns about possible disputes please contact a member of Blake Morgan’s Private Client team. We are here to provide both technical advice and peace of mind.