“Fail to plan, plan to fail”…
An oldie but a goodie this #thoughtfulthursday, but perhaps very apt in connection with the subject of estate planning!
If you do not plan how to distribute your estate upon your death, and formalise these plans by putting a properly drawn up will in place, your estate will be distributed in accordance with the laws of intestacy and this may not correspond with your wishes. This includes, of course, a judge having to decide who would be best placed to care for your young children if both parents had died. What if he chooses your sister?! What if you can’t stand your sister?!
Similarly, if you do not plan ahead and put Lasting Powers of Attorneys in place before you lose mental capacity, your loved ones will be left having to navigate their way through the Court of Protection, costing them greatly in terms of time and money, just to be able to make decisions on your behalf. It is not enough to say, “I’ll do them when I need them!” – by the time the LPAs are needed (i.e. you have lost mental capacity) it will be too late to put new ones in place!
So take Sir William Churchill’s advice and plan, plan, plan! We’d be delighted to help you and you can get in touch here to discuss your estate planning needs.
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