As the seasons begin to change and thoughts of chasing our recycling bins around the garden in stormy weather start to fade, many of us will turn our thoughts to planning for the rest of the 2024.
It is a year that will have both a UK and USA general election and the inevitable uncertainty and disruption such democratic events bring. In times of uncertainty and political change, it is especially important to consider your own succession planning.
While it is almost impossible to predict the lay of the land for this time in 2025, it is certain that wealth creation, death, taxation and other such constants will continue, albeit in possibly a different form. So, what actions could you and should you be taking now?
The key to succession planning is to understand that it is not just about taking one single action. The best strategy involves being organised, taking advice and then reviewing that advice on an ongoing basis.
The basic building blocks of succession planning are making sure that you have an up-to-date AND appropriate will in place and that you review your will on an ongoing basis. The other key document to have in place is an up-todate power of attorney.
Both should be considered as living documents that may need to be amended over time with the twists and turns of life. Other points to consider are instructing living wills (or advanced directives). Do you have a current nomination for your SIPP (self-invested personal pension)?
Do you know where the title deeds for your house are? Have you considered your inheritance tax exposure and are you aware of the simple actions you could take to make use of allowances to potentially reduce that exposure?
Many clients find it easier to bring their family into their succession planning now so that there are no surprises later on. So in between thoughts of summer, planning holidays and family events, make sure you take time to ensure your affairs are ready for whatever 2024 brings and you are engaged with your professional advisors.
Partner Content in association with Shepherd and Wedderburn.