Everyone knows that it makes sense to write a Will and prepare for the possibility of an unexpected death or incapacity. However, most of us put off doing anything in the hope that the worst will never happen.
Experience shows that a small investment of time is often very worthwhile. At the very least, it can bring a degree of peace of mind. If the worst did happen, a little forward planning can make a huge difference to family and friends who have not only to deal with the emotional upset that is inevitable, but also the practical difficulties that can arise in such circumstances.
While our clients want to make the most of their money during their lifetime, many people are understandably concerned about what will happen to their finances when they die or become incapacitated.
Such difficulties are made worse if there is a family business that has suddenly lost a key individual. That is why Milsted Langdon’s legacy services are designed to ensure that, even in an emergency, our clients’ affairs can be managed as quickly and as painlessly as possible.
We are not solicitors and we do not write Wills. If that is what you need, we can introduce you to lawyers who can assist you in that regard and are happy to work with your existing legal advisers. Meanwhile, we concentrate on what we do best, namely to provide commercial and practical advice as well as to assist with tax planning, where appropriate.
At the simplest level, we work with clients to compile and maintain a database of financial information and contact details just to avoid the nightmare of the widow who can’t find her late husband’s building society passbooks; the widower who has no idea what lifetime gifts his late wife had made to her children from a former marriage; the children who have no idea in what banks their late parents held accounts; and so on and so on.
Particular emphasis is given to consideration of the practical consequences to any family business that can result from a sudden, untimely and unexpected death. In extreme cases, a business can be left entirely without anyone to run it, never mind anyone authorised to sign cheques. It can take several weeks or months to obtain court authority to appoint someone to take charge in which time day-to-day operation of the business can become impossible. A few precautionary steps can avoid such problems.
Our experienced legacy services team can help you with a wide range of issues, dealing with your affairs efficiently and sensitively to give you and those closest to you real peace of mind.
Areas we can help you with include:
- Business contingency and continuation planning
- Inheritance tax planning
- Trust arrangements for children
- Long-term care planning
- Lasting powers of attorney
- General estate planning issues
At Milsted Langdon, we understand that everyone’s situation is different. We’ll work closely with you to ensure we understand your personal circumstances. That way, we can provide you with the most appropriate service and help make the process as straightforward and stress-free as possible.
No one knows what tomorrow will bring, so we strongly advise you to start planning now.
To arrange a preliminary review, contact us.