Succession Planning
Planning for an individual or for any business is not always straightforward and at Hall Baird we recognise that there is no ‘one size fits all’ way. With this in mind we provide advice tailored to your circumstances, your business and dovetail it with appropriate taxation advice.
Succession planning applies to both businesses and individuals, and when undertaking this we would always recommend a review of your own personal Will and Powers of Attorney.
Wills
No matter who you are, you should have a Will to ensure the people you want to inherit your belongings & assets do. At Hall Baird we often meet clients who say to us I must get my Will updated; I’ve been meaning to get a Will in place now that I have children. It is important that your Will reflects your current wishes, taking into account your current circumstances.
Making a Will really is a straightforward, relatively inexpensive process which can be completed in a relatively short space of time for most people. Leaving a Will means your family is provided for in the manner you would wish, and it really does spare your family added heartache and cost at what will, undoubtedly, be a difficult time in the future.
If you don’t have a Will, then the law of Intestacy governs what will happen. In our experience it rarely accords with how you WOULD have apportioned your belongings. For example, if you don’t have a Will, then anyone who inherits your Estate would receive their inheritance at the age of 16. In most situations, people do not wish their loved ones to inherit at such a tender age.
Powers of Attorney
Granting someone you trust to legally act on your behalf when you are no longer able to act for yourself is becoming almost as important as having a Will.
In our experience, when asking people “do you have a Power of Attorney?” the reply is no, I don’t need that yet. It is not something that you should leave until you think you may be starting to lose capacity to deal with your own affairs. Sadly, if such a situation does arise in your life, you and your family should be left to focusing on your health & not whether or not the bank will allow you partner access to your personal bank account, or BT will allow them to make changes to your broadband account.
A Power of Attorney is a document that we recommend everyone has in place now. We sincerely hope it’s a document that is never required, and that you, as an individual, always remains healthy and able to manage your own affairs. However, we don’t know what is around the corner and it’s best to prepare for the worst, and hope for the best. At Hall Baird, we can help you prepare a personal Power of Attorney, appointing individuals that you would trust in the future to act on your behalf, if required.
