Day-to-day living is demanding enough in the modern world, even for those who like to keep a keen eye on their future financial security. The many aspects that require close attention can often prove all too much, which helps explain why so many people employ the professional estate planning services of an independent financial advisor (IFA). But despite the best efforts of those looking to optimise their money’s performance to provide for the future, there is one often overlooked aspect.
Ensuring today’s investments achieve all they can, so as to provide greater peace of mind and a higher level of regular retirement income is an admirable move for anyone to make, but few stop to consider their post-mortem state of affairs. Those who do will usually have a trust or final will drafted and drawn, before failing their initial foresight by failing to recognise or address the many beneficial aspects of planning ahead to minimise inheritance tax or any such issues with your estate.
It’s impossible for the dearly departed to have a say in estate planning procedures and of course, the same is true of those who suddenly become incapacitated. It’s a scary thought that rarely enters the head of anyone looking to the future, but those who tragically succumb to a debilitating situation or disease could be left wishing they’d taken the aforementioned steps a little sooner, so as to ensure that their loved ones are provided for in what is usually their darkest hour.
It would surely be heart-breaking for anyone to spend a life building a legacy befitting their nearest and dearest, only to see the critical decisions being left to someone with an entirely different mind-set or motivation. Situations where death-bed wishes have been legally rebuffed can arise regularly and understandably, the effects can be devastating for bereaved friends and family members, which really emphasises the importance of making end-of-life decisions, preferably long before your time.
It’s an established fact that trusts and final wills are essential aspects of estate planning, but so too are personal health care representatives, which can be appointed via a lasting power of attorney. Because they defend your decree and demand that those left behind adhere to your directions, life prolonging declarations and living wills are also investigation-worthy assets to ask your IFA about. There’s no time like the present to reconsider just how well your future is actually planned out.
By Anthony Standring