Personal Succession Planning – Your Family’s Future

Personal succession planning probably conjures up thoughts of who is going to take over in your business when you step away. But that’s about your business. We want to talk about your family and how to manage succession planning for the most important people in your life.

Whilst we may have talked about this quite a lot, there is never any harm in reminding you of the importance of deciding who is going to handle various things if you aren’t able to do so.

Be sure you have chosen the right executors for your estate.

And do download our handy guide as well as reading our articles about this, to help you.

If you have young children who would look after them if you are not there to do so? Again, the impact of choosing the right guardians is so far reaching. The people you choose to step into your parent shoes, are not necessarily the same people you would want managing your estate. Be sure you make the right choice for your children.

And, if you have elected to set up Trusts, then appointing the right Trustees is also vital. Again, we have a handy resource for you to check out before making the final decision.

But, setting up the required legal positions is only one part of the equation.

If you are usually the person in your family who looks after the finances, who is going to do that, if you can’t?

All too often we talk to clients who are bewildered and frightened because they had no visibility about the financial aspects of their household.

We always encourage clients to share the financial burden and decisions, to avoid an over reliance on one person. Having full visibility and knowing what is going on will help to ease anxiety.

If you are conscious that this could be a problem, we recommend you document all of the financial elements of your life and household. Use a simple spreadsheet to provide information on all of your insurance policies, with numbers, provider details and the current premiums.

Do the same with all of the household bills – providers, date of payment and current amount.

Be transparent about where you look, and who you talk to, when you are considering switching to a different provider.

What would you like for your family?

Sharing your thoughts on independent education for your children, university, financial independence, and so on, will help guardians and trustees to make the right decisions for your family, if you cannot.

You might have chosen all those legal positions, but who would you want your child to turn to if they had a problem, or needed advice? Are they the same people you have chosen as guardians? Reach out to trusted friends to talk about the support network they could offer, should it ever be needed.

Equally, if you have elderly parents – who would take responsibility for them if you cannot? Again, you might want to talk to specific people to see if they are willing to help.

Executors, Trustees and guardians are vital roles that need to be appointed. But don’t underestimate the importance of the role of friend, confidant or family spokesperson either.

If you would like help with your personal succession planning, please contact us on 01344 875 310.

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