In my recent BusinessTV interview, I enjoy a friendly interrogation by Marc Harris on the subject of succession planning, and all of the things we should be thinking about during our lifetime, long before our deaths. If the past two years have shown us anything, it is how quickly that things that we once thought of as certain can change and the fragility of life.
Should the worst happen to us, it is fundamental to ensure that our affairs are in order so that we can pass on as much as possible to those we leave behind. The sooner you start to consider your wealth, from how it is held to what you would wish to happen to it in the event of your death, the greater the number of available options (and indeed the more time you will have to implement them).
I know of countless examples where people have postponed such matters, with the belief that they will have plenty of time to think about their affairs when they have stepped back from their active work and roles. Sadly, in many of these examples, leaving these tasks for a later date has led to larger tax bills for their estates, disappointed beneficiaries - and even litigation in the Courts.
In respect of succession and tax planning, it is very much the case that a stitch in time, saves nine.
To learn more, watch my interview on BusinessTV.