Posted in Private Wealth
Never in history has there ever been a time when the passing on of wealth been so important to people’s lifestyles.
It’s probably something most of us with maturity in life are aware of, but especially so for those of us who make our lives here in the South East of England and London, which is unquestionably one of the most exciting places in the world to live, but also one of the most expensive.
Illustrating this issue a recent BBC online feature has shown how those born into an affluent family have a greater advantage over those who don’t.
It is the cost of property, which has driven this gap more than anything else. After all, a generation ago a house in London was affordable to many a young highly paid professional, whilst now even the best paid have little chance unless they have financial help, which generally comes from wealthier family members.
It is a sad indictment that too many people who have benefitted from the rise in property of the last generation have not properly decided how to distribute their wealth. It then leads to all manner of issues with family members over inheritance matters.
What is evident is that estate planning for the distribution of one’s wealth is something which needs addressing as soon as possible, because without trying to sound unduly morbid, none of us know when or how we will leave this mortal coil.
A pragmatic approach to estate planning in London and the South East is the same as for anyone, anywhere, but in many cases the figures are bigger and therefore matter more to those benefiting.
A well drafted Will gives loved ones a great sense of relief and avoids some potential difficult conversations.
The right time to make a will is now, as is the time to amend a will, which is out of date, if your life circumstances have changed.
If you wish to discuss these issues, we at Pindoria Solicitors are on hand with the experience to ensure every issue will be looked at diligently leaving no room for doubt. Please contact us today.