Wills and estate planning: Some words of wisdom

Estate planning deals with both of life’s famous certainties, so it’s not surprising that many people have shared thoughts that are relevant to the subject. Here are a few that you may find thought-provoking.

“A goal without a plan is just a wish.”

According to the latest National Wills Report, around half of all adults in the UK have not made a will. They might benefit from considering these words by Antoine de Saint-Exupery, the novelist most famous for ‘The Little Prince’. (As might those who have a will that no longer expresses their wishes, or that may turn out not to be legally effective.)

The laws around intestacy vary significantly in the different UK jurisdictions, but in all cases the deceased person’s estate is allocated according to pre-set rules, with no consideration of tax-efficiency, charitable giving, or any other particular wishes that they might have had. It’s a situation that’s far from ideal – yet easy to avoid.

“Wisdom without an inheritance is better than an inheritance without wisdom.”

Wise words from the seventeenth century poet Anne Bradstreet. A key consideration for many people when planning to pass wealth to the next generation is ensuring that this only happens when the recipients are ready, and have the support they need. There are various ways to do this, both in life and on death. One of the most common is to set up a Trust. Expert advice and guidance will help you to decide on the course of action that’s right for your particular circumstances, and then implement it successfully.

“Only put off until tomorrow what you are willing to die having left undone.”

Some people might find it hard to hear these words from the great painter Pablo Picasso. It’s easier to take the contrary view, beautifully captured by Douglas Adams, author of the Hitchhiker’s Guide to the Galaxy books: “I love deadlines. I love the whooshing noise they make as they go by.” But, unlike writing a novel, with estate planning the deadline is unknown, it can arrive much sooner than you hoped or expected… and there are no extensions.

“The single biggest problem in communication is the illusion that it has taken place.”

As the writer George Bernard Shaw pointed out, it’s easy to finish a conversation thinking that it was successful and productive when, in fact, information was given out but not taken in. That’s especially true when the subject matter is difficult, but when considering estate planning it’s crucial to talk to your family before it’s too late – and possibly even before you write or change your will.

Lack of communication is one of the main reasons why disputes can arise, sometimes with devasting effects for all concerned. Much better to make sure that everyone has a chance to share their wishes and expectations – and that they have been listened to and truly understood.

“We make a living by what we get, but we make a life by what we give.”

This quote is usually attributed to Winston Churchill – probably wrongly, but it still offers food for thought. Philanthropy can be done completely separately from estate planning of course, and vice versa, but it is nevertheless an issue that many people are keen to consider when planning their legacy. It can be very personally rewarding for the giver, but it needs to be carefully planned and set up to ensure that your generosity has the intended effect.

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