SUCCESSION - Making a Plan

As we become enthralled with the fourth and final series of “Succession”, it would appear unlikely the Roy family will achieve a happy outcome with their estate planning endeavours. Indeed, the climax of series 3 demonstrated how previously settled ‘Family Trust’ could be manipulated as required by Logan Roy to ensure he retained control and able to agree the sale of the business. Succession planning is a fundamental part of life and with a plan it need not be so traumatic as experienced by the Roy family. Financial planning should be one of the central pillars of our lives. If we relate our personal experiences of working in business, industry or indeed for ourselves it would be highly unusual to achieve success without a business plan for this year and in most cases the next 3-5 years ahead. Why is it then that many families do not adopt the same principles with their own lives? Why is it the case that over 50% of people over the age of 55 do not have a will? Why is it the case that only 28% of people over the age of 55, who have a will, have not updated it since it was first written? Some of the reasons why these numbers are so low is due to our natural disinclination to consider our own mortality, thinking about our death is something the majority of us just do not want to contemplate. Another reason given by people who have not arranged a will is uncertainty about their financial position and wealth. Also it is clear from a recent research*, undertaken in the UK, that many people believe the cost of seeking advice from Financial Advisers is a barrier. Why should this concern you? Estate planning isn’t only for the rich. Without a plan in place, settling your affairs after you go could have a long-lasting and costly impact on your loved ones, even if you don’t have a pricey home, large pension, or valuable art to pass on. Not convinced that a will and estate planning isn necessary? Then consider these four reasons why you should have one and avoid potentially devastating consequences for your heirs. It protects beneficiaries, the people, who you want to pass your wealth to. It protects young children, e.g appointing guardians. It can help mitigate tax on the value of the estate. It eliminates unwanted family arguments. For now we don’t know the outcome to power battles of the Roy family, but we all individually hold the key to unlock our own successful futures by accessing sound and independent financial advice. Make a plan - seek out a financial adviser and make a start to securing you and your family’s future. Notes *Research conducted by Consumer Intelligence with 1042 UK consumers, December 2022 Source: Time Investment A note about the author: Hugh Lee LLB (Hons) is Chairman and founder of Synergi Investment group of companies #succession#successionplanning #wealthmanagement #financialplanning

14th April 2023
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SUCCESSION – Making a Plan

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SUCCESSION – Making a Plan

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