Sunir Watts and Sophia Smout explain the importance of planning for the future in Taxation

Sunir and Sophia’s article was published in Taxation, 8 January 2024, and can be found here.

Sunir Watts, Partner and Sophia Smout, Associate in our Private Client department, highlight the critical importance of will planning.

Without a will, the intestacy rules decide how an estate is distributed favouring spouses and civil partners, while offering no protection to unmarried partners. A will ensures your wishes are followed and allows you to appoint trusted executors and trustees.

They also stress the value of wider estate planning, including lasting powers of attorney, which allow someone you trust to make decisions if you lose capacity. Without these, families may face legal and emotional difficulties at an already challenging time.

Recent research by Canada Life shows that over half of UK adults don’t have a will, with many believing their assets are too modest or assuming loved ones will inherit automatically. Sunir and Sophia urge everyone to plan ahead regardless of wealth to protect loved ones and provide peace of mind.

Read the full article on the Taxation website [subscription required].