There are many aspects of life which become particularly significant with growing older and one's focus changes to planning for retirement and beyond.  Issues such as health care, retirement accommodation and dealing with possible serious illness or incapacity can become major concerns.

For people who have established successful businesses, companies or careers, difficult issues can arise in trying to formulate and implement a successful retirement strategy or in ensuring that what you have worked hard to establish can be successfully passed on to your children.

Because of the depth of expertise we have in estate planning and elder law, Teece Hodgson & Ward are well placed to advise you on these issues, whether it be in preparing your Will and power of attorney or in advising you on a business succession strategy.

Making a Will, preparing a power of attorney or appointing a guardian does not necessarily take a long time, but it does require careful consideration of your circumstances and calls for skilled legal input. Although it is possible to have a ‘simple’ Will prepared cheaply, the reality is that in many cases such a Will fails to deal appropriately with particular assets and complexities, leading to far greater cost to the estate after the person who made the Will dies.

Modern families and relationships are complex. People live longer and accumulate greater assets than ever before. Many people marry more than once and have children or step-children from several relationships.  Often disputes can arise after a person dies, for example when there is a conflict between the children of a first marriage and the second spouse or partner. In our experience, failure to plan properly for death or incapacity can also cause considerable financial hardship and lead to unexpected and sometimes quite inappropriate results, often leaving family members distressed about the outcome.

As people acquire assets or progress in the growth and complexity of their businesses, the need for appropriate planning and expert advice becomes even more important. 

If you have young children, you need to consider issues of guardianship and financial support (often using tax effective trusts in a Will) to assist in meeting your children’s needs. 

Similarly, if you are in business, you should consider the consequences to your business and your family should you die or become incapacitated. Who will take over your interest in the business?  Will your family be able to carry on the business or will they receive a cash payment in a tax effective way?  No matter how busy you may be, you cannot afford to ignore these issues.

As recognised experts in estate litigation, we can advise on the risks arising from poor estate planning and help you minimise the risk of litigation between family members.

We take the time to review your individual circumstances in detail and help you to prepare an estate plan which meets your particular circumstances, working with your accountant and financial planner where appropriate.

For further information contact:

Deborah Linwood
John Maitland
Lynn Beeston
Richard Neal
Roger Hodgson

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