Is inheritance distasteful?

Bond star Daniel Craig would rather give away his wealth to charity than to his daughters. Whatever your view, it is important to plan for it to ensure your wishes are fulfilled.

by Atticus Kidd

Wealth Planner

He is not the only celebrity to want to give away the large majority of his earnings, Bill Gates and Mark Zuckerberg have also said they want their children to learn the value of hard work. However, although it is an uncomfortable topic, estate planning and financial planning surrounding our mortality are important subject matters - that deserve more of our attention!

Deciding who will inherit your assets after you’re gone is a very personal decision and can often vary widely. Previous marriages and frayed relationships can cause serious complications. Without a valid will and testament in place you are subject to the laws of intestacy which apportion the estate based on a set of rules that do not make room for your intentions. This could result in assets not being distributed in accordance with your wishes and may lead to prolonged and costly court proceedings or family disputes, which those from less fortunate backgrounds may not be able to afford. Additionally, sufficient inheritance planning will allow you to appoint a guardian of your last will which would otherwise be a choice of the courts.

How you wish to use your estate both in lifetime and on death is entirely up to you, but it is important to consider the appropriate steps. A will is an important way of maintaining control of what happens to your estate upon death. There are also other forms of estate planning that can be taken during your lifetime that surround gifting, who manages your assets if you were to lose capacity and considerations for inheritance tax. A conversation with a wealth planner may be able to help you with these queries and devise an appropriate strategy tailored to you.

I am glad to see that Daniel Craig is considering estate planning in some way as although he may think this is no time to die or he will simply die another day, we must all live and let die.

Atticus Kidd, Wealth Planning Assistant

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