Why "We'll Get Round to It" Can Be an Expensive Decision

One of the things I've learnt over nearly four decades of working in estate planning is that very few people deliberately choose not to put their affairs in order. More often than not, it's simply a case of life getting in the way.

People move house. Children arrive. Businesses grow. Retirement beckons. Parents become older and need more support. Before long, another birthday has passed, another Christmas has been and gone, and that conversation about making a Will or putting Lasting Powers of Attorney in place is quietly moved to the bottom of the list once again.

It's understandable. Estate planning rarely feels urgent, particularly when everything is going well.

The difficulty is that life has a habit of reminding us that not everything happens according to plan.

Over the years, I've met countless families who have found themselves trying to navigate bereavement while also dealing with uncertainty over finances, property or the practicalities of administering an estate. In many cases, those problems weren't caused by a lack of love or consideration. They were caused by delay.

Someone had intended to update their Will after getting married. Another had spoken about making Lasting Powers of Attorney but never quite got around to it. A business owner had always meant to think about succession planning but was too busy running the business to stop and plan for its future.

These situations are rarely the result of poor decisions. They're often the result of decisions that were never made at all.

One of the misconceptions I still come across is that estate planning is something you do once and then forget about. In reality, it should evolve as your life does. A Will written twenty years ago may no longer reflect your wishes or your family circumstances. Children grow up, grandchildren arrive, relationships change, tax rules evolve and assets increase or decrease in value. The document itself may still be legally valid, but that doesn't necessarily mean it's still the right one.

The same can be said of Lasting Powers of Attorney. Many people assume they're only relevant in old age, yet illness or an unexpected accident can affect any of us. Having someone you trust legally authorised to make decisions on your behalf isn't about expecting the worst. It's about ensuring that, if the unexpected does happen, the people closest to you can act without unnecessary delay or additional legal hurdles.

Perhaps the greatest benefit of estate planning isn't what it does for you. It's what it does for the people you leave behind.

Clear instructions reduce uncertainty. They remove unnecessary guesswork and can help prevent disagreements at what is already an emotional and difficult time. They allow families to focus on supporting one another rather than trying to work out what they think you would have wanted.

After more than 38 years advising individuals, families and business owners, I've never met anyone who regretted putting proper plans in place. I have, however, met many who wished they'd done it sooner.

If you've been telling yourself you'll get round to it one day, perhaps it's worth asking yourself a different question.

If not now, when?