Opinion

Recently my sister-in-law from New York was staying with us and as is inevitable in family situations the discussion gradually got around to the future and succession planning of her estate.  I was very interested in the saying that they have in the US, “Bills, Pills, Ills and Wills”.  This seems to highlight everything in the latter years of our lives and it also highlights the fact that no matter where you are in the world nothing changes.  Where succession is an issue and capable of being resolved, the same questions seem to arise: 

Have we enough money to see us through?

How far is through?

Are we likely to need to extend our health insurance?

How healthy are we?

How long is our health going to last?

Have we attended to changing our Wills of late?  When did we last do it?

Have our circumstances changed?

Have we Enduring Powers of Attorney? 

Who is going to look after us if we become incapable of looking after ourselves?

These are huge questions and often the answer is so difficult that we tend to put it on the back burner never to be answered until it is too late. 

There are things that we can do without too much difficulty and we can at Billings assist you in resolving certain matters as regards your succession planning.  For example, up-dating your Wills.  You will be surprised as to when you last updated your Will.  Enduring Powers of Attorney are certainly a must these days and are a requirement by retirement villages and rest homes.  Speaking of rest homes there are the rest home subsidy issues which may or may not be relevant but need to be addressed by you as part of your succession planning and we can assist you in gaining some assessment of where you will lie in the future as regards your assets. 

Succession planning is a very popular phrase today, but many of us never seem to get around to completing those matters which are of concern to us and our family.  We do owe it to our families to get it right or as good as it can be in the circumstances.  Leaving matters to look after themselves as you won’t be around is not an option. 

Our commercial and property team is here to help you try and resolve many of the questions that are being raised as far as estate planning and succession is concerned and we are only a phone call away and more than happy to endeavour to put things in order for you.