What Happens if You Don’t Plan for Your Family?

By April 15, 2016Estate Planning

Lynda Bellingham was the mother in the Oxo Family who, to many, felt like a real family. These television ads became iconic, running from 1983 to 1999.

Sadly, following Lynda Bellingham’s death in 2016, her own family are in dispute over her will. Her two adult sons are insisting that their mother had planned to make sure they were looked after, but in reality her will left everything to Michael Pattemore, her third husband and not the boys’ biological father. The sons say they now find themselves cut off from any financial legacy.

Family structures can be complicated these days, involving second or even third marriages. However, you can easily avoid inheritance issues with the right estate planning. The popular misconception is that estate planning is only about death, when really it’s simply about sensible financial planning.

You want to ensure that your estate ends up with the people you want it to, and in fact it’s relatively inexpensive to do so. Writing a proper will ensure that there aren’t the kinds of conflict sadly in evidence with Lynda Bellingham’s legacy.

There are a number of key ways to ensure that your family and your children are protected for the future, and also that your own interests and wishes are respected during your lifetime.

Estate Planning means more than will writing: it can involve setting up family trusts to keep legacy wealth for whom it’s intended; Lasting Power of Attorney (LPA) to protect your interests in the event of your incapacity while you’re still alive; and aspects of wealth protection to ensure you can protect your legacy.

Television fiction and fact don’t always match up, and the realities of family life can be a lot more uncertain than the scenes captured in advertising segments. But when it comes to family protection and keeping your assets safe for the future, it’s reality that matters most.

 

If you would like a realistic approach to your family’s financial future and protecting your assets, please contact us.

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