Succession Estate planning 2020

Getting your estate planning right in the COVID-19 crisis

Source: The Tax Specialist Journal Article

Published Date: 1 Aug 2020


The advent of the COVID-19 crisis has presented all sorts of challenges to advisers and their clients. This article explores the impact of the COVID-19 crisis and the implications for estate planning and the importance of reviewing an estate plan in place when a significant event, like a pandemic with economic consequences, occurs. There would be many estate plans formed prior to COVID-19 which should now be reviewed post-COVID. The article also explores practical issues arising from difficult and sensitive scenarios including: when a relationship breaks down and the impact on the estate plan; whether you can future-proof inheritances and protect the family jewels through binding financial agreements or other means; and when the Bank of Mum and Dad comes along to help out the family. As a final point, the article observes the value of helping clients to take a step back and conduct a health check of their succession plan in this unpredictable environment.

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Succession Estate planning 2020

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