Lasting Legacy

I am not a beach holiday person. If anything, I get bored and I tend to take the more “active” approach to getting away. This year alone I have been hiking and climbing in both the Alps and the Lake District. To be honest, if I’m not in the office you will most likely find me outside, preferably up a mountain. It is, without a doubt, my “happy place” and has done and continues to do wonders for my mental wellbeing.

However, as amazing as these places are it is impossible not to see the detrimental impact that is being had on them due to our lifestyles and, more positively, the steps people are taking to try and minimise and mitigate this to preserve these amazing places so that future generations can enjoy them.

Because of the enjoyment and benefit I get from the environment, I find that I have made and continue to make lifestyle choices that contribute to the preservation of the environment. My legacy might be nothing more than a footnote, if that in the grandness of the climate crisis we are facing, but the fact I might be a part is enough for me. I want part of my legacy to be ensuring that those who come after me can continue to benefit from the beauty of our planet the same way as I do.

Legacy is a concept that, as a Private Client solicitor, I come across regularly and one of the definition of the word is that it is “money or property that is given to you by someone when they die”. The word itself is a synonym of Inheritance.

In the years since I have qualified, I have seen legacies consist of a specific sum of money, a property or a percentage of an estate. I have seen very specific legacies of shares; a company; a bank account; or of personal items, such jewellery and household goods. I have seen legacies that might carry little in financial value, but have a huge sentimental value to the recipient.

I have seen some absolutely wonderful legacies. Both serious and otherwise.

However, I have also seen legacies that have resulted in catastrophic consequences. I have seen legacies favour family members and cause family rifts and disputes. I have seen them result in potentially avoided tax consequences costing the estate thousands of pounds.

Like the legacy we might leave behind by our actions, the legacies we leave in our Will could be just as impactful to those we love. As family dynamics have become more complicated, so has the need to ensure that the way Wills are drafted is adapted to reflect this.

Having seen both ends of spectrum – of both Will drafting and the consequences of poor Will drafting – I’d go as far to say that, for some, I have even seen the memory of a loved one tarnished.

What legacy are you and your Will leaving behind?

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If I or any of colleagues at Fisher Jones Greenwood can assist you with your Will or estate planning matters then please do not hesitate to contact us on?01206 835261 or via email?[email protected] .