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As a graduate solicitor apprentice balancing study, work, a career change and family life, my second seat in the Tax, Trusts and Succession (TTS) team at Michelmores has provided and reinforced some important life lessons. It has made me reflect on my own life and has given me some much-needed perspective. These are some of the lessons I have found most valuable:
Planning ahead is caring
Working with clients on wills and estate planning forces you to confront the hard truth that none of us are guaranteed time. Irrespective of their wealth or background, our clients come to us because they want to provide certainty and clarity for those who survive them. The main theme of most client meetings is a desire to protect and provide for children, spouses and family. Working on these matters made me realise that forward-planning is not morbid but an act of care.
When starting this seat, I was satisfied that I had a will in place providing clear direction on who would become guardians for my children and where my assets would go. Three months on, I am now reconsidering how I want my assets to pass to my children. Having drawn up my will before having them, I had not fully considered the prospect of my children inheriting money and property at an age where they may not be ready to make sensible decisions. Planning for these more specific circumstances will ensure that my family is cared for the way I would want them to be.
Planning beats reacting
Having the opportunity to draft lasting powers of attorney (LPAs) has underscored one of the most practical lessons of this seat: planning always beats reacting. An LPA may seem like extra administration for a distant ‘what if’ but, in reality, it is one of the most useful documents a person can create.
There’s no telling if and when we may lose capacity but, when we do, it will be too late to put an LPA in place. They can sit quietly in the background waiting to be activated when needed, so there’s no reason not to create them early on in life. Without LPAs, even simple tasks like accessing bank accounts and managing utilities can become complicated and more stressful at a time when family are already overwhelmed.
Working on LPAs has brought home how leaving things until it is too late is expensive, time-consuming and stressful. For me, it has not only reinforced the need to keep up with slow and steady preparation for my SQEs, but it has also led to some important discussions at home.
The value of perspective
When you spend time helping clients prepare for events that none of us like to think about, you begin to see your own life with a bit more clarity. TTS has given me the opportunity to meet so many clients in person, hear their stories and help them plan for not only their own lives but those of their children, grandchildren and beyond. Compared to this kind of long-term perspective, the stresses of looming SQE exams, a busy week or the hustle and bustle of family life are fleeting, and I am reminded they will pass quickly no matter how big they feel. By lengthening my viewpoint, I feel I am building my resilience and am better able to appreciate the small things in life.