Like many people, the first time I heard the phrase "estate planning" it didn't seem relevant to me. I’m not particularly wealthy, I’m young-ish, and I didn't need to add to my already long to-do list.

Later, when I started working in charitable legacy giving, I realised what estate planning really means: getting things sorted out for those we leave behind. Each year, many people die without a Will, which often leads to confusion, tension and difficulty for family and friends at an already challenging time. Anyone who has been an executor of an estate knows what a tricky job it can be: identifying beneficiaries, interpreting wishes, dividing assets.... It’s a headache and a heartache even at the best of times.

And that’s reason enough.

But even more than that, writing a Will creates your personal legacy. It’s a way of setting down what’s important to you, perpetuating the values you hold dear, and shaping the future. A Will helps to ensure that your vision lives on through the people, organisations and causes it benefits. There’s a charity whose cause is very near to my heart, so I have left a small bequest to help its work continue. I actually found this opportunity exciting—I loved feeling like I could make a real difference.

Whatever our situation or life stage, we should make creating a Will a priority. I truly believe it’s the most important document we will write.

That’s why I was delighted to host a panel at the Alumni Festival this past weekend on estate planning, “Wills, Wording, Trusts and Taxes”.

It wasn’t as dry as it sounds, either!

Joined by trusted partners from local legal firm Tees Law, we had the opportunity to examine questions like whether giving a gift to a charity can reduce inheritance tax, whether overseas assets are governed by English law or the local jurisdiction, how to ensure a Will safeguards vulnerable relatives and conversely how to protect assets from those who should NOT benefit, whether writing a Will online is a sensible idea—and much more. Our discussions around inheritance tax were fascinating, and as often is the case I learnt something new – I'm sure many of our guests did too.

As always, the guidance and expertise of our friendly legal professionals was much appreciated. It was wonderful to see people queuing up after the event to speak to Tees Law. Just the chance to start the conversation at a relaxed event like this is invaluable, and much less daunting as a first step than having to decide which firm to approach and visit an office!

Our Alumni Festival guests were also keen to know our predictions now there is a new government in place – we agreed this is a ‘watch and wait’ situation. I know I’ll be tuning into the Budget news next month to keep up to date with relevant changes.

That reminded me that while I have written a Will, some things in my life have changed and I need to update it.

So, here is my promise: updating my Will is on my to-do list. Is it on yours?

Don’t find yourself in the distinguished—or dubious—company of famous people like Pablo Picasso, who died without a Will. Unsurprisingly, he had a complex estate of artwork, cash, homes and other wealth. It took 6 years and over US$30m to settle his estate.

And whether it's a real Picasso on your wall or an exhibition poster from a Picasso retrospective, you have assets that someone will inherit and that someone or something can truly benefit from. Ask yourself:

What or who is important to me?

What do I want to safeguard in a fast-changing world?

Can I lay the cornerstone now that gives future generations firm foundations to build on?

My advice to everyone—and my family and friends will attest to this!—take the first, or the next, step with writing your Will today. Consider loved ones and causes that mean a lot to you and most importantly, speak to a legal advisor.

P.S. If you are interested in leaving a gift in your Will to the University of Cambridge and its Colleges, please do not hesitate to get in touch for a confidential chat. I would be delighted to hear from you.