Inheriting Loyalty Points

Inheriting
Loyalty Points

Recent reports suggest that we (in the UK) accumulate £5.7billion in loyalty points EACH YEAR!

On average, most of us are members of five different loyalty schemes, each collecting points but a massive 93% of us are unaware that these can pass be passed on to a loved one when we die.

So, should we be including loyalty points and those details in our Wills? In short, YES!

Below, we take a brief look at three of the most popular loyalty schemes and how the accumulated points can be passed on following a death:

Nectar Card

Those of us with Nectar Cards are able to collect points with a number of different retailers (including Sainsbury’s) and to redeem those points against different brands.

Although Sainsburys policy states that the points are “personal to the Nectar account and cannot normally be transferred”, they can be transferred following death. In such circumstances the beneficiary must contact Nectar directly and request a transfer of the points.

Tesco Clubcard

The Tesco Clubcard allows members to collect a point for every £1 that is spent with Tesco (online and in store) and a point for every £2 that is spent on fuel,  with the points then being transferred into vouchers for use in Tesco, for days out, eating out, travelling and other benefits.

In order to transfer the points accumulated by a deceased loved one, the beneficiary will need to contact Tesco Customer Service Centre to request closure of the deceased’s account and a transfer of the points to their existing Clubcard account or to a new Clubcard account.

Boots Advantage Card

With the Boots Advantage Card, you can collect four points for every £1 that is spent with Boots and those points can then be used as payment (one pence per point) in store or online.

Members can nominate a beneficiary to inherit their Boots Advantage Card points and members should get in touch with Boots Customer Care to arrange this.

So, leaving information as to the loyalty schemes you are part of, membership information (membership number, account numbers, passwords etc.) is important to allow your loved one’s to benefit from the loyalty points that you have collected.

 

If you would like a free consultation to discuss your Will in place, or putting a Will in place call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk

Leah Waller

Got a Question or want to book a FREE Consultation?

What happens to your social media accounts when you die?

What happens to your
social media accounts
when you die?

With so much of our lives now online, whether by choice or through companies operating primarily online, this means our digital presence is ever growing, but what happens to that when we die?

More importantly, what happens to our social media accounts, profiles and all of that information and photographs after our death? What would you want to happen?

A recent YouGov survey has revealed that:

  • 67% of people wanted their social media accounts removed after their death
  • 26% of people wanted the content of their social media accounts to pass to their loved ones once they have died; and
  • 7% wanted their social media accounts to remain online.

Social media networks each have their own policies in relation to what happens to an account when a person dies…

  • FACEBOOK

Once the death is reported to Facebook, the individual’s page will be memorialised. However, an immediate family member can request that the page is removed completely.

Facebook also allows you to manage your page (whilst living) to plan for what you want to happen following your death, this includes setting a ‘legacy contact’ to manage parts of your page once it has been memorialised.

  • INSTAGRAM

As with Facebook, once the death is reported to Instagram, the individual’s page will be memorialised. However, an immediate family member can request that the page is removed completely.

  • TWITTER

If there is no activity on a Twitter account for a period of six months then Twitter will automatically delete the account.

  • GOOGLE

Google, similar to Facebook, provides an ‘Inactive Account Manager’ function that allows you to plan for what you want to happen following your death, including giving a loved one access to your information or requesting that your account is automatically deleted.

With so much now being conducted and stored online, this is an area that is certain to develop and progress. The amount (and importance) of the information, including irreplaceable photographs, that is stored online and on social media accounts means that their value is ever increasing and so it is not uncommon for individuals to include provisions for their social media accounts in their Wills and Letters of Wishes.  

If you would like to discuss your digital legacy, or putting a Will in place, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free consultation

Leah Waller

Got a Question or want to book a FREE Consultation?

Should I write a Letter of Wishes?

Should I write a Letter of Wishes?

Perhaps we should start off by explaining what a Letter of Wishes is…

A Letter of Wishes can give a bit more detailed explanation to your Executors and Guardians as to how you would like things to happen following your death. However, a Letter of Wishes is not legally binding.

So, could you just write a Letter of Wishes, rather than a Will?

In short, no.

A Letter of Wishes is NOT legally binding, whereas a Will is. The Will will ensure that the specifics stated in your Will are put into action.

Your Will will set out exactly who you want as your Executors, Trustees and even the Guardians of your children, as well as who should benefit from your Estate and how it should be distributed.

So why have a Letter of Wishes?

Although your Will is legally binding, your Letter of Wishes can go a bit further and give guidance and advice to those that you have appointed under your Will.

Some of the main areas that are focussed on in a Letter of Wishes are:

  • Guidance for Guardians

Although your Will can state who you want to take care of your children should the worst happen, the Letter of Wishes can give more detailed guidance on the specifics as to how you would like your children to be raised and brought up. Of course, you will have appointed those that you trust implicitly as your Guardians and those that you know will only ever act in your children’s best interests but a Letter of Wishes can help to get some of your specifics on paper and give you that extra peace of mind.

  • Guidance for Trustees

If you have Discretionary Trusts within your Will then it will be up to your Trustees to manage and distribute the Trust assets to the named beneficiaries. A Letter of Wishes can state how you would like the Trustees to act and use their powers, if there is more than one beneficiary to the Trust, the Letter of Wishes could state who you would like to be the main beneficiary. However, it is important to remember that this is only guidance as a Letter of Wishes is not legally binding.

  • Personal Items

You may well have many small items and personal belongings that you do not want to list out and gift in your Will but may well hold some sentimental value and that you would like to pass to specific beneficiaries. Where there are many items it may be easier for you to state in your Will that you are leaving the distribution of your personal items to you Executors and you would like them to distribute these in accordance with your Letter of Wishes. A clause like this, has the benefit of allowing you to change and update the Letter of Wishes regularly and as necessary, without having to amend your entire Will.

  • Exclusions

Although the exclusion of a specific individual will be dealt with within your Will, a Letter of Wishes can give an explanation as to your reasons for the exclusion and may well be considered by the Court should that individual make a claim against your Estate in the future.

If you would like more information, to discuss putting Wills & Trusts in place, or writing a Letter of Wishes, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free consultation

Leah Waller

Got a Question or want to book a FREE Consultation?

How do you own your property and why does it matter?

How do you own your property and why does it matter?

The way your property (including your home!) is held could have major implications on how you make decisions on the property, who (and IF!) you can leave it to someone of your choosing in your Will and whether, or how much, Inheritance Tax is or will be payable.

If you own the property alone, in your sole name then there is no complications as to how the property is held, however, if you hold the property with another person then it may be held as either:

  • Joint Tenants; or
  • Tenants in Common

So, let’s take a look at each of these in turn and their implications… 

Joint Tenants

If you hold your property as Joint Tenants then this means that you each own 100% of the property (rather than a share of the property).

This means that you, as well as the other owner/s, have equal rights to the entire property and are each entitled to an equal proportion of the sale proceeds if the property is sold.

The Rights of Survivorship apply to property held in a Joint Tenancy and so upon the death of one owner, the surviving owner/s will automatically be transferred ownership of the property (although they already had 100% previously in any event).

A property held as Joint Tenants CANNOT be left in a Will, due to the Rights of Survivorship.

Tenants in Common

Holding a property as Tenants in Common means that each owner owns a specified share of the property. This can be an equal share but may well be unequal shares, especially where each individual is contributing a different amount to the deposit or purchase price.

An owner of a property held as Tenants in common can leave their share in the property to whoever they choose within their Will. This also means that Property protection Trusts or other Trusts can be put in place if the owner wishes (this is not possible if the property is held as Joint Tenants).

How do you know?

If you are unsure how your property is held, do not worry! This is something that we can find out by taking a look at the property Title Deeds.

Can you change how you hold your property?

Of course! If you would like to hold your property a Tenants in Common as you think that this is likely to be more beneficial in the long run, then the Joint Tenancy can be severed.

If you would like more information, to find out more about how your property is held, to discuss severing a Joint Tenancy or putting Wills & Trusts in place, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free consultation

Leah Waller

Got a Question or want to book a FREE Consultation?