Where do I keep all of my Information so that it is accessible upon my death?

We all have so many accounts these days, both online and physical accounts. Whether that be bank accounts, gas, electrocity, other utilities, social media and much much more…we are all collecting accounts at an extraordinary rate and keeping track of all those sometimes seems an impossible time for us, let alone for someone else trying to find and collate all that information when we pass.

It is estimated that the average UK consumer is likely to have over 200 online accounts – this is a staggering number and as we are advised to not reuse the same password for all (although, if we are honest how many of us actually take heed of that advice?) that is a lot of information to keep track of.

Another little statistic, from a YouGov survey, that I thought was worth mentioning is…

67% of respondents wanted their social media accounts taken down or removed following their death (with 7% wanting them to remain online). For some accounts, you are able to change your preferences during your lifetime and add someone to take charge of your account following your death but for others, someone will need the login details or just wait for the inactivity to cause the account to be deactivated.

So, this is all very well and good me telling you about this BUT, what can we do about it and where should we be storing this information so that we don’t leave our loved ones with an even bigger headache than is necessary?

Well, that’s where we can help!

We have designed an easy to use ‘Assets & Liabilities’ sheet where you can keep all your information. Either store it on your computer (password protected but make sure you give someone else that password!) or print it, fill it in – and keep it updated – and keep it in a safe place, perhaps with your Will, Lasting Powers of Attorney and other important documents.

This document is only a template and so some sections will be relevant and others not, however you can add and amend as is right for you and ensure that all of your information is kept up to date and all in one place (that is SAFE!).

So what sorts of things do we need to keep track of?

The ‘Assets & Liabilities’ sheet goes through all of the following:

So, first we start with the information about you and everything that your loved ones may need – your National Insurance Number, NHS Number – and other basic information as it is surprising how little information you retain when grieving. Having everything written down and to hand makes everything so much easier.

We have space to keep details of your property, or properties, including mortgage details, utilities and service providers.

We have space to keep details of finances, bank accounts, ISAs, investments, employment benefits, life insurance policies and any other places where money is held.

It is also important to keep details of any pensions, benefits and other income that you receive.

Following that is the social media accounts and email accounts.

We have also left space for you to detail any personal items of value and your wishes for these (should you have any).

As I said at the beginning, not all parts will be relevant to you and some parts may become relevant at a later date, or make you think about something that may well have been forgotten! However, this is a great template to get you started and to begin to get everything in order for you.

Click here to download your free copy of the ‘Assets & Liabilities’ sheet

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

10th June 202110th June 2021

3 Unusual Ways to Scatter Your Ashes after Cremation

3 Unusual Ways to Scatter Your Ashes after Cremation

We know that many of our clients don’t like talking about death and when we ask if they have any wishes for the funeral or their ashes, following their cremation, we are often met with the response…

“I don’t care, I won’t be here!!”.

Now, we can’t argue with that! However, there may be something you really want (in which case make sure your loved ones know!) or you may be looking for something a little bit different.

So, here are just a few ideas for those of you looking for something a little unusual…

Being planted in a Biodegradable Urn to become a Tree

The Biodegradable Urns are made up of two capsules, one to hold your ashes and the other to hold the seed of your tree of choice.

Following your passing and cremation, your ashes are added to the Biodegradable Urn with the seed of your tree of choice and plated.

This allows your ashes to become part of nature as the tree grows and leaves a lasting physical memory for your loved ones.

Scattering your ashes in space

Your ashes can now be sent, via Aura Flights, to the very edge of space. The memorial package offers a launch from just outside Sheffield that can be attended by family, friends and loved ones. Your ashes will be placed in a scattering vessel and carried around the world on stratospheric winds, encircling the globe and joining with the Earth’s atmosphere over the following weeks and months before finally returning to Earth in raindrops and snowflakes.

A live video can be set up of the launch, for those that are unable to attend,

When the launch is complete, your loved ones will receive a memorial video and flight certificate with details of the launch.

Becoming part of a Memorial Reef

Your ashes could be placed into a Solace Stone and transported to an artificial Reef Sanctuary. This can be done in a memorial ceremony with up to 12 loved ones. Once complete your loved ones will receive a certificate of placement.

The Solace Stone encapsulating your ashes will become part of the Reef’s future growth and be home to a haven of marine life.

We are not affiliated with any of the companies that offer the above services but we do think it is important that our clients are aware of all the options that are available to them. It is important that your loved ones know exactly what you want to happen following your passing and we are always happy to help, whatever the request!

If you do have specific wishes, we would always recommend that these are included within your Will but please ensure that your loved ones are aware…sometimes the Will isn’t read until the funeral arrangements have already taken place.

If you would like to have a free chat, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

13th May 202113th May 2021

Is it time to review your Will?

Is it time to review your Will?

We always say that a Will is a working document; What you write in your Will now, may not necessarily be what you want 20 years from now. Or, more to the point, what you wrote 20 years ago may not still be what you want, or even relevant, today. You can review and change your Will (or make a new Will) whenever you wish, providing you still have the capacity to do so.

So let’s have a look at some of the things that may have changed…

Executors: Are your Executors still the right people to be named in your Will?

Do you still speak to your Executors?
Are they Professionals who drafted your Will?
Is there someone better suited to being your Executor now?

If, when you made your Will, your children were still young, you may not have included them as Executors, however are they not best to act as Executors now if they have grown up and are going to be benefiting from your Estate?

Guardians: Is your named guardians still your first choice?

Many of us choose our own parents to be guardians of our children as they are best suited to carry out the role if the situation arises. However, as our children grow older, so do our parents. Are they able to cope with children today, on a full time basis or should you look to someone else – siblings, close friends or someone else that has an active role in your childrens’ life?

Gifts: Do your gifts still reflect what you want today?

Have you replaced any items that you gifted in your original Will that you no longer have or have replaced?
Have you purchased or acquired something new that you now wish to gift?
Do you still want to give a gift to someone named in your Will?

Second marriages: Is your Spouse & your Children protected?

You may want to ensure your Spouse can live in your property should anything happen to you first, but ultimately you want your children to benefit. If this is not mentioned in your Will then it may not happen the way you would like it to.

Funeral Wishes: Are they stated in your Will?

The statistics show that a large number of spouses, and loved one, do not know what their partner would like for their funeral as this is not a conversation that often comes up (and is regularly put off by many!). Putting your funeral wishes within your Will states clearly what your preferences are.

There are a number of other reasons why it is worth reviewing your Will.

If you read over your Will again today and confirm you are happy with it, it’s a good job well done. But, if it’s not the way you want it, it’s best to start thinking about getting those changes made.

It may also be a good idea to ask your parents or friends to check their own Wills to make sure everything is the way they want it too.

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

15th April 202114th April 2021

How can I check that I have found all of the Financial Assets of the deceased?

How can I check that I have found all of the Financial Assets of the deceased?

A Financial Assets search will help to identify the assets of a deceased person, giving you (as an Executor or Administrator) the peace of mind and knowledge that you have fulfilled your duty and taken all the reasonable steps required to ascertain all of the deceased’s financial assets in order to distribute them.

The reasoning for doing a Financial Assets search may well seem obvious – we all want to ensure that ALL of our assets are passed to the right people upon our death, right? And how many of us have a list of where all our assets are held…and have made our loved ones aware of this?

Well, that right there is the first reason. However, in addition to this, here are a few scary statistics for you:

The number of UNCLAIMED assets increases each year;
It is estimated (by Inheritance Data) that there is £200 billion sat in dormant accounts across UK Financial Institutions;
Although Financial Institutions have returned £65 million in financial assets, over the past few years, this is nowhere near the full amount;

Not just this…it is YOUR ROLE & RESPONSIBILITY as an Executor or an Administrator to maximise the Estate assets for the beneficiaries.

What will a Financial Assets Search cover?

So, now you know just how important a Financial Assets Search is, perhaps we should take a look at exactly what the search covers.

When carrying out a Financial Assets Search, a request is sent to more than 200 Institutions, that search more than 350 databases for matches with the deceased details. The search remains live for a total of 50 days and in most cases the results will be returned within 28 days. However, it is important to note that the live search will continue for the 50 day period to search any existing accounts and assets of the deceased.

The search will cover:

Bank Accounts;
Investments;
Shares;
Department of Work & Pensions (DWP);
Personal Pensions;
National Savings & Investment (NS&I);
Life Insurance.

Over 90% of Financial Assets Searches uncover a lost account (Inheritance Data). This is a staggering amount and is likely to mean that the cost of carrying out the search is more than worthwhile!

What Information is required to carry out a Financial Assets Search?

If you are dealing with the administration of the deceased then you are likely to have all of the information required to carry out a Financial Assets Search, this includes:

their full name
their address;
their Date of Birth;
their Date of Death;
their Occupation;
their National Insurance Number;
The Death Certificate;
A list of the known Institutions that they held accounts or assets with.

The National Insurance number is not essential, or mandatory, but it helps to carry out a more enhanced and comprehensive search.

It is so important to ensure that you carry out your role as an Executor or Administrator completely and this includes ensuring that the beneficiaries inheritance is maximised and a Financial Assets Search may be required to ensure that you can discharge your responsibility as an executor or Administrator.

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

18th March 202117th March 2021

Will the gifts made in your Will fail?

Will the gifts made in your Will fail?

For those of you that have a Will (gold star for you ;)) you may well have left gifts to specific people, or groups of people, to take place following your death.

However, sometimes these gifts will fail, this could be for a number of reasons, here we have a look at each of those reasons in a bit more detail to prevent this from happening to you…

The beneficiary (or their spouse or civil partner) of the gift has witnessed your signature on the Will

This is the most common reason that gifts in a Will fail. There are strict legal rules that state how a Will must be signed, and witnessed, in order for it to be valid and if these are not adhered to then part, or all, of the Will can fail.

Anyone that witnesses your signature (when attesting (signing) your Will) cannot benefit under your Will and neither can their spouse or civil partner. The remainder of the Will is valid but that gift will fail.

However, there are a couple of exemptions:

If a beneficiary was not married to the witness at the time the attestation took place, and later married the witness, the gift can still take effect;
If the beneficiary (or spouse or civil partner) was an ‘additional’ witness and the Will would still be validly executed without their signature and witnessing then their gift can still take effect;
If the beneficiary (or spouse or civil partner) does not attest the original Will making the gift, but attests a later Codicil to the Will, the gift can still take effect;
If the beneficiary (or spouse or civil partner) witnesses the Will but the gift happens under a Secret Trust, then the gift can still take effect.

This caveat has no effect in relation to a Privileged Will as a Privileged Will does not require witnesses.

You have since divorced, or the marriage or civil partnership has dissolved, between you and the beneficiary

Where you have made a gift to your spouse or civil partner and later divorce or dissolve the civil partnership, any gift that has been made to your former spouse or civil partner will fail. This is because your former spouse or civil partner will be treated as though they have predeceased you.

This is of course, unless there is something to the contrary stated within the Will, such as a Will being made in contemplation of a divorce, or dissolution of the civil partnership.

Lapse

If the beneficiary of your gift predeceases you then the gift will fail (unless, of course, you have considered this and made alternative provision within the Will in case of such a situation). Another way to prevent a lapse would be to leave a gift to a ‘class’ of beneficiaries such as, grandchildren or nieces and nephews living at the time of your death.

Ademption

Ademption occurs where the funds that you have stated to be given as gifts within your Will are no longer owned by you at the time of your death.

For this reason it is wise not to include funds from a specific bank or building society account as a gift as if this account is no longer held at the time of death the gift will ‘adeem’ and therefore fail. Similarly, with property it is wise to include a ‘catch all’ clause rather than a specific property as if that property is no longer owned at your death, the gift will fail.

Abatement

Abatement occurs if the Estate does not have enough assets and funds, after the payment of all the liabilities, debts and testamentary expenses, to satisfy the gifts within the Will.

If the Estate is insolvent and there are not enough funds to satisfy all the liabilities, debts and testamentary expenses, then all the gifts within the Will fail as all assets will be used to pay the liabilities.

If the Estate is solvent and the liabilities are all satisfied then the monies in the Estate are used to pay the liabilities and the remainder can be used to pay the beneficiaries, although this may be apportioned, depending on what is available after the payment of liabilities.

Uncertainty of the Gift

Gifts that are uncertain, vague or unclear could fail…or lead to a lengthy and very expensive court battle.

If you want to leave a gift within your Will, ensure that you are extremely specific with a description of that gift and specific about who you are gifting it to; ‘my daughter’ will not be appropriate where you have more than one daughter as it leaves it uncertain as to which daughter you meant.

The beneficiary disclaims their Gift

Yes, it happens a lot more than you may think…people really do refuse gifts given to them in a Will.

Just because you are named as a beneficiary in a Will does not mean that you have to accept the gift, you are free to disclaim the gift if you wish to do so. If this does happen the gift will fail and pass back to your Residuary Estate to be dealt with accordingly.

As you can see there are many reasons that a gift in a Will can fail (and not just limited to those that we have gone through here!) and so it is always important to take legal advice when drafting, and amending, your Will to ensure that your wishes can be carried out.

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

3rd March 20213rd March 2021

What is Intestacy?

What is
Intestacy?

Intestacy can occur when a person dies without leaving a valid Will, where they have revoked their Will or where their Will is void. There may also be circumstances in which a partial intestacy occurs, this could happen where there is a valid Will but it fails to deal with all of the deceased’s Estate, where a Will has been partially revoked, where a residuary beneficiary predeceases the deceased who made the Will or where a residuary clause within the Will is ineffective.

Where there is an intestacy (whether completely or partially) it means that the Estate, of the deceased, will be administered in accordance with the Rules of Intestacy.

The Rules of Intestacy are set out in law, are very specific and may not be what the deceased wanted to happen. However, without a Will the wishes of the deceased cannot be carried out.

Where a person leaves a Will, an Executor is appointed (within the Will) to administer their Estate upon their death. When there is no will and a person dies intestate, a Personal Representative will apply to administer their Estate, they are known as an Administrator and will apply for Letters of Administration (as opposed to a Grant of Probate that is applied for when there is a Will).

It is important to note that you must always use the Law of Intestacy in place at THE TIME THE DECEASED DIED not those in place at the date when the Estate is administered.

As a brief overview, the ‘New Rules’ of Intestacy (Inheritance and Trustees’ Powers Act 2014) states that:

where there is a spouse and NO children, the whole Estate passes to the spouse
where there is a spouse AND children,
- (if the deceased died before 6 February 2020) the spouse gets the first £250,000;
- (if the deceased died after 6 February 2020) the spouse gets the first £270,000;
- The remainder is divided in HALF, the spouse takes one half absolutely, the children take the other half in equal shares;
where there is NO surviving spouse then the following are considered, in order:
- children;
- parents (equally if both alive);
- siblings of whole blood;
- siblings of half blood;
- grandparents (equally if more than one);
- uncles and aunts of whole blood;
- uncles and aunts of half blood;
- Crown (Bona Vacantia)

Where the children of the deceased have predeceased them, if they have left children of their own (grandchildren of the deceased) they will take the share that their parent would have taken had their parent been alive.

REMEMBER:
You do not have to deal with Probate, whether there is a Will or not, alone and you can always seek professional advice, guidance and support.

If you would like to have a free chat about your existing Will or making a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

18th February 202118th February 2021

The Roles & Risks of an Executor

The Roles & Risks of an Executor

As we always say it is an honour to be asked to be an executor for someone; it shows that they really trust you. However, it can be a burden and the role brings with it great responsibility.

Here we have a look at this in a bit more details…

So, let’s start at the very beginning:

What is an Executor?

“A person or institution appointed by a testor [the person writing the Will] to carry out the terms of their Will.”

Where there is no Will, the person that takes on this role is known as an Administrator, rather than an Executor.

The Role of an Executor (or Administrator)

So, now we know that the Executor is responsible for carrying out the terms of a Will, we will have a brief look at exactly what that entails and what other duties form part of this:

Contacting utility companies;
Putting the necessary insurances in place;
Obtaining property valuation;
Obtaining contents valuations;
Redirection of post;
Transferring property into the Beneficiaries names or selling (as required);
Valuing Estate assets;
Valuing Estate liabilities;
Applying for a Grant of Probate;
Completion of Inheritance Tax forms;
Calculating Inheritance Tax;
Paying Inheritance Tax within HMRC guidelines and deadlines;
Completion of Income Tax forms (for the year of death and period following death);
Consideration of Capital Gains Tax;
Set up any Trusts set out within the Will;
Sell or Transfer any Shares;
Pay all Estate debts and liabilities;
Distribute assets and Estate funds to the Beneficiaries (and obtain receipts);
Produce Estate Accounts.

The Risks taken on by an Executor

As you can see the role of an Executor is not one to be taken lightly and can be quite lengthy, depending on the Estate that you are administering.

It is also worth noting that the Executor takes on a legal obligation when accepting their position as Executor as well as financial risk.

Ignorance is no defence and so an Executor with a lack of experience and/or knowledge can quickly become overwhelmed.

However, it is important to remember that an Executor does not have to do everything on their own…help is available and it is okay to ask for help!

Whether you engage a professional or spread the burden among family members that have experience in dealing with such circumstances to help relieve some of the pressure, it is possible to reduce your exposure and risk as an executor.

If you would like to have a free chat about your Will or acting as an Executor, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

21st January 202121st January 2021

What is a Living Will or an Advance Care Plan (ACP)?

What is a Living Will or an Advance Care Plan (ACP)?

Kindly written by Debbie Callow RMN

An Advance Care Plan, known as an ACP, is an umbrella term that contains a plan made in advance of reaching the end of your life that details key wishes, preferences, and legal aspects of your care needs. It was previously known as a Living Will, some people may still know it as that, but this is a more outdated term. It is important for us all to complete but even more so for a person experiencing dementia as there is a risk of losing mental capacity as the disease progresses.

I’m Dementia Debbie, The Dementia Coach and I’m a registered mental health nurse specialising in supporting families facing dementia with tough transitions through their dementia journey. I believe education is key to helping the world understand dementia, after all knowledge is power, so let me help you understand some basics about what to consider in an ACP.

An ACP can encompass an array of documents such as an Advance Statement, Lasting Power of Attorney (LPA), Do Not Attempt Cardiopulmonary Resuscitation (DNACPR), Advance Directives (different from an advance statement). It can also include information related to after death such as Will information or funeral arrangements. It’s important to know that an ACP helps guide professionals and families in the right direction when a person has lost mental capacity and the team are trying to act in the person’s best interests. If a person still has mental capacity, they may wish to use their ACP to help them make decisions, as it allows you to consider tough decisions ahead of time. Trying to decide when an event is occurring can often mean our judgement is clouded as our emotions are heightened at this time. The ACP helps take away from that decision-making process at those challenging times when it can be difficult to think straight.

Health and Social Care professionals will often use a lot of jargon, sometimes without even realising, and you may not know what that abbreviation or word means. Always ask a professional what they mean if they use a term that you are not sure about. Let me explain now what all those documents I listed entail:

Advance Statement

A personal statement of your wishes when you reach the end of your life, it is mainly focused on pre-death but can include details of where your Will is or who holds it, as well as your funeral wishes. People often want to include things like “I wish to be pain free”, “I wish to have my family around me”, “I wish to always be treated with dignity and respect”, “I wish to be cared for at home”. Consider though the deeper meaning to these statements, for example, what do you mean by “pain free”, do you want to be so dosed up on medications you are free from pain but not really aware of who is in the room, or would rather tolerate some pain so you can be more aware of your surroundings? Everyone will feel differently about this and it’s important to always consider what a statement really means to that individual. Similarly, someone who wishes to remain at home, that can be option A, but what if it was not safe to remain at home, under what circumstances would you consider an option B and C? Put these variations to your preferences in your Advance Statement, it can save a lot of heartache and guilt later on if people already know what you want if you couldn’t stay at home for some reason. You can find a template to complete an ACP on the Dementia UK website. (1)

LPA (Lasting Power of Attorney)

A legal document that enables a person with mental capacity to appoint a person/s to speak on their behalf about important financial and or health matters. If a person has already lost mental capacity, then they cannot get an LPA and may need a representative to apply to the Court of Protection to become a Deputy. There are 2 types of LPA, Financial & Property which can be active before a person loses capacity and Health & Welfare which is only applicable once a person has lost capacity. If an appointed Attorney is active, they should always be advocating for what that person would want and in their best interests. I would always recommend getting legal advice to complete these documents. A solicitor such as, Total Legacy Care, will talk through many scenarios with you to ensure the LPA is strong and lasting. You can find information about all of these matters at the Office of the Public Guardian. (2)

DNACPR (Do Not Attempt Cardiopulmonary Resuscitation)

This is another legal document and the biggest misconception about DNACPR is that it means professionals are giving up on the person, it does not mean that! It only applies in the event of the heart stopping and whether you would then want CPR to try and restart your heart. It does not apply to any other health matter or care need.

It is a medical decision whether to put one in place but should always be done with consultation with the patient (if possible) and family. I think the easiest way to think about whether or not you or someone you love might need a DNACPR is;

Would it feel wrong to you to see someone aggressively pushing up and down on that person’s chest?

If you feel yes it would, speak to the GP about getting one put in place.

CPR is not a gentle process, it often causes bruising, skin tears, sometimes broken bones. CPR is only successful in 10% of cases that happen outside of hospital (3) and is 3 times less likely to be successful on someone with a cognitive impairment. (4)

Advance Directives

Another legally binding document and are about refusing life sustaining treatment. Not many people have them as the wording must be extremely precise and include phrases such as “even if my life is at risk as a result”. An Advance Directive informs of the treatment being refused and the circumstances in which you wish to refuse that treatment.

For example, specific treatment: I wish to refuse artificial feeding through a tube to my stomach or IV, circumstances: I wish to no longer receive food or fluids through a feeding tube when I can no longer swallow safely due to my dementia, even with the support of others, even if my life is at risk as a result.

The reason to put in your health condition is that this same sentence may not apply in different circumstances. A person with dementia may want artificially feeding if the reason they cannot eat is from a stroke which they are expected to recover from.

Advance Directives should always be discussed with your specialist consultant involved and with legal support.

I offer support to complete an Advance Statement and can talk through the other aspects discussed. You can follow me on Instagram @dementiadebbie or visit my website https://thedementiacoach.org/.

Reference resources

Dementia UK ACP template https://www.dementiauk.org/wp-content/uploads/2020/07/DUK_ACP_form_editable_online.pdf
Office of the Public Guardian https://www.gov.uk/government/organisations/office-of-the-public-guardian.
Resus Council UK https://www.resus.org.uk/home/faqs/faqs-basic-life-support-cpr
Arcand M. End-of-life issues in advanced dementia: Part 1: goals of care, decision-making process, and family education. Can Fam Physician. 2015;61(4):330-334. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4396757/

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

26th November 202024th November 2020

Funeral Plans: The Basics

Funeral Plans:
The Basics

We thought we would go back to the basics and answer some of the questions we get asked:

?

What is a Funeral Plan?

?

Why do I need a Funeral Plan?

?

Can’t the money that I leave be used to pay for my funeral?

?

Why is a Funeral Plan important?

So, let’s get going…

What is a Funeral Plan?

At the risk of sounding patronising, a Funeral Plan is exactly that…a prepaid plan for your own Funeral.

This means that you can pay for your Funeral now (at today’s prices, rather than the cost of a Funeral when the time comes!) and be safe in the knowledge that your loved ones haven’t got to find the money to pay for it whilst waiting for your Estate to be administered or for your money to be released.

A Funeral Plan can be as basic or as detailed as you like and can consider anything from the location, burial/cremation, cars, funeral directors, flowers and even music.

Why do I need a Funeral Plan?

If one thing is guaranteed, it is that all of us are going to pass at some time (we just don’t know when!) and so having a Funeral Plan is something that all of us could benefit from.

When you pass, your family or loved ones may have to find the money to pay for your funeral before your own funds can be released from your Estate. A Funeral Plan can save your family the worry and expense of arranging a funeral, and help make things easier at what is already a very difficult time.

When the time comes, one phone call to the funeral director that you have already chosen, is all that is needed to activate the plan.

Can’t the money that I leave be used to pay for my funeral?

As we have said above, it is not always that straight forward.

When you pass, your bank accounts, pensions, and assets are frozen and in most cases will only be released upon receipt, by the bank or institution, of a Grant of Probate (or Letter of Administration if you die without a Will). This could mean that those arranging your Funeral are left having to foot the bill until they can be reimbursed by your Estate. With the average cost of funerals steadily rising year on year, this is an additional burden that your loved ones could really do without.

Why is a Funeral Plan important?

Well, I think we have covered this above but if you are still wondering whether a Funeral Plan is right for you, why not contact us for a free chat – absolutely no obligation and if you don’t want us to follow you up that is absolutely fine, it is all in your control.

Setting up a Funeral Plan is straightforward, there are different payment options; you can pay all of it upfront, over one-year with 0% interest, or over a number of years.

Having a Funeral Plan in places gives you peace of mind knowing that your loved ones haven’t got the burden of arranging or paying for your funeral and that all of your wishes are catered for.

If you would like to have a free chat about putting a Funeral Plan in place, or have any questions, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

29th October 202011th November 2020

Wills: The Basics

Wills:
The Basics

We thought we would go back to the basics and answer some of the questions we get asked:

?

What is a Will?

?

Why do I need a Will?

?

What happens if I don’t have a Will? OR
What happens if I die without a Will?

?

I don’t have anything, do I still need a Will?

?

Why is a Will important?

?

How long does it take to make a Will?

So, let’s get going…

What is a Will?

A Will is a legal document that sets out what should happen to all of your belongings (money, property, cars, possessions etc.) when you pass away.

Your Will can also appoint Guardians for your children (should they be left with neither parent). A Will is the only way (in the UK) of appointing guardians for your children.

Your Will appoints Executors, the people that you trust to be responsible in administering your instructions.

Your Will can also include any funeral wishes that you may have (although this is optional).

Why do I need a Will?

We often get asked ‘Why do I need a Will?’ or ‘What happens if I don’t have a Will?’ or even ‘What happens if I die without a Will?’.

Ultimately it is the same question…with the same answer, just asked in different ways.

So, you need a Will because if you do not have a Will, or (to put it another way) die without a Will, then you will die INTESTATE.

If you die intestate, this means that the Rules of Intestacy apply and you, and your family, lose control of where your money, property and possessions go and this is decided by the Rules of Intestacy.

Having a Will in place allows you the control to decide who benefits and inherits upon your death.

I do not have anything, do I still need a Will?

YES!

Even if you perceive that you have ‘nothing’ this can mean very different things from one person to another.

As we have said above, a Will is the only way to determine that only the people that you decide can benefit and inherit upon your death, rather than it being left to the Rules of Intestacy.

Why is a Will important?

For fear of repeating ourselves (although it is important!), your Will is important as it allows you control and allows you to decide where your estate (all your money, property and assets) go.

It’s not just about your money though, you can also choose guardians for your children, name your executors and even make provision for any pets that you have.

A will can also allow you to create Trusts that may help with reducing your Inheritance Tax liability.

How long does it take to make a Will?

Usually, we just need about an hour of your time to explain everything to you, take down all your requirements, answer all your questions and then we’ll do all the work in the background.

We then return to you with your Will for signing, we provide both independent witnesses, to make it legally binding and then your Will is complete.

From the initial call to you having your signed Will in your hand with all your wishes, legally compliant and complete can take as little as a few days, we like to make it as simple for you as possible for you. Having said that, we never rush you to finalise your Will until you are 100% happy with the Will and that it covers all of your wishes.

If you would like to have a free chat about your existing Will, or creating a new Will, please contact us on info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Click here to find out more...

Have a Question or
want to book a
FREE Consultation?

Where do I keep all of my Information so that it is accessible upon my death?

3 Unusual Ways to Scatter Your Ashes after Cremation

Being planted in a Biodegradable Urn to become a Tree

Scattering your ashes in space

Becoming part of a Memorial Reef

Is it time to review your Will?

Executors: Are your Executors still the right people to be named in your Will?

Guardians: Is your named guardians still your first choice?

Gifts: Do your gifts still reflect what you want today?

Second marriages: Is your Spouse & your Children protected?

Funeral Wishes: Are they stated in your Will?

How can I check that I have found all of the Financial Assets of the deceased?

What will a Financial Assets Search cover?

What Information is required to carry out a Financial Assets Search?

Will the gifts made in your Will fail?

The beneficiary (or their spouse or civil partner) of the gift has witnessed your signature on the Will

You have since divorced, or the marriage or civil partnership has dissolved, between you and the beneficiary

Lapse

Ademption

Abatement

Uncertainty of the Gift

The beneficiary disclaims their Gift

As you can see there are many reasons that a gift in a Will can fail (and not just limited to those that we have gone through here!) and so it is always important to take legal advice when drafting, and amending, your Will to ensure that your wishes can be carried out.

What isIntestacy?

It is important to note that you must always use the Law of Intestacy in place at THE TIME THE DECEASED DIED not those in place at the date when the Estate is administered.

REMEMBER:You do not have to deal with Probate, whether there is a Will or not, alone and you can always seek professional advice, guidance and support.

The Roles & Risks of an Executor

What is an Executor?

The Role of an Executor (or Administrator)

The Risks taken on by an Executor

What is a Living Will or an Advance Care Plan (ACP)?

Kindly written by Debbie Callow RMN

Advance Statement

LPA (Lasting Power of Attorney)

DNACPR (Do Not Attempt Cardiopulmonary Resuscitation)

Advance Directives

Funeral Plans:The Basics

?

?

?

?

What is a Funeral Plan?

Why do I need a Funeral Plan?

Can’t the money that I leave be used to pay for my funeral?

Why is a Funeral Plan important?

Wills:The Basics

?

?

?

?

?

?

What is a Will?

Why do I need a Will?

I do not have anything, do I still need a Will?

Why is a Will important?

How long does it take to make a Will?

What is
Intestacy?

REMEMBER:
You do not have to deal with Probate, whether there is a Will or not, alone and you can always seek professional advice, guidance and support.

Funeral Plans:
The Basics

Wills:
The Basics