A WELCOME CHANGE:
FCA to regulate prepaid Funeral Plans

The Government has recently announced their intention to regulate the prepaid Funeral Planning market and we could not be happier!

This is a great step for the public as a whole.

This is a result of enquiries by HM Treasury that have found some customers are being caused a detriment when dealing with the Funeral Planning sector. Although, it is clear that most of these examples given by HM Treasury, occurred in the section of the Funeral Planning market that is not regulated by the Funeral Planning Authority.

We would like to take this opportunity to reassure all of our lovely clients, that we have only ever used providers that ARE supervised by the Funeral Planning Authority when advising and arranging prepaid Funeral Plans.

We are pleased that the Funeral Planning market is going to be regulated and think that this will not only provide certainty and security for clients and customers but is also a step forward for all of us that work within this sector. Knowing that the products we advise upon and arrange are the right fit for our clients and they are fully informed is always a priority of ours and so nothing will change in terms of our practice but it will be good to know that others will have to follow suit and uphold a level of expertise in the area, ensuring security for all clients and customers.

It is not yet clear exactly how such regulation will take place but we will of course embrace the changes that we are keen to see take place in the near future and are looking forward to the market reputation increase.

If you have any questions about an existing Funeral Plan or want a chat about putting one in place, get in touch for a FREE consultation on
Info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

Have a Question or
want to book a
FREE Consultation?

8th May 201923rd April 2020

What to do when a loved one dies…

What to do when a loved one dies...

Making the necessary arrangements after the death of a loved one is somewhat overwhelming and far from what we want to be doing. Below we have set out a few tips to set you in the right direction and always remember…you don’t need to do this alone!

Register the death

Registering the death must be done within five days and in order to do so, you will need the Medical Certificate (stating the cause of death).

You should consider how many certified copies of the Death Certificate you may need, as these may be needed to close accounts, to access funds, liaise with companies, collect in the assets and to complete probate.

When registering the death you will also receive a Certificate for Burial or Cremation.

Look for the Will

The Will, if there is one, is a very important document and may well contain the funeral wishes of the deceased.

Look for documents in relation to medical research and organ donation

These wishes may be contained in the Will but may be elsewhere.

Arrange the funeral

As said above, the Will or a Letter of Wishes (often stored with the Will) may include the funeral wishes or the deceased may well have had a funeral plan (that may also have been pre-paid) in place.

A prearranged funeral can save a lot of emotional (not to mention, financial) burden, when the time comes!

Ensure the deceased’s home is secure

This is important but may not be necessary if the deceased was not living alone and, of course, will not be necessary, if the deceased lived in a residential, care or nursing home.

Ensure their possessions safe

Just as important as the home, is the deceased’s personal possessions. It may also be apt to consider whether the deceased had a gun licence, that needs attention (as well as the weapons themselves) and whether there are any pets that need taking care of.

Find insurance documentation and inform the insurer of the death

You will need to notify the insurance companies of the death and ensure that adequate home and contents insurance is in place

Inform the DWP Bereavement Service of the death

Inform the necessary government departments of the death (“Tell us once” service)

This service will save you from providing the same information to many authorities. You will also need to return the deceased’s Passport and Driving Licence.

Inform other companies / organisations of the death

This may well include the following:

- Employer (if applicable)

- Dentist / Podiatrist / Chiropodist / Health care etc.

- Carers / Domestic or Residential Help / Cleaners etc.

- Banks

- Building Societies

- National Savings

- Insurance companies (Buildings / Contents / Car / Life etc.)

- Pension providers

- Credit card providers

- Store card providers

- Mortgage company / Landlord / Local Authority / Housing Association

- Utility providers (Electric, Gas, Water, Telephone, TV, Internet, Broadband etc.)

Administer the Estate

After the above has been dealt with and the funeral has taken place will begin the process of administering the estate (often referred to as Probate) and this will include:

- Obtaining a Grant of Probate or Letters of Administration

- Collecting in and valuing assets

- Distribution of possessions (in accordance with any Will)

- Dealing with shares and investments

- Selling property

- Selling assets

- Consideration and payment of debts and liabilities

- Closing bank / building society accounts

- Rehoming pets

- Dealing with Inheritance Tax and Income Tax forms

As we have said, there is so much to consider and think about at such a difficult time but it is important to remember that you do not need to do it all alone!

If you would like to have a free chat about putting plans in place for yourself, or dealing with the loss of a loved one, please contact us on

info@TotalLegacyCare.co.uk or 01727 865 121

Leah Waller

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want to book a
FREE Consultation?

28th February 201923rd April 2020

PLANNING… What are you waiting for?

PLANNING...

What are you waiting for?

We started the New Year by getting you think about all those grown-up things that are on all of our to-do lists but many of us don’t get round to…that’s right, we are talking Wills, Powers of Attorney, Funeral Plans, Retirement and even dealing with the death of a loved one.

So, now that we have put all of our checklists and tips out there for you, we thought we would consolidate everything, in one place, to make things that little bit easier for you:

Let’s start at the beginning, New year, new resolutions, new you? Let’s getting planning…, when Neil gave an overview of exactly what we would be looking at over the course of our planning articles:

Why I put a Funeral Plan in Place…

Here, Neil discusses exactly why he wanted to get a Funeral Plan in place and why his boys were such an important part of this decision.

Wills Checklist

A little checklist of considerations and points so that you can review your own Will and ensure that it is up to date and your wishes will be carried out when needed.

Who do you want to make decisions for you and have they got the power?

If you were in the unfortunate situation where you had lost capacity, whether that be temporarily or on a permanent basis, who would you want to make decisions for you?

Who would you trust to make the decisions that you would have if you had been able to?

Checklist for Executors

As we know that being an Executor, although a privilege to be asked, can be a massive burden! We have set out a brief checklist of some of the things that an Executor should consider first when dealing with probate.

Are you able to retire?

Just because saving for retirement is difficult, it doesn’t mean you should give up…Bobby Keer shares some great tips with us!

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

Leah Waller

Got a Question or want to book a FREE Consultation?

14th February 201923rd April 2020

Valentine’s Day… What better gift to give your loved ones than peace of mind

Valentine's Day…

What better gift to give your loved ones than peace of mind

We are taking a little break from our weekly planning articles and checklists that are helping you to get all those important ‘grown-up’ jobs off of your to do list 😉

This week we are talking about…Valentine’s Day.

So, hands up how many of us have forgotten to get our loved one a gift, or are at that stage where Valentine’s Day is just another day and gifts are a long distant memory?

Well, what about giving our loved one’s the gift of peace of mind?

What do we mean by peace of mind?

We set out below a couple of things that we know will help give you peace of mind as well as relieving the financial and emotional burden from your loved ones when the time comes:

Lasting Power of Attorney

Putting a Lasting Power of Attorney in place allows you to give the person you trust most the power and authority to make decision for you, in relation to you health & welfare and property & financial affairs, if you are unable to do so.

Giving your loved ones, as well as yourself, peace of mind that should anything happen and you are unable to make decisions (whether that be due to temporary or permanent loss of capacity or simply because you cannot be physically present where you are needed) that there is someone in place to take those decisions for you and make the decisions you would have, if you were able.

Will

Having a Will in place (and reviewing that Will!) will give you and your loved ones

peace of mind that when the worst happens all your wishes are written down and can be carried out as you intended.

Funeral Plan

Having a Funeral Plan in place means that you can not only take away the

financial burden from your loved ones by paying for your funeral in advance (whether in a lump sum or by instalments), you also remove the emotional burden as all your wishes will be written down and can be put into effect by the Funeral Director with minimal input from your loved ones at an already difficult time.

We have these in place as we understand just how important it is to be protected and we are more than happy to have a free chat with you too, no obligation – honestly!

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

Leah Waller

Happy Valentine's Day!

12th February 201923rd April 2020

PLANNING…Checklist for Executors

PLANNING...

Checklist for Executors

This week we are focusing on Probate and the important role of Executors within the probate process.

So, let’s address a couple of questions first shall we…

What is probate?

Strictly speaking, Probate is proving the Will and showing that it is valid but many use the term to refer to the legal process following someone’s death. This is when someone with legal authority (the Executors, if there is a Will, or Administrators, if there is no Will) obtain a Grant of Probate or Letters of Administration, and can then collect in and distribute the Estate of the deceased.

Probate is usually required where an Estate (all the property, cash, savings, ISAs, investments and any other valuables) of the deceased have a combined total of £5,000 or more.

What is an Executor?

An Executor is appointed in your Will and is responsible for collecting in and protecting your estate, including any property and assets that you own, and carry out the distribution of such items in accordance with your wishes.

Now for the tough part…an Executor is legally responsible for everything that they do, or fail to do, when administering the Estate and they are financially liable for any loss that results as a breach of their duty, even if the breach was a mistake

To make things a little easier (as we know that being an Executor, although a privilege to be asked, can be a massive burden!) we have set out a brief checklist of some of the things that an Executor should consider first when dealing with probate:

Obtain the Death Certificate

As the Executor you will be responsible for notifying certain people, companies and authorities of the death and so the Death Certificate will be required.

Find the original Will

As the Executor you will need the Will in order to apply for Probate.

Applying for the Grant of Probate

This is the official document giving you authority to administer the Estate of the deceased, collect in and deal with their assets and then distribute them accordingly.

Collect in assets of the Estate

The Will and any accompanying documents that the deceased may have left may well give specific instructions as to what the deceased has and, importantly, where it can be located, however such specifics may not be given.

As the Executor you will need to ensure that you collect in and account for all of the deceased’s assets including property, stocks, shares, bank accounts, ISAs, personal items etc.

This will also include searching for any missing assets.

Put insurance in place

The Executor will be responsible for ensuring that relevant insurance is in place for the assets of the deceased until they can be distributed in accordance with the Will.

Complete Inheritance Tax Forms

The Executor is responsible for completing and submitting the Inheritance Tax Forms.

The Estate is responsible for paying the Inheritance Tax due on the Estate and the Executor is responsible for ensuring this happens.

Complete

The Executor is responsible for completing and submitting the necessary Income Tax and Capital Gains Tax returns and paying, from the Estate, any tax that is due.

Pay debts and liabilities

The Executor is not responsible for paying these personally however, the Executor is responsible for ensuring that any debts and liabilities, including funeral costs, are paid from the estate.

The Executor should also put a notice to debtors in the London Gazette.

Preparing Estate Accounts

The Executor is responsible for the preparation of Estate Accounts and ensuring that the Accounts are distributed to the relevant parties.

Distribution of the Estate to the Beneficiaries

The Executor will then be responsible for distributing the Estate assets, following the payment of all debts and taxes, in accordance with the deceased’s wishes as set out in their Will.

A detailed record of this, and all the steps taken by the Executor, should be kept throughout the process.

REMEMBER…You don’t have to do everything alone, ask for help as and when you need it!

You may need to ask for professional help from solicitors, probate specialists and/or tax advisers. If the estate is relatively small and doesn’t have any complexities, the Executor may well decide that they can carry out the process by themselves and this is also fine.

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

Leah Waller

Got a Question or want to book a FREE Consultation?

16th January 201923rd April 2020

Why I put a Funeral Plan in place…

Why I put a Funeral Plan
in place...

This week, in an attempt to get planning the ‘grown-up’ things from the ever-growing to-do list, we are focusing on Funeral Plans. So, I thought it may be easier for me to share with you, why I have decided to put my Funeral Plan in place…

I’ve recently turned 40 and have no plans to go anywhere any time soon, but we never know when our time is up. I have two sons and adore them both equally, but they are still young and both, in the nicest way possible, useless at organising anything (if it’s not for their benefit ;))

When my time is up, one of my boys will need to take control and plan my funeral. There are so many considerations when arranging a funeral, such as:

which Funeral Directors to use?
burial or cremation?
location?
transport?
viewings of the body?
Religious or humanist service?
what hymns and/or songs would you like played?
order of service?
obituary / readings?
flowers?
charitable donations?

Not only is this quite overwhelming, it may well be the case that they are unaware of what my wishes are and why would they?

This is not a conversation that most of us have, especially with our children, so they may be left guessing at what I would have wanted and this could cause disagreements between them that could have lasting effects.

I don’t want to put that emotional burden on my boys

So, who pays for it all too?

“Surely we’ll just go to dad’s bank and get the money out from there?”

It may not be that simple. Depending on the bank they may not release any funds until probate has been carried out – this could take anywhere between 6-12 months. There also may not be enough money in my bank at the time, so how do they pay for it? My children, or a loved one will need to stump up the money themselves, and unfortunately, the cost of a funeral runs into the thousands (£££!!!) (with funeral costs having risen 122% since 2004! – Cost of Dying Report – 2018 ).

I don’t want to put that financial burden on my boys

So, this is why I put a funeral plan in place.

We are linked to one of the most reputable pre-paid funeral providers in the country, so I knew everything I needed to know already. I took the option of the low cost monthly instalments and I barely notice it coming out of my bank account. All my wishes are listed, including my preferred funeral director and now, when the time comes, all my sons need to do is make one phone call to activate the plan.

The plan is locked in at the price of when I took the plan out as the money I pay is invested in unit trusts and bonds and is guaranteed to cover the cost of the funeral directors services.

For me personally, it’s one of the most valuable services we provide as we often plan for the future with Life Insurance, Wills and planning for Inheritance Tax but when the time comes, the funeral is the first thing that needs to be sorted and paid for.

We offer free consultations, lots of free information in articles, FAQs and videos on our website, so if you would like to chat more about saving your loved ones form the emotional and financial burden, please do get in touch.

If you would like more information or to discuss putting a funeral plan in place, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free, relaxed and considerate discussion on how we can help

Neil Barras-Smith

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10th January 201923rd April 2020

New year, new resolutions, new you? Let’s getting planning…

New year, new resolutions, new you?
Let’s getting planning...

So, it’s the start of the New Year and we’ve said goodbye to another that’s passed. Last year may have been good, it may have been troubled and you may not have got round to ticking everything off that to-do list or kept last year’s resolutions…

Each week, we will be writing an article around the “grown up stuff” that should be planned for with useful information and free advice as always to help you to plan for your family’s future and keep on track (don’t worry we will keep them short, to the point and add a little element of fun where we can!).

We will be looking at:

Funeral planning
1. How to save your loved ones the emotional burden; and
2. How to save loved ones the financial burden

Wills & Trusts
1. Planning for Inheritance Tax;
2. Ensuring your money goes where you want it to;
3. Guardians for your children;and
4. Protecting your property against unwanted costs and taxes.

Lasting Power of Attorney
1. What is it and why is it important? and
2. Who to choose as your Attorneys

Probate
1. What is the process and why is it important?
2. How to get the help you need at such a difficult time;
3. Why IHT forms are so important to complete correctly; and
4. What are you liable for as an Executor?

Pensions and investments
1. Do you know how your pensions are performing?
2. Are your investments working in the way you want them to or could they be placed elsewhere?

In all of our articles we aim to give you the information that you need in a simple and easy to understand format, to help you to make the decisions that you want to.

It seems that there is never enough hours in the day but let’s start the year on a positive and MAKE TIME to plan and get some of these things in place and off of your to-do list.

Check out our website for lots of free information or contact us for a free meeting.

Neil Barras-Smith

Got a Question or want to book a FREE Consultation?

20th November 201823rd April 2020

Why invest in a Funeral Plan?

Why invest in a
Funeral Plan?

A funeral plan is not a ‘just in case’ product, it’s a ‘definitely will need’ product. As blunt as it sounds, at some point all of us will die, an uncomfortable but unavoidable fact.

Having a funeral plan will help relieve your loved ones of both the financial and emotional burden of arranging your funeral when the time comes.

Would your loved ones know what your funeral wishes are?

Only 1% of people organising a funeral knew all of deceased’s wishes;
18% did not know any of the deceased’s wishes;
46% did not know if their loved one wanted cremated or buried;
64% did not know whether to hold a religious or non-religious service.

(Cost of Dying Report – 2018)

There are so many considerations when arranging a funeral, such as:

burial or cremation?
location?
transport?
viewings of the body?
religious service?
what hymns and/or songs would you like played?
order of service?
obituary / readings?
flowers?
charitable donations?

A Funeral Plan will help to set out exactly what you want for your funeral and express your preferences so that when the time comes, your loved ones have one less concern and will be safe in the knowledge that your final wishes can be carried out.

Not only will a funeral plan help release the emotional burden from your loved ones but it will also relieve the financial burden (with funeral costs having risen 122% since 2004 – Cost of Dying Report – 2018 ) as the Funeral Director services that are included within your plan will already have been paid for.

When paying for your funeral plan, you pay the cost of a funeral at today’s value. This money is then placed in the trust or with a life insurance provider (depending on plan payment type) and will cover the cost of your Funeral Director services.

If you would like more information or to discuss putting a funeral plan in place, call us on 01727 865 121 or email us at info@TotalLegacyCare.co.uk for a free discussion on how we can help

Leah Waller

Click here to find out more...

Got a Question or want to book a FREE Consultation?

14th November 201823rd April 2020

Nursery Rhymes and Death…What is the connection?

Nursery Rhymes and Death... What is the connection?

So, why do we use nursery rhymes to talk about Death?!

It may seem like an unusual way to get our point across, but talking about death is always an uncomfortable conversation and so doing this through Nursery Rhymes has been a great way of getting people talking and encouraging them to plan for their families’ future!!

Nobody likes to think about death, as is evident by almost half the country not having a Will in place. Without the right planning in place, things can go terribly wrong and you have no control over where your hard-earned money ends up! Unnecessary pressures and burdens can drive families apart and this is something that nobody would really want.

So what do we want…here are some of the main reasons why we want you to plan properly for your family’s future:

your money goes where we want it to;
children are looked after and guardians (that you choose) are put in place if needed;
to make it as simple as possible during a time of grief for your family to deal with your estate and assets;
can reduce Tax complications ensuring that as much of your hard-earned money goes where, and to who, you want it to;
to give you piece of mind, knowing that your family is planned for, should the worst happen.
if you Google Wills, Lasting Power of Attorney (LPAs), Funeral Plans or Probate, you’ll get a raft of very sombre looking pages, using stock photos of sad-looking elderly people or a dull video explaining why each is important. It’s depressing watching and reading through them and so no wonder the majority of people put it off, don’t act and fail to get the right measures in place.

We are very different here at TLC!!

We want people to feel relaxed talking about these subjects, understand the implications but know there are solutions and we always aim to put people at ease and answer any questions that they may have. Talking about the ‘Elephant in the room’ is so important to plan for your family’s future, that’s why we take a different spin on things!

We love making videos to explain our world (and get our personalities across!). YouTube is the second largest search engine and therefore more people are looking to video for information – we don’t want to miss this opportunity.

Most people don’t like thinking about, let alone answering, the question “Who will look after my children if I die before they turn 18?” That is where we decided to use Nursery Rhymes to explain the scenario in a way that, we hope, people can relate to.

So, what videos have we produced so far?

Jack & Jill

Possibly the most popular of all Nursery Rhymes.

In this short video, we explain:

what happens to your estate if there is no Will in place;
what happens to your estate, if you have a partner but are not married;
how a Will is used to carry out your wishes;
what happens if you remarry after the death of your former-spouse;
how a Will is void on marriage; and
how your children could receive nothing if not properly planned for.

Humpty Dumpty

Another classic Nursery Rhyme…with a twist.

We look at the loss of capacity and how a Lasting Power of Attorney (LPA) can really help. We look at some of the burdens and complications faced when there is no LPA is place and when there is no one that can act for you when you are unable to act for yourself due to a lack of capacity.

We explain:

how banks can freeze bank accounts if an account holder loses capacity;
how partners/family members have to find ways to pay bills, liabilities and maybe even healthcare on behalf of their loved one with no access to their accounts;
the different types of Lasting Power of Attorney;
the complications on deciding on healthcare; and
the authority to sell a loved one’s home.

Little old Women who lived in a shoe

This is the most delicate of subjects, talking about who we would want to be the Guardians of our children should we not be around.

In this video we explain:

what could happen to the children if your proposed guardians are not stated in a Will; and
how a simple Will could make life so much easier for your children and those you have left behind.

Although the videos are light hearted, this is done in a delicate way to ensure that we never sway away from how important our work is and, although we may make the videos fun, we are professional and knowledgeable within our field.

Neil Barras-Smith

Got a Question or want to book a FREE Consultation?

Tag: Funeral Plans