Estate Management Archives - Funeral Directions

The Importance of Timely Will writing: A Heart-Wrenching Lesson

vkpfa — Thu, 11 Jul 2024 13:22:31 +0000

by Viv King Financial Advocate A few weeks ago, I received an urgent call from a good friend and client while I was doing my shopping in Waitrose, just down the vegetable aisle! The call was regarding a close friend of my client, let’s call him Stephen, who had been suddenly diagnosed with inoperable cancer at the age of 40, and was receiving end-of-life care in a hospice. Stephen’s situation was dire. His wife had passed away two years earlier from cancer, leaving him with two young children, aged six and eight. Stephen’s dying wish was for his sister, Rose, to take care of his children. However, Stephen did not have a will, and no guardians had been legally appointed. My client was desperate to see if there was anything we could do to help. After some quick thinking, I considered the necessary details and dictated a will over the phone to my client, right there in the shop. The will included the appointment of executors and guardians, and the distribution of Stephen’s estate, which mainly consisted of a life insurance policy. The plan was for Rose to handwrite the will on a blank sheet of paper, ensuring it was legible. It could then be signed by Stephen and witnessed by the hospice staff, thereby securing the future for the children. However, as Stephen’s condition deteriorated and he started to receive palliative sedation, Rose found herself under immense pressure. Emotional and overwhelmed, she was bombarded with messages and advice from well-meaning friends and family. Feeling overpowered and in a state of shock, she reassured everyone that the will was sorted, despite it not being completed. Tragically, Stephen passed away without the will being signed. This left his children in a precarious position. While Social Services were aware that the children were safe with Rose, her lack of legal guardianship meant she could not claim benefits or financial support, including the much-needed child benefit. Rose now faces the daunting task of applying for guardianship through the Court of Protection and seeking letters of administration to claim Stephen’s life insurance. These steps are necessary for her to gain the legal authority to care for the children and manage Stephen’s estate. This situation could have been avoided with a simple will. If Stephen had managed to prepare his will , Rose would have been the executor and legally recognised as the children’s guardian, and the life insurance could have been paid out without delay. The moral of this story is clear: don’t wait to write your will. We often think we have time, but the reality is that unforeseen circumstances can strike at any moment. Creating a will can alleviate anxiety and uncertainty, ensuring that our loved ones are protected and our wishes are honoured. If you’re considering writing a will, don’t delay. It’s a straightforward step that can make a world of difference when it matters most.

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What Happens to Your Pension After You Die?

vkpfa — Wed, 15 May 2024 11:40:00 +0000

Many people wonder what happens to their pension savings when they pass away. funeraldirections.com is here to shed light on this topic with the help and all credit to retirement expert Sean Young from Standard Life. So, what does happen to my pension when I die? Contrary to a common misconception, your pension provider doesn’t keep your savings. Most plans allow them (or the trustees) to decide who receives the funds. However, you have the power to influence this by nominating beneficiaries. Who Receives Your Pension Savings? Beneficiary Options: Tax Implications: Who Can Be a Beneficiary? The choice is yours! You can designate spouses, partners, children, grandchildren, other family members, friends, or even charities. You can also choose multiple beneficiaries and specify their share percentages. Passing Savings to Children: Yes, you can! However, for beneficiaries under 16, the funds are paid to their legal guardian. Beneficiary Forms and Flexibility: It’s normal for forms to state that the provider isn’t obligated to follow your wishes exactly. This allows them to consider changes in your family circumstances. For example, if you haven’t updated beneficiaries and have children from a previous marriage who weren’t included, the provider may consider including them. Ensuring Your Wishes Are Met: For guaranteed distribution to your chosen beneficiaries, consider a bypass trust. This is a legally binding document outlining your wishes. Speak with a financial adviser for details and potential tax implications. Pensions and Wills: Pension plans typically aren’t part of your estate, so they aren’t covered by your will or subject to inheritance tax. This means the final decision rests with the pension provider. Have More Questions? FuneralDirections.com encourages you to explore our resources and remember to nominate beneficiaries on your plan and keep your choices up to date. Disclaimer: This information is accurate as of April 2024 and shouldn’t be considered financial advice. Tax implications and laws can change. Pensions are investments, and their value can fluctuate. Standard Life accepts no responsibility for external website information. It’s provided for general knowledge.

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The Problem with a Power of Attorney!

vkpfa — Mon, 05 Feb 2024 13:22:26 +0000

A crucial piece of advice is missing from professional guidance surrounding the Finance and Property Power of Attorney (POA) use. While POAs are meant to offer peace of mind and assistance, a significant roadblock can arise during emergencies. Financial institutions, particularly banks can take up to 10 days to recognise appointed Attorneys, even with a registered POA. This means well-meaning Attorneys attempting to manage crucial matters like care fees and large expenses during emergencies, sudden illness or unexpected hospitalization, can trigger security concerns and fraud alerts due to their unrecognized access and unusual payments. This delay creates unnecessary stress and complicates situations when prompt action is critical. Professionals assisting individuals with POA submissions often fail to highlight this crucial information. This leaves many unprepared for the potential delays and complications that might arise in urgent situations. The best course of action, not necessarily emphasised by professionals, is for the individual granting the POA (the Donor) to proactively register their Attorneys with their bank while they still have mental capacity. This simple step allows the appointed Attorneys to manage financial affairs upon the POA’s registrations (subject to donor’s consent) and bypassing the 10-day waiting period and avoiding potential difficulties altogether. Banks will need ID for the attorneys, and many offer an online submission process which will require Office of the Public Guardian authorisation codes. Raising awareness about this potential gap in professional guidance and empowering individuals to take this proactive step should ensure POAs truly fulfil their intended purpose of providing timely support and reducing stress, especially during unforeseen circumstances. For help and guidance relating to Lasting Powers of Attorney please visit: Templar Estate Planning (funeraldirections.com) VKPFA (funeraldirections.com) Bristol Wills & Estate Planning (funeraldirections.com)

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The Practical Aspects of Bereavement: Don’t miss out on the potential value an unused car might hold.

vkpfa — Wed, 25 Oct 2023 12:49:40 +0000

When your partner leaves behind an unused car, it can feel like a heavy burden during a period of grief. But what you might not know is that you could be eligible for a car tax rebate, and many are unaware of just how much their vehicle is worth. Recent research has shed light on the fact that many people who have lost a husband, wife or partner have a dormant car taking up space in their driveways. If you find yourself in this situation, it’s essential to know that you’re not alone. However, there is untapped financial potential in these vehicles. Ignorance could mean that many bereaved individuals are losing money when they eventually decide to part ways with their cars. In the UK, 52 percent of people assume that cars will inevitably depreciate over time, however, with the pandemic and global supply chain disruptions, new cars weren’t as readily available between 2020 and 2022, making used cars a valuable commodity. Some have taken advantage of this trend and sold their cars. In many cases to cope with the rising cost of living crisis, which can be particularly challenging for those who have lost a partner. Alex Buttle, co-founder of Motorway, underlines the significance of cars as valuable assets during difficult times, acting as lifelines for millions, including those who have experienced loss. But too many car owners, particularly those dealing with bereavement, still don’t realize the full potential of their cars as assets. They remain oblivious to the true value of their vehicles and how this value changes over time. To address this, tools like the Car Value Tracker have been created to empower car owners, including those who have lost a partner, with the knowledge they need to sell their cars at the right time. And, for those who have an unused car parked on their driveway during a time of loss, there’s the possibility of a car tax rebate. If you’re no longer using your car due to bereavement, you can contact the DVLA and declare the vehicle SORN, which stands for Statutory Off Road Notification. Once you’ve completed this process, you can receive a refund for any full months of remaining tax, as outlined on GOV.UK. But a word of caution: if you receive a car tax rebate after declaring your car SORN, you cannot use the vehicle until you’ve taxed it again, allowing you time to deal with the practical aspects of your loss. The timing of the SORN declaration varies. If your vehicle tax has already expired, or if you’re not applying in the month the vehicle is due to start, the SORN will take effect immediately. If your vehicle tax hasn’t expired, the SORN will start on the first day of the next month when you apply. To make the process smoother during a challenging period, you can apply online using the 11-digit number in the V5C vehicle log book and the 16-digit reference number on the vehicle tax reminder. Ensure your details are up to date on the DVLA website and your V5C log book to make the most of this opportunity, helping you cope with the practical aspects of bereavement without added stress. Don’t miss out on the potential value your unused car might hold during this difficult time!”

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Remembering Loved Ones in the Digital Age: QR Codes for Meaningful Memorials

vkpfa — Mon, 14 Aug 2023 09:44:23 +0000

In the digital era, our methods of commemorating loved ones have taken a modern twist. QR codes – Quick Response codes, are the square-shaped patterns that can be scanned using a smartphone or tablet’s camera– they’re transforming how we remember those who’ve touched our lives. With a simple scan from your smartphone, these codes bring us closer to cherished memories, bridging the gap between physical memorials and digital stories. Traditionally, memorial plaques, benches, and headstones have provided little more than a name, lifespan and possibly a short epitaph. But in a world where stories are vast and memories abundant, QR codes offer a way to share more. You can link to photo galleries, videos, memorial websites, and personal stories, offering an immersive journey through someone’s life. One of the beautiful aspects of QR code memorials is personalisation. Limited by space on traditional memorials, QR codes free you to share memories, anecdotes, and details that truly encapsulate the spirit of your loved one. The beauty doesn’t stop there. QR codes are adaptable. They grow with the memory, accommodating updates and additions over time. This continuous tribute keeps the memory alive and evolving. Accessibility is another key advantage. Friends and family, no matter where they are, can partake in the experience. Scanning a QR code becomes a moment of connection, bridging generations and fostering understanding. In partnership with this innovation, companies like Hertfordshire based “Your Loving Memory” have emerged. They’re pioneers in QR code memorialization, offering a seamless service that links physical memorials to a digital world of memories. You can learn more on their webpage at funeraldirections.com. And, if you’re inspired to make a lasting impact in your loved one’s name, many QR code memorials include links to donation pages. This modern approach to remembrance is not only a personal journey but also an opportunity to make a difference. So, the next time you see a QR code, think beyond its geometric pattern. It might just be a window to a cherished memory, a unique story, and a way to ensure that our loved ones live on, digitally and in our hearts.

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If you don’t need it…give it away! Discussing Inheritance Tax

Funeral Directions — Wed, 19 Jul 2023 10:14:00 +0000

Life is full of big expenses; weddings, education fees and getting on the property ladder. So it’s natural that you might want to give your children and grandchildren a helping hand if you can. In reality, you can gift as much as you like to your children or grandchildren, but they might have to pay an unexpected tax charge if you don’t think about this when making your plans. Inheritance tax (IHT) is the main tax to consider if you’re giving away cash, it’s a tax paid on your estate and certain lifetime gifts after you die. Your estate typically includes your property, money, possessions and so on, less any outstanding debts you have. Normally IHT only needs to be paid if the value of your estate is above the £325,000 threshold and you may also be able to claim up to £175,000 where the family home passes to children or grandchildren. These allowances apply to each person and may be left to a surviving spouse or civil partner. It could be said, for many people, that your estate only pays inheritance tax on the value over £1 Million! Perhaps your assets won’t be that much but you might want to continue reading anyway! If you make gifts during your lifetime, there’s your ‘annual exemption’ to think about, and you may be able to use an exemption for regular gifts made out of income which don’t affect your standard of living or cause you to dip into your savings. Money given over the £3,000 annual exemption limit could be added to the value of your estate if you don’t live for seven years afterwards. Gifts made to individuals in this way are known as a ‘potentially exempt transfer’ and would be taxed based on a reducing scale. If you live for three years or more after giving the gift, the person who receives your gift won’t need to pay the full amount, they’ll pay a reduced percentage instead. Years between gift and death Rate of tax on the gift 0 – 3 40% 3 – 4 32% 4 – 5 24% 5 – 6 16% 6 – 7 8% 7 or more 0% Capital gains tax (CGT) is another important tax to consider. It’s the tax paid on any profit made when you sell (or ‘dispose of’) a non-cash asset or gift that has increased in value. Giving assets away as a gift is currently classed as ‘disposing of an asset’, which means that you may need to pay CGT if you gift an asset like this to a child or grandchild. These assets will also be subject to the seven-year rule, so IHT and CGT could potentially be payable! The £3,000 gift can be carried forward one year but if you don’t use it then you will lose it. So giving money to your loved ones regularly can be an effective way to minimise the IHT payable on your estate on your death. Give larger gifts… but be aware of the seven-year rule! If you want to gift larger sums to individuals, these won’t be counted for IHT purposes – as long as you live for seven years afterwards. If you don’t live for the full seven years, the money you’ve given will be added to the value of your estate. So this means it would use some of your £325,000 threshold. You can’t use any inherited threshold or £175,000 family home threshold against lifetime gifts. If you have used all of the available threshold, the gift will be taxed at 40% (although taper relief could reduce this). You can open a Junior ISA (JISA) for your child, or you can save into to a JISA on your grandchild’s behalf.You can currently pay up to £9,000 in total in a tax year into a JISA and that money can be invested, which gives it the chance to increase your child or grandchild’s savings over time. They can access the money when they reach age 18 and they won’t pay any tax on the money they withdraw from the JISA or pay CGT on any investment growth either. You could also think about supporting their Lifetime ISA. Depending on their age, giving money to a child or grandchild so that they can save into a Lifetime ISA could help them save for a property or top up their pension savings. The Lifetime ISA can only be opened between the ages of 18 and 39, so you can’t open it for them. They could save up to £4,000 a year and get a 25% government bonus on top of that. Gifts to an ISA could be treated as exempt or potentially exempt transfers, depending on their size, how often you make them and if you’ve made them out of spare income. Many grandparents may intend to leave some money to their grandchildren in their Will. But what if you’d like to support them financially while you’re still around? Using a trust can help you do this while offering a number of advantages. As a trustee, you retain an element of control over the funds and how and when they’re paid, while gifts made to the trust can reduce your estate for IHT. If you’re aged fifty-five or over (rising to age 57 in 2028), you can access your pension savings and you’ll usually get 25% of your pot tax free. So you could consider using some of your tax-free lump sum as a gift to your loved ones. You could also think about nominating a family member as a beneficiary so your pension plan could be passed on to them. Your pension plan isn’t normally included as part of your estate, so your beneficiaries won’t pay any IHT on it, although they could pay income tax on anything they choose to withdraw if you die after the age of seventy-five. This doesn’t apply to all pension plans, so do check with your provider if you’re not sure. For smaller amounts

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“What’s the difference between a website and a platform?

Funeral Directions — Tue, 11 Jul 2023 15:23:21 +0000

Well, it’s like comparing a single cupcake to an entire bakery.” Websites and platforms play different roles in the online world. A website is like a digital destination where you can find information about a specific organisation, product, or service. In contrast, a platform goes beyond information and offers an interactive space where you can engage with relevant businesses when dealing with planning, at-need services, and administration. The funeraldirections.com platform is designed to connect you with funeral directors, legal services, estate planners, and more, providing a convenient and supportive environment for all the necessary arrangements. It’s like having a virtual hub that simplifies the process and allows you to connect with the right professionals during this challenging time. “Imagine a special online place that helps you plan a meaningful and personalized farewell for your loved ones offering valuable tools and information to make this challenging time a little easier. Think of it as a super website that brings together different resources and support to guide you through the process of organising a funeral. From explaining what happens when someone passes away to helping you create a beautiful ceremony, this platform is like a caring friend who knows exactly what you need.” The Funeral Directions platform has dedicated webpages for businesses specialising in end-of-life services. These businesses, including funeral directors, florists, caterers, and memorial product makers, have their own unique pages where you can find information, reviews, and even inspiration to make your farewell truly special. “In a nutshell, a funeral planning platform is your online companion when you need to arrange a funeral. It provides helpful resources, support, and connects you with businesses that can make your loved one’s farewell meaningful and personal. It’s like having a caring community by your side during this difficult time.”

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How to set a Google legacy contact for your account and 5 good reasons why you should

Funeral Directions — Wed, 24 May 2023 11:56:44 +0000

Graham Southorn https://funeraldirections.com/listing/bristol-wills-estate-planning/ 18 MAY 2023 If you’re like most people, you probably have a lot of sensitive information stored in your Google account. From emails and contacts to Google Drive documents and photos, there’s a lot at stake if you were to unexpectedly pass away. You might expect that the executors of your Will would be able to access these things, but that may not be the case. And what if you become incapacitated? A Will could not help in that situation because it only comes into force after your death. Simply giving someone your password is a terrible idea, of course. Fortunately, you can set a Google legacy contact in your accounts settings right now. What Is a Google legacy contact? A legacy contact is someone you choose to manage your Google account if you were to pass away or become incapacitated. They’ll have access to your account and can take certain actions, such as downloading your data, managing your contacts, and sending emails on your behalf. It’s important to choose someone you trust, as they’ll have access to all of your sensitive information. Why should you set a Google legacy contact? In case you need any persuading, here are some very good reasons: 1. Ensure your data is handled according to your wishes How should your data be handled? You might want certain emails to be deleted, or you might want your photos to be shared with certain people. A Google legacy contact can carry out those wishes. 2. Protect sensitive information Your sensitive information could be at risk if someone gains access to your account. After you’re gone, they could use your information for malicious purposes. By setting a Google legacy contact, you can ensure that only someone you trust has access to your account. 3. Make it easier for your loved ones Setting a Google legacy contact makes it easier for your loved ones to manage your account and access your data if something were to happen to you. 4. Avoid legal issues and bureaucracy If your account is inactive for two years, Google will delete the data. But if your friends and family contact them before then, they will “work with immediate family members and representatives to close the account of a deceased person where appropriate.” Google goes on to say: In certain circumstances we may provide content from a deceased user’s account. In all of these cases, our primary responsibility is to keep people’s information secure, safe, and private. We cannot provide passwords or other login details. Any decision to satisfy a request about a deceased user will be made only after a careful review.Google Account Help My take on this is that you’d be at the mercy of Google as to what happens to your data. Fortunately, Google has foreseen this with the legacy contact setting. 5. It’s simple and free It’s easy to set up a legacy contact on Google, so why not take a few minutes to do it? The process is straightforward and doesn’t require any technical expertise. How to set a legacy contact for your Google account Now that you know what a Google legacy contact is and what they can do, let’s look at how you set one up. You can choose the length of the inactive period and provide different methods for them to contact you before they contact the legacy contact, just to be on the safe side. And finally, you can add the legacy contact themselves – up to 10 of them, along with that you want them to be able to access. They’ll then have 3 months to access the data. In my experience I’ve added my wife as my Google legacy contact and plan to review the situation regularly, particularly as I now use more Google services than before. Whilst nobody in Bristol has specifically mentioned Google accounts when I’ve written their Wills, I’m sure people will become more aware as the population ages. In my opinion, it’s likely to be photos that people will want to save. In the past, it was easy to hand over treasured family albums. But now that we take hundreds, if not thousands, of photos a year on our phones, we will want to preserve digital access for future generations.

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Probate in the United Federation of Planets: To Boldly Apply or Not to Apply?

Funeral Directions — Wed, 17 May 2023 11:53:00 +0000

Fellow Trekkies, just like exploring new galaxies, the question of whether everyone needs to apply for probate in the United Federation of Planets (UK) has its own interstellar quirks. Join me on this cosmic journey as we navigate the intricacies of probate in the Star Trek universe. Beaming into the Probate Dimension:Hold onto your tricorders! Probate, in the context of the United Federation of Planets, is a legal process that verifies the validity of a will and ensures the smooth execution of the deceased’s wishes. It’s like deciphering a complex code, much like the ones Captain Picard encounters on his daring missions. But does every Starfleet officer need to embark on this probate adventure? The Not-So-Simple Answer:In the vast expanse of the galaxy, the need for probate varies from star system to star system, and it depends on a constellation of factors. Just as every species has its own unique biology, the necessity of probate hinges on the size of the estate, the type of assets involved, and the existence of joint ownership or beneficiary. The Mystery of Small Estates:Imagine discovering a hidden planet where small estates reign supreme, a utopia of sorts! In the United Federation of Planets, if the total value of the deceased’s estate is below a certain celestial threshold (perhaps the equivalent of 5,000 Federation Credits), you might be able to navigate the universe without encountering probate challenges. It’s like finding a wormhole that bypasses all the cosmic paperwork! Joint Ownership and Beneficiary Designations: A Wormhole to Simplicity:Prepare for a subspace jump into the wonders of joint ownership and beneficiary designations! Just as a symbiotic relationship between species can create a harmonious balance, assets held jointly with a surviving spouse or partner often pass seamlessly without the need for probate. Similarly, assets with designated beneficiaries, like a trusty life insurance policy or a warp-speed pension scheme, often defy the gravitational pull of probate. It’s like traveling through a wormhole, skipping light-years of legal proceedings! Final Frontier:So, fellow Trekkies, in the United Federation of Planets, the answer to whether everyone needs to apply for probate is as varied as the planets in the Alpha Quadrant. Small estates, joint ownership, and beneficiary designations can be the dilithium crystals that power your escape from the complexities of probate. Starfleet regulations and legal systems are as intricate as a holodeck simulation. Seek guidance from the Federation’s finest legal advisors to navigate these celestial waters. Whether you’re exploring the mysteries of probate or venturing through a wormhole to probate-free existence, may your journey be warp-speed efficient and your legacy live long and prosper. Engage, my intrepid Trekkies, and may your probate quests be filled with discovery and wonder!

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