Wills

What You Must Do After Someone Dies

After someone dies, there can be a lot of confusion about the tasks that need to be completed within a short period of time, such as arranging the funeral, compared to the long-term tasks like dealing with the last will and testament and completing the probate for the deceased’s estate.    A collection of articles from The Money Advice Service takes you through the various stages after someone has died. For those who are unsure what has to happen in the first few days after a death, the first set of articles will prove extremely useful. The second set of information is all about dealing with someone’s estate which includes payment of any debts and taxes that are necessary. The third section deals with how all of the finances will be arranged after one partner dies and the other is left to cope on a different income, but perhaps, after an insurance payout. The fourth set of articles discusses how you can plan ahead after a bereavement when you need to update your will and reconsider your retirement planning. All the information you need online Helpful articles can provide all the information you need at a time which is probably distressing to you and members of your family and friends, after the death of someone close to you. Instead of listening to myths and taking guesses, you’ll find the answers to most of your questions in these helpful articles. One of the best ways to plan how to deal with the funeral after someone dies is to pre-purchase or advance purchase and pay for a funeral plan so that you know the funeral is arranged and paid for, well before the event. This lowers the stress for those left behind. They will also be pleased to have paid at today’s price to protect against future rises of a funeral director’s costs as inflation gradually increases the fees and expenses, year after year. How to do a funeral Related...

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10 Horrendous Will Writing Mistakes

Writing a will is not just for the rich and famous. As soon as you own assets it’s best to write your last will and testament so that your finances and the future for your children are taken care of effectively and efficiently. Unfortunately, people make terrible errors writing their own will, which is why you always employ a professional who is an experienced expert. So what are these dreadful errors that people make? The wording of the will becomes ambiguous and it’s not clear what you are leaving for your family, friends and other beneficiaries. This may cause arguments and conflict amongst those who were close to you, before your death. Failure to appoint suitable executors may leave people administering your estate without any due care and attention. Some people try to leave their property to other members of the family, when their spouse or partner still needs to live in it. A will allows you to appoint guardians for your children if they are under 18 years of age if you die before they reach the age to vote. Failing to appoint guardians may mean that the state decides where your children will live and with whom. Not taking account of tax in advance, may lead you to pay 40% inheritance tax on the assets you leave behind when you didn’t need to. A well worded document will make use of tax-free allowances. Without any beneficiaries, your complete estate may pass to the government and you will have missed the opportunity to direct tax-free money to your favourite charities. Where you are unmarried, your partner may not have the right to receive property from you unless you have taken specific actions to ensure that matters are left correctly. By not offering personal effects to certain people, items may need to be sold as family members disagree. There are parts of your estate that you can give away a number of years before you die and receive certain tax advantages. This involves you being well-organised by taking tax advice and writing your will as soon as you can. There might be people that you may not wish to receive anything from your estate, but a poorly worded will may direct your funds straight to their bank account. All of these errors can be corrected by having your last will and testament written by a professional will writer who...

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