Talking about death with loved ones is a challenging task but it is one that is hugely important. Every year, a huge number of deceased estates go unclaimed and this was down to the fact that families never had the conversation about their assets or where they were. It’s a sad fact but there are still millions of people in the UK who don’t have a Will and this adds to the problem of unclaimed assets.
By choosing to make a Will, you will be making the entire process of death a lot easier. You will also ensure that family members, friends and charities will receive what you want them to when you pass away. Furthermore, it also reduces the problems of locating your next of Kin that can often make the intestacy situation worse.
How Can I Speak to My Family to Make Sure Their Affairs Are in Place?
It is never a pleasant or easy conversation to have but it is one that is hugely important because death comes to us all. However, the conversation is about preparing for the future and giving them the peace of mind they deserve.
Death is still very much a muted subject and parents are never keen on speaking with their children about how they want their estates to be managed. They are afraid of upsetting their children but want to be honest and upfront with them by ensuring they keep conversations open and transparent.
If you have a Will in place then it’s crucial that your loved ones know where it is stored as well as the title deeds to the properties that you own. It can also be beneficial to make sure you have your finances organised which includes savings and investments, making sure all of the paperwork is up-to-date and stored in a location that is easy to access.
If you have a certain place where you store all of your paperwork then that can help to gain an understanding of your estate. This will include all information that relates to assets, liabilities and any other elements of your estate.
How Do I Determine How Much Inheritance Tax Might Be Due on My Estate
Once you gain an understanding of your savings as well as investments and liabilities, you will be in a better position to calculate the inheritance tax that will potentially need to be paid. If you are concerned about the burden of tax then you might be better seeking professional help as this will allow you to gain an understanding of the various allowances that are available to you. This might make it possible to reduce the amount of tax you have to pay.
It also makes sense to review your Will every five years, regardless of your inheritance tax situation. You should also review your Will sooner should life events change things. This could involve the death of a beneficiary or a divorce or marriage.
Having a clear understanding of your estate and taking good advice is essential to ensure that your planning is tax efficient.