WILLS

The starting point for saving costs and controlling your hard earned money is extremely simple, make a Will, review your Will on a regular basis at any change in your life, marriage, children, grandchildren, divorce etc. A Will allows you to make and control decisions about your money now and after you are dead. Without a Will your estate may be open to claims from relatives, which usually cause family disputes. The estate will be  divided up as per the rules of intestacy which means your estate will be divided up by following intestacy law. You will note from the rules of intestacy flowchart that the law  recognises illegitimate and adopted children but not step-children. A properly drafted Will can save time, money and as important heartache for family. It provides for dependants, guardianship distribution and funeral wishes. Contrary to popular belief making a Will does not increase your chances of dying it does however give you the chance to have your wishes carried out.

Lasting Power of Attorney

Funeral plan sortedI will never need  a power of attorney is something we hear every day!

Here are some facts that make us believe that everyone over the age of 18 should have a power of attorney.

Every 90 seconds someone is admitted to hospital in the UK with acquired brain injury!

1 in 3 Die of Dementia!

All bank accounts personal and business, savings, Investments, Pensions and benefits frozen. So no direct debits paid out, no access to your money for your partner or family!

Without an LPA no say in quality of life/treatment!

Without an LPA , the Court of Protection can grant limited access cost circa £5000!

There are two types of lasting power of attorney Health and Welfare & Property and Financial Affairs in most cases we would recommend both.

Funeral Plans

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The average cost of dying in the UK rose last year by just over 10% with the average cost being just over £8700, made up of average funeral costs of £4200, average administration of estate costs £3005 and average additional costs £1495. Since 2004 the cost of funerals has risen by over 87% with the cost of funerals likely to keep on rising then fixing your funeral price now would seem like a good financial idea without the extra benefits of making sure you get the funeral you want as well as the saving in stress on your family.

The key points to look out for with a funeral plan are:

  • Guarantee  to pay your funeral at anytime.
  • In Trust with none of the funeral plan directors as Trustees.
  • Has at least £1200 set aside for disbursements.
  • Not tied to one funeral director.
  • Can be gifted
  • Flexible (can be changed)

A funeral plan without all of the above may not be fit for purpose and could lead to financial loss and heartache at a time when your family need reassurance.

Contact Us for more information.