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Getting Your Life In Order To Make Your Death Easier For Your Loved Ones

Getting Your Life In Order To Make Your Death Easier For Your Loved Ones

No one likes to think about their own death or that of their loved ones.  We can plan for and make the best of both to ease the already very difficult time our loved ones will be experiencing on our passing. 

A death is a huge upheaval, however ‘expected’ it may be. The executors of the estate have a huge task ahead of them to get the finances in order so they can apply for probate. They will be doing this while grieving and possibly caring for others also. 

But, you can ease the transition by ensuring that all your affairs are in order and your loved ones have access to all the necessary information.

What do you need to have in order before your death?

Make sure you have a plan to ensure that loved ones will know how to access:

Important Documents

Have you got your birth certificate, marriage certificate, and Will in a place that your Executors will know where they are?

Financial documents 

Do you have paper statements? Are they all online, and would your Executors know where to find details of your bank accounts, saving certificates, premium bonds? You will need details (including usernames and passwords where appropriate) of all bank and savings accounts, ISAs, premium bonds, and other investments you have.

-    Gifts/Inheritance tax planning 
Would they know what gifts you had made in the last 7 years and to whom? Would they know you had been making gifts out of income regularly.

-    Social media usernames and passwords
With the rules surrounding personal data large companies will not supply usernames or passwords even in the event of death. It can be very upsetting to receive updates or have people posting on loved ones’ social media accounts and have no control over it. Make sure usernames and passwords are available so these accounts can be preserved or deleted.

-    Cloud account usernames and passwords
You may have important digital information stored in the cloud, along with personal items like photos that could be lost forever if your loved ones don’t have the right access.

These are not easy conversations to have but they will make the process of dealing with the burdensome administrative side of death much easier to bear. And if you haven’t already taken the right steps to plan your finances and minimise your inheritance tax exposure, please get in touch, as we can help. If you found this blog useful, you may also be interested in our blogs relating to Inheritance Tax Thresholds