Talk Money Week 2018 – time to have the hardest of conversations
It is one of the hardest conversations to have with your loved ones – what will happen when you die? But it is also an incredibly important conversation to have, and one that you should have at regular intervals throughout your life.
Talk Money Week (formerly Financial Capability Week) is the annual celebration of the work thousands of organisations are doing to improve money management across the UK. It is an annual event organised as part of the Financial Capability Strategy for the UK and aims to get more people talking about money.
So, if you have never talked about your end of life finances with your family before, Talk Money Week is the perfect time to start the conversation.
It is never easy to think about how your assets will be dealt with after you die but planning now will help reduce complications and will ensure that all matters are carried out smoothly, reducing the need for additional stress whilst your family are still grieving. It makes saying goodbye significantly less stressful, although no less emotional and will also make the financial, legal and practical consequences of death much easier for your family to deal with.
When dealing with the numbers and the assets of your estate, the best people to turn to are your accountants. As your accountants will already fully understand your financial situation, they are best placed to save your family time, money and stress, at an already difficult time. The reality is that, during the probate process, solicitors would turn to accountants to gather financial information anyway.
Not all accountants can assist with all areas of your end of life finances but Garbutt + Elliott were actually the first firm in Leeds to be licensed to provide a probate service and as such can assist with all areas of an uncontested estate.
So what happens when you die and how can we help? We can act as executors to the will, carry out all inheritance tax calculations and prepare all paperwork. We will agree any tax liabilities with HMRC and prepare all final tax returns. We can assure that any debt is paid off, arrange your funeral expenses from the estate and carry out the instructions of your uncontested will.
If we have been representing you during your life time, we will have already been advising you on your finances and therefore we would have ensured all measures had been taken to protect your wealth and, so upon passing, we are best placed to ensure that your loved ones are protected from unnecessary financial losses. For example, if you have over £325,000 worth of assets (savings, investments, property) then you could have Inheritance Tax of 40% taken off any amount above this figure when you die. During your lifetime we would have managed your accounts to best reduce your liability.
Whether or not we have acted as your accountants during your life time, we are here to be able to provide support and information now, so make Talk Money week, the week that you start the conversation, with your partner, with your family and, if need be, with us. Please feel free to contact us here.