Getting your Affairs in Order
– My Twenty Top Tips
Over late summer/autumn/early winter 2023 year I posted on LinkedIn twenty articles on the Background to/Content from my Book Your Last Gift – Getting Your Affairs in Order. These I am now updating, as follows. Over September, October and November I shall be posting on Linked In Nos. 1 through to 14, with a new series of postings to follow in December.
I want to begin by quoting a really good observation on my introductory post “Preparing for Death – Starting the Conversation” on Monday 14 August 2023, from Simon Lofthouse, Head of Private Client at Corbett Le Quesne:
“A Will is just a small part of the end-of-life planning process. I always advocate lots of conversations so there are no surprises. Expectations can be managed and education provided if things are complex.”
Indeed. While many people may assume that the process begins and ends with the Will (which may be too often left to gather dust in the solicitor’s vault, whereas of course it needs to be regularly reviewed and updated), the subject is so much broader than that. I love Simon’s suggestion of lots of conversations.
The List
- Relationships
2. Lasting Powers of Attorney – and Medical Wishes
3. Why don’t People Make a Will?
4. Your Will – The Executor(s): Choosing Wisely
5. Your Will – The Essentials
6. Funeral Arrangements
7. Arrangements for Children, Dependents and Pets
8. Digital Assets
9. Ready Access to Cash pre-Probate – in Case of Need by your Surviving
Spouse/Partner
10. The Death Certificate: Having the Necessary Information/Documents. - 11. People to Contact
12. Interests in one or more Businesses and/or Management of Charities,
Associations etc.
13. Inheritance Tax (IHT) Planning
14. Your House/Flat and your Home Contents – Dealing with Them Post-Death
15. Charities Relief: Maximising the Post-tax Estate on Death
16. The Territorial Aspect: Residence and Domicile, with Situs (Location) of Assets
17. Decluttering: Your Papers & Other ‘Stuff’
18. Places to Visit/People to See
19. Thinking about God and the After-life
20. How are you Doing with Getting your Affairs in Order?
Getting Your Affairs in Order – My Twenty Top Tips
Matthew gives his Twenty Top Tips for getting your affairs in order.
1. Why don’t People Make a Will?
Matthew explores why some people do not make a will and why it is so important to do so.
2. Your Will – The Executor(s): Choosing Wisely
Matthew explains the importance of choosing the right people to act as Executors – and how to do it.
3. Your Will – The Essentials
Matthew shows the vital things needed for starting to draw up a Will.
4. Lasting Powers of Attorney – and Medical Wishes
Matthew shows the importance of implementing Lasting Powers of Attorney and your medical wishes.
5. Arrangements for Children, Dependents and Pets
You must consider specific arrangements for children under 18 and if you have any pets. Matthew shows you how.
6. Digital Assets
Our lives are stored online and Matthew shows the importance of storing passwords etc for our loved ones to access in the future.
7. Ready Access to Cash pre-Probate – In Case of Need by Your Surviving Spouse/Partner
Matthew demonstrates why it is so important have cash put aside.
8. The Death Certificate: Having the Necessary Information/Documents
Matthew lists the documents which are required to register a death and suggests that you put most of these together now in a safe place, with clear instructions for access.
9. Funeral Arrangements
Matthew advises that you should leave clear wishes for your funeral.
10. People to Contact
Matthew recommends leaving a comprehensive list of people who should be contacted after your death – and spending time now with those you love.
11. Inheritance Tax (IHT) Planning
The first thing to say is that this is very much a specialist subject, so do get proper professional advice before you do anything. Second, I always used to say to clients (and now remind my wife and myself) that you should not give away too much to your children (or...
12. The Territorial Aspect: Residence and Domicile, with Situs (Location) of Assets
Matthew introduces the complex topics of residence and domicile, in the context of location of assets.
13. Charities Relief: Maximising the Post-tax Estate on Death
Matthew suggests some imaginative uses of the Inheritance Tax exemption and
the Income Tax reliefs for gifts to charities.
14. Interests in one or more Businesses and/or Management of Charities, Associations etc.
Matthew suggests that you should give thought to what would happen on your death if you own shares in a company or an interest in a business and/or are involved in the management of a company or business or of a club or association or charity.
15. Relationships
Matthew considers the all-important issue of relationships with family and
friends.
16. Thinking about God and the After-life
Matthew considers the all-important issue of religious faith and what might happen after death.
17. How are You Doing with Getting Your Affairs in Order?
Matthew considers how you might measure your progress on Getting Your Affairs in Order.
18. ‘Decluttering’: Your Papers and other ‘Stuff’
Matthew considers how you can take steps now to sort out your personal
possessions, with a lot of them likely to be surplus to your own future requirements, let alone
those of your family.
19. Your House/Flat and Your Home Contents – Dealing with Them Post-Death
Matthew considers what arrangements you need to make for your home,
whether touching on the legal ownership or informing those who have some connection with
or responsibility for it or indeed perhaps for clearing it of your possessions.