Death comes to everyone, however increasingly people are unprepared for when the end comes, which is why Prestige Tax and Trust Services outlines death and how to plan for it.
The UK is Unprepared for the End
The Guardian featured an article on death and how to plan for it this week that research undertaken by ComRes for the Dying Matters coalition. This survey concluded that this nation simply doesn’t prepare for death.
Only 37% of the British population has written a will, 31% have arranged to become an organ donor and a paltry 8% have written down their end-of-life wishes. This is unacceptable, as an unplanned death can cause financial tragedies as well as grief. By planning how you want to die and what you want to happen after, you make the arrangements that are essential to lessening the impact wreaked on your loved ones when you pass away.
Power of Attorney
Our experience in this legal area has taught us that there are several things you need to take into consideration. The first is power of attorney; this is the person you appoint to act on your behalf if you are incapacitated, and need someone to manage your financial affairs or personal welfare.
Appointing a power of attorney ensures in advance that should the worst happen, you can rest assured that your affairs are being handled by someone you trust, who will act in your best interest.
Other Considerations When Planning for Death
Once you have appointed a power of attorney who will act in your stead should be at the point of death yet unable to act, you need to plan what will happen after. You need to make a will; decide how your assets are to be divided up. Visit a previous post on this blog, to learn not only why you need to make a will, but how to proceed with making one.
It’s also a good idea to invest in bloodline planning, to protect your children’s inheritance and provide them with immediate access to it should you pass away. Also, it’s wise to plan your funeral ahead of time and invest in inheritance tax planning, to avoid the automatic 40% government inheritance tax being applied to your assets
Prestige Tax and Trust Services is here to Help You Plan for Death
These are complex legal issues and they cannot be completed without a professional legal service. Prestige Tax and Trust Services is here to help you plan your death. We are market leaders in Asset and Estate planning. Our expert legal team provides a comprehensive range of services from simply will writing to complex Estate and Inheritance Tax planning.