As a nation, we are not good at talking about death and as a result we are under-prepared. It’s the conversation that no one wants to have, but it’s vital to have a plan in place for when you’re gone.
More than half of UK adults do not have a will, including more than a third of those aged over 55, according to the insurer Canada Life; three quarters haven’t told their pension company where to send their assets when they die.
But getting your affairs in order can help your family deal with your finances smoothly and quickly.
As covered in The Times article, here is a ten-step guide to preparing for 'a good death'
- Have the conversation
- Choose your executors — wisely
Private Wealth Partner, Hayden Bailey says: “Think carefully about your choice. Those who will benefit can be your executors, but you should think about whether they have the time to devote, and can work together and make decisions.”
- Think about tax
- Get life insurance (and look at trusts)
- Apply for LPAs
- Write a list . . .
- . . . and a letter
- Sort your will - "One of the worst things you could do is to die without a will".
- Plan for the short term
- Create a file - there’s no point doing all the prep work if your family members do not know where to find the information.
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