Alan Steel
01506 842365
MENU
  • Home
  • About Us
    • Close
    • About Us
    • What We Do
      • Close
      • What We Do
      • Our Services
      • Our Philosophy
      • Our Awards
      • Our Reputation
    • Who We Are
      • Close
      • Who We Are
      • Meet the team
    • Our Approach
    • Financial Planning
  • Testimonials
  • Investments
    • Close
    • Investments
    • Investment Advice
    • Portfolio Building
  • Pensions
    • Close
    • Pensions
    • Retirement Planning
    • Early Retirement
    • Pensions as simple as...
  • Tax
    • Close
    • Tax
    • Tax Advice
    • Tax Planning
    • When I'm Dead and Gone
    • Inheritance Tax
    • HMRC Digital Accounts
  • Insights & Media
    • Close
    • Insights & Media
    • Letters from Linlithgow
    • Informing You
    • Letter from America
    • See us in the Press
    • Master Investor
    • Points of Few
  • Contact Us
Independent financial advisers founded in 1975
Over £1.4 billion client funds under management
17 industry awards for advice since 1989

Tax News

Inheritance Matters | Tax and Planning | Alan Steel Asset Management

Monday, 22 September, 2014

Only 36% of British adults have a will

Thinking about inheritance matters and what might happen to us when we die is something most people try to avoid.

The problem with shutting out all thoughts of death is that it can have a detrimental impact on your nearest and dearest when you're no longer here. Unfortunately we've no way of knowing what's in store for us in life, but there are things you can do to make inheritance matters easier to sort out for those left behind.

The following statistics give a good insight into the scale of inheritance planning and tax problems:

  • 80% of British adults believe all adults should be required to have a will yet only 36% have actually written one*
  • 32% of adults have had a dispute over money or property following someone's death.*

By not seeking professional advice and having a will in place, your loved ones could be left facing an unwanted inheritance tax bill or other difficulties.

Why are we so reluctant to talk about death?

Death is an inevitable fact of life. However, in Britain there is a general reluctance to discuss passing away or planning for the end. This is demonstrated by the fact that almost two thirds of British adults haven't got a will in place.

Many people keep putting off talking about death or organising a will until 'another day' but then day-to-day life gets in the way and it never happens.

It doesn't take long to put your plans in writing

When your time comes and you pass away, it will be an upsetting and difficult time for your friends and family. By opening up and talking about death and putting your plans in writing, you'll ensure they don't have too much to sort out while they're grieving.

Inheritance tax and planning issues are something you may never have thought about. A quick chat with an adviser can ensure your family members won't have to pay more tax than they need to when you're no longer here.

Your digital legacy when you die

Because of social media platforms such as Twitter and Facebook, a person's digital legacy also needs to be thought about. While 27% of British adults have posted online tributes to someone on their death* - 71% have not considered what will happen to their own digital legacy.*

If you use any social media sites, you might want to consider sharing your login details with someone close to you. It can be incredibly upsetting for family and friends to see active profiles when the person in question has died.

It's important to have these kinds of conversations around death, especially if you have strong views on what you'd like to happen to your digital footprint when you die.

How to sort out your affairs

Setting some time aside for inheritance planning and sorting out your financial affairs now means:

a) You don't have to think about it again any time soon.
b) Your instructions will be clear and easy to understand when you pass away.
c) It will be less stressful for those left behind to sort out your affairs.

Here's a five step action plan. Seize the moment and start the process today. Discussing death can be difficult but think about how your family will cope with managing your affairs if you've left no instructions.

1. Don't just think about who you want to leave things to. Write a will.

2. Appoint an executor who understands what being an executor means and ask their permission.

3. Organise your assets and your paperwork so everything is easy to find.

4. Identify who can help. For example the RSPCA/SSPCA or Dogs Trust if you have a pet.

5. Have Power of Attorney in place. This can apply to your financial affairs and also for your care and health.

Summary

Like it or not, death is a part of life. As with all major events such as buying a house and changing careers, it should be planned and discussed in advance.

It may feel uncomfortable to talk about a time when you're no longer around, but it doesn't have to be a lengthy discussion. Putting your affairs in order will give you peace of mind then you can get on with enjoying your life again, safe in the knowledge your wishes will be carried out.

©2023 Alan Steel Asset Management Limited is authorised & regulated by The Financial Conduct Authority. Please note that the Financial Conduct Authority does not regulate some forms of tax advice. Company Registration: SC58014

You should remember that the value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.

The investment services and/or investments referred to in this website may not be suitable for you. If you are unsure we suggest you contact us to discuss matters further. If we believe our services are not right for you we will tell you.

When investing money, whether for income or growth, you are placing your capital at risk as the value of investments may vary, so you could get back less than you started with.

The Financial Conduct Authority does not regulate Tax Advice, Trusts or wills. Alan Steel Asset Management Limited is authorised and regulated by the Financial Conduct Authority. The guidance contained in this website is subject to the regulatory regime of the UK.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients.

FOS details can be found at www.financial-ombudsman.org.uk

Alan Steel Asset Management Limited are not responsible for the content of external sites.

  • Cookie Policy
  • Privacy Policy
  • Website terms and conditions
  • Tax Services Privacy Notice
  • Contact Us

This site uses cookies. By using this site you agree to the use of cookies. Read our Cookie Policy