What Can You Do To Keep Everyone Happy After You Die?
Ian Cooney
Estate Planning Consultant at Honey Legal based in Bromsgrove, Wills, Lasting Power of Attorney, Trusts, Probate
With the number of clients we see each week, we often have "What Can We Do..." conversations around writing a Will.
It is no surprise that there are lots of conversations going on about death.
Here I will explore two elements:
- Focussing on how to get the conversation about death, inheritance, care and health started with your parents.
- 77% of people aged over 55 want to have some control over how the next generation spend their inheritance.
1. What Can You Do to Start Conversations About Death with your Aging Parents?
Love Money provides some very good advice about how to ask the following important questions in a way that elderly parents might be able to accept in their article Important Financial Questions to Ask Your Parents:
To summarise:
1. You can ask your aging parents “Have you drawn up a lasting power of attorney (LPA)?”
2. You can ask your aging parents “Do you want to go into a care home?
3. You can ask your aging parents “Have you made a Will?”
4. You can ask your aging parents “How am I going to pay for your funeral?”
5. You can ask your aging parents “Have you done what you can to cut our Inheritance Tax bill?”
Huffpost.com have suggested some great films that could be watched together to spark some thought provoking conversations. See link here
2. What Can You Do to Have More Control Over How The Next Generation Spend their Inheritance?
The Prudential have identified from more than 600 people over aged 55 who took part in their survey, 77% agreed that they wanted some control over how the next generation spend their inheritance.
This statistic is of no surprise and these people are not wrong to be concerned, for the intestacy rules that courts rely on to make decisions about inheritance when someone dies without a Will are archaic. They were not designed for a world of non-married partnerships, divorces, subsequent marriages, step-children and step-grandchildren. This is why making a Will is so important.
So, What Can You Do?
1. You can write a Will that details what you would like people to do AND what you would not like people to do.
2. You can set up a Family Asset Trust to strategically gift your hard-earned money whilst you are still alive and able to guide your younger family members on how to spend it.
3. You can set up a structured family financial planning meeting.
4. You can create a ‘what to do if we get seriously ill or die document’.
5. You can read Talking to Your Children About Money .
And, failing that, you can sit down with your children and grandchildren and for a bit of fun watch Brewster’s Millions ...
If anything in this article has promped you to look closer at your situation and want to discuss what options are available to you, call Ian at Honey Legal to arrange a free no obligation appointment to find out what you can do.
Ian Cooney - Honey Legal
07745522292
https://honeylegal.co.uk/people/iancooney