In Dying Matters week take our test to see how tidy you are, or whether you might need further advice, says Nicola Plant.
Dying Tidily Test
How will you be remembered?
[Score 1 point for each Yes]Your Will
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- Have you got a Will, do you know where it is and what it says?
- Have you reviewed it in the last 5 years?
- Are your executors still alive and suitable?
- Are your guardians for minor children still relevant, are they still alive and suitable?
- Do you talk to your family and will they understand why you have done what you have done?
Mental Capacity
- Do you have an Enduring Power of Attorney (EPA) or a Lasting Power of Attorney (LPA)?
- Do you know where it is?
- Are your attorneys still alive, able, and suitable?
Inheritance Tax
- Have you done what you can and want to do to avoid inheritance tax?
- Are you keeping records of lifetime gifts?
- Have you considered how any inheritance tax will be paid on your death?
Life Assurance
- If you have life assurance have you within the last 5 years thought about how much you have and actually need?
- Are the policies written in trust so they won’t be taxable?
- Do you know where the policies and any trust deeds are?
Your Business
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- Is it clear who will run the business after your death?
- Will your intended beneficiaries be allowed to hold shares and do you want them to?
- If not, can the business or your business partners afford to buy-back the shares from your estate?
- Do your business partners know your plans and have your executors and fellow shareholders been informed?
Your Assets
- Do you have good records of all that you own and all that you owe?
- Do you know where any title deeds and certificates are?
- Have you closed dormant bank accounts (especially those overseas)?
- Do you own any foreign property and have you dealt with it in your Will?
- Does someone know where to find passwords for your PC, online bank accounts and trading accounts?
Secrets
- Are you confident that you have made financial provision for all those whom you have been looking after financially?
- Are you confident HMRC will not raise any enquires about your tax affairs after your death?
Your Score
0-13
What a mess! Do you really want to be remembered like this? Dying tidily matters. Get help now!
13-20
Let’s be honest, there is probably more to sort out than you think. Dying tidily matters. It’s definitely worth you taking some advice.
20-25
Well done. It sounds like your estate planning is pretty tidy. Please do this questionnaire again in 3 years time.
Nicola Plant is a private client tax planning partner at Thomson Snell and Passmore
