The loss of a loved one may cause difficult financial situations. The use of professional financial planning can ensure the best solutions for both you and your family by mitigating the effects of Inheritance and other forms of Tax, explaining pension and retirement planning options, evaluating and consolidating investments, restructuring of business assets and deposit savings advice.
There are certain areas to consider at these times, they include:
Has the deceased over/underpaid income tax? Is any Inheritance Tax payable? Is the estate liable to any Capital Gains Tax?
Remember to update Car and Home insurance policies, Is any life insurance now payable to you? Consider any mortgage commitments – Do you need any protection insurance?
Will you receive any Bereavement payment or widowed parent benefit? Would these impact on any other benefits you receive?
Think about bills, Bank Accounts, Credit cards. Remember to inform those financial institutions with whom the deceased had an account.
Did the deceased have a Will? Do you now need to write or amend your own Will? Do you need a Lasting Power of Attorney for yourself either now or in the future?
Lilies Funeral Directors have partnered with Gemini Wealth Management so we can provide a free, no obligation initial consultation.