Whether you own a big car, a fleet of cars or a bus pass, wealth management might still be worth thinking about.
This week, we talk to Matthew de Courcy Ireland, independent financial adviser and pre-retirement specialist, to find out more.
Bereavement and Tax – it’s changing again. There can be a mountain of paperwork to deal with after a bereavement, and everyday matters like dealing with banks, council departments and utility companies can become overwhelming. One area that needs attention after most bereavements is tax.
The SunLife ‘Cost of Dying’ report is out for 2014. Here are their findings:
Latest research reveals the total cost of dying in the UK has risen over 10% in the last year. The cost of dying now averages £8,427. This is seven times higher than the cost of living.
There are lots of choices of where to save or invest your money to make your end of life better or leave a healthy legacy. You should usually look to use your tax free allowances first. Find out about the options and the pros and cons.
Inheritance Tax is charged on your estate at date of death. Ouch. You are liable for all your property in the UK and elsewhere. If you are not living in the UK then the tax only applies to property you own in the UK. Make sure you know what to expect and what your options are.
Thinking ahead about paying for your funeral or supporting another to plan theirs isn’t morbid. It’s practical. And paying up front is even better. It saves others worrying about money or squabbling over arrangements.
Almost immediately on death the paperwork starts. Probate – called confirmation in Scotland – oversees and allows the legal distribution of the estate.