Dying Tidy

28/10/2010
Your Executors must arrange for your estate to be valued and disposed of in accordance with your Will or in accordance with the Administration of Estates Act. In order to do this they must be made aware of all of your assets and liabilities.

Pre-paid Funeral Plans
It is possible to make your funeral arrangements in advance. There are three or four different "plans" available depending upon your requirements and the amount you wish to pay. As with other financial provisions these plans are regulated.

The advantages of taking out such a plan are:

  • Your family is spared the worry of organising your funeral.
  • Payment has been made during your lifetime.
  • If you have no family the arrangements have already been made.
  • The funeral arrangements are of your choice.
  • Payment can be made by instalments.


There are disadvantages however:

  • If the instalments are incomplete and the amount paid is insufficient to cover the cost of your funeral your estate will have the shortfall, or your family if the estate fund is insufficient.
  • If the plan provider goes out of business there may not be any monies available.
  • The family are tied to the arrangements made.
  • Your executor may not be aware that you have taken out the plan.


Documents and Financial Records
Your Executors must arrange for your estate to be valued and disposed of in accordance with your Will or in accordance with the Administration of Estates Act. In order to do this they must be made aware of all of your assets and liabilities.

It is a good idea to tell Executors where they can find your Will, bank and investment details, original policy or bond documents, the deeds to your house, any other documentary evidence asset ownership that they will need. Similarly, they can become personally liable for your debts and so it is important that you keep records of any loans or other debts that you may have and that your executors know where to find these records.

Where gifts have been made over the 7 years prior to your death, the value of those gifts may have to be brought into account on your death. HM Revenue & Customs can also require that information concerning gifts for the 14 year period prior to your death also be disclosed. It is important to keep a record of gifts that you make which may fall into the tax calculations for your estate. These gifts are either Chargeable Transfers or Potentially Exempt Transfers.

This publication is written as a general guide only. It is not intended to contain definitive legal advice, which should be sought as appropriate in relaton to a particular matter.



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