Plan ahead with a funeral plan. Suiting you and those around you.
A Funeral Plan allows for a cremation funeral (either your own or that of a friend or relative for whom you will have responsibility) to be prepaid in full at today’s prices, thus avoiding rising funeral costs over the years ahead.
None of us know how long we have left to live. No matter how much money you set aside for your funeral, it may not cover the cost and your family may have to make up the shortfall to give you a dignified send-off.
In 2015 (the latest period for which there are statistics available), the average cost of a funeral was £3,875.
There are many benefits to setting up a Funeral Plan:
Straightforward to understand and simple to buy
Choice of Plan to suit your own circumstances and wishes
Family is free from the financial obligation of paying for your funeral
Payment can be made in full immediately or by instalments over a maximum of five years
Funeral Service planning is organised in advance because your wishes are detailed in the Plan, thus saving your next of kin having to decide how you might have set the arrangements
Your payment(s) is securely held in an independent trust fund and thus safeguarded until the Plan is needed.
InHeriTance Matters - Making sure you can take the next step with grace and dignity. Call us on 01384 878950 today.
On death all your assets are frozen. Whether or not you have a valid Will your executors, if you have one (or the next of kin or principal beneficiary should you die intestate) have to apply to the Probate Registry – for 'Probate of the Will'.
This document authorises the personal representative(s) of the deceased to administer the estate in accordance with the wishes as expressed in the Will or, if a valid Will cannot be found, through the Rules of Intestacy (as an administrator).
This document has to be obtained within six months of the date of death and is usually only granted when any inheritance tax due on the estate has been paid.
However, if a deceased's estate consists of assets, typically bank / building society / national savings accounts which total less than £5,000 then applying for probate can be avoided. However an account is still required by Her Majesty’s Revenue and Customs if the value of all property including jointly held assets exceeds the prevailing inheritance tax allowance (currently £325,000).
The role and responsibilities of an executor to a Will should not be underestimated by a lay person. When the time comes, it can be complicated, time consuming and carries considerable obligations, not the least being a legal liability. Executors can, of course, instruct a professional adviser such as InHeriTance Matters to undertake specific duties, even if they do not use that advisor to make the probate application.
It can happen that a Will has been made but the executors are not able or are unwilling to act. What can the next of kin / close family do, at what is probably a highly emotional and stressful time, to sort out the affairs of the person who has just died? Sometimes the principal beneficiary will step into the breach but, more likely than not, will require professional guidance which is where InHeriTance Matters can help.
Similarly, if a person has died without a valid Will, InHeriTance Matters is well placed to help the family sort out whatever needs to be done in order to comply with the Intestacy Rules.
What are the principal roles of an executor/administrator?
Locate the Will (executor)
Register the death
Gather the assets, keep them safe and insure as appropriate
Value the estate
Pay any inheritance tax due
Apply for and obtain probate
Pay any creditors
Distribute the estate in accordance with the Will (or Intestacy Rules)
Prepare an income tax return to the date of death
Complete a final statement of account obtaining receipts as appropriate
Deal with any issues / problems / disputes that can arise
Pass the burden to InHeriTance Matters.