Looking after your family

Looking after your family

Everyone wants to know that their loved ones are being cared for, even in their absence. Here at Skipton, we can help you to make sure your family are being looked after during a difficult time.

Five key things to think about:

Whatever happens in your future, it is a good idea to make sure that your family are looked after. Skipton works with several specially-selected partners in order to help people like you to prepare for what happens when you are no longer capable of dealing with your own affairs on your death.

1.Do you have a valid Will?

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It is important to make a Will whatever your age; especially if you have a mortgage or other assets, are married or cohabiting, or have children or financial dependents. Even if you already have a Will, failing to keep it up-to-date could potentially cause just as many difficulties. Imagine what could happen if you forget to include an additional child or grandchild as a beneficiary.

2. Have you thought about estate administration?

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When you’ve worked hard all your life, creating wealth and security for your family, you want to be sure that in the event of your death, your estate is inherited by the people that mean the most to you. Having an experienced administrator representing your interests can help your loved ones avoid numerous pitfalls, disagreements, unexpected tax demands and unnecessary heartache for your family at a very difficult time.

3. Have you considered Inheritance Tax planning?

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It’s important to be aware of Inheritance Tax, because it can mean that everything you own above your threshold could be subject to 40% tax when you die. Worst of all, your loved ones may be forced to find the money to settle this bill before they can inherit what you want them to have – at a time when they are least able to cope. That’s why it’s so important to put plans in place.

4. Have you organised a Power of Attorney?

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No one wants to think about the reality of no longer being capable of making their own decisions in life; but if you were to have an accident or health issues that left you mentally incapable, having a Power of Attorney (POA) agreement could help your own wellbeing and that of your loved ones. Without a POA, no one can manage your affairs, such as financial matters, without first going through a long and expensive legal process.

5. Do you have a funeral plan?

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With funeral costs rising, arranging a funeral plan is a practical and sensible way to take care of funeral costs in advance. It also means your loved ones won’t have extra worries or considerable costs at a really difficult time. Best of all, you get to pay for it at today’s prices rather than however much it would cost at the time when you die.

According to figures from Sun Life Direct, between 2004 and 2013, the average cost of a funeral in the UK rose from just under £1,720 to just over £3,456 - an increase of about 101%.

Need help?

Call Skipton Direct

Phone 0345 266 9375

Mon-Thurs
8am - 8pm
Fri
8am - 5.30pm
Sat
9am - 12pm

What can you do now?

Action plan

No one wants to make a difficult time for grieving loved ones even harder. Doing the following could help you to reduce the stress and strain on your family when your time eventually comes:

  1. Arrange for a Will to be made - if you don’t have one in place you should address this as a priority. If you already have a Will, ensure that it is up-to-date.
  2. Organise for an experienced Estate Administrator to represent your interests - this can help your family to avoid numerous pitfalls, disagreements, and more.
  3. Arrange a Power of Attorney, someone you trust, to be legally able to take control of your affairs if you are no longer mentally capable to in the future.
  4. Look into ways in which you can reduce the amount of Inheritance Tax your loved ones' will pay.
  5. Take out a funeral plan to fix the cost of your cremation funeral at today’s prices, and spare your family the stress and cost of organising.

The helpful guides contained within our Legacy Planning section could help you to complete the above points if you are unsure of where to begin. Alternatively, you can arrange a callback today for a My Review, using our secure online form.

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