It is inevitable that at some stage you will have to deal with the death of a family member, friend or associate. As well as the difficult emotional issues that may need to be addressed, there are a number of practical and financial issues that you need to be taken care of.
You may find yourself having to take responsibility for these. Lovewell Blake can assist with the practicalities, or in some cases take on the burden of dealing with the administration of the estate.
Dealing with the estate of a loved one can be challenging, our team of experienced specialists can help guide you through the process from start to finish
What to do when someone dies
If you are the person charged with looking after the deceased's estate there are a number of ways we can help you right now:
- Notifying financial institutions on your behalf
- Establishing assets and liabilities
- Completing forms for inheritance tax purposes
- Advising on probate process
- Ensuring the estate is tax compliant
- Preparing accounts for the estate
Different because you are
We pride ourselves in providing individually tailored services to our clients. Whatever your aspirations and priorities in business and life, we will be by your side with expert advice from local specialists. It is because your needs are unique, that the solutions we provide are distinct and personalised to you.
One of the best ways to help your family in the future is to put in place a plan now for the what should happen on your death. This is a topic that can be difficult to think about, but making plans whilst you are able minimises the concerns and administrative burden for those left behind.
We can assist you in the estate planning process by:
- Helping you update or review a will
- Being named as executors of your will
- Reviewing the exposure of your estate to tax and ensuring everything is arranged in the most tax efficient manner
We will work with you to plan for the best outcome for your circumstances, to guide you through all eventualities and most importantly - to be there when you need us most.
Why might I need Tax Investigation Cover?
Lovewell Blake Tax Investigation Cover will pay our professional fees for dealing with an HMRC investigation or enquiry.Our cover is market leading and there is no excess to pay. In the event of a tax investigation or enquiry we can handle everything including all correspondence with HMRC and even host meetings with the Inspector on your behalf.
Even if you have done nothing wrong it can take time to prove this to HMRC and deal with their letters and enquiries. Many of our clients value the peace of mind TIC provides. See our dedicated Tax Investigation Cover page for more information and to subscribe online.
What should I look for in a Financial Adviser?
It is important when looking for a Financial Adviser that you take your time to find someone who understands your needs and can work with you to design a bespoke solution to your specific requirements. Make sure that you have full market access as many firms will limit your investment prospects to their own funds. Your adviser should be experienced and registered with the FCA. At Lovewell Blake Financial Planning we have a team of highly experienced consultants who get to you you and your requirements and have access to the whole market of financial products.
What is a Trust and how does it work?
A trust is an arrangement where assets can be held on behalf of someone else. The settlor creates the trust and transfers assets into it. The assets are held in the Trust for the ultimate benefit of the beneficiaries. Beneficiaries are commonly young children or family members. Trusts are managed by Trustees, who can be the settlor, other family members or professional advisers such as accountants.
Trusts can be a very tax efficient way of reducing exposure to some wealth taxes such as inheritance tax when structured under a comprehensive tax planning arrangement. Trusts are also commonly used to 'park' assets and control the time at which the beneficiary has full entitlement to the asset. Professional advice is absolutely critical if you are considering the use of Trusts. Speak to one of our specialists or get in touch.