“While life may be as unpredictable as the British weather, there are some steps you can take to plan ahead for certain eventualities. By planning for what happens after death, you can rest assured that your loved ones will be looked after and your estate distributed according to your wishes. Despite this, surprisingly few people make preparations for their own eventual passing.
In my father’s case, he was warned that he had between six and nine months to live following a diagnosis of pancreatic cancer. While he had already written his Will and appointed a Lasting Powers of Attorney, it soon became clear that there were other matters which needed his attention.
We sat down and identified all his assets so that none would be ‘lost’ following his death. It’s believed there could be as much as £50 billion in lost bank and building society accounts, Premium Bonds, pensions, investments, and insurance policies. These are collectively known as lost assets or lost accounts.
Then we essentially prepared his probate application, which was subject to a requirement that we update figures upon his actual death. He prepared his funeral service and wrote his own eulogy, although we did tweak it a little to make it sound less like a CV! While he felt that holding his wake before he died was one step too far, he still made arrangements to make sure that everything was taken care of.
Now, all of that’s not to say that when he passed on the 23rd July 2022, it was not a difficult time for family, carers and friends. We all knew the inevitable was about to happen, and it was only when he took his final breath with my sister and I holding his hands and his faithful dog by his side, that reality struck.
The same sense of reality and grief that no doubt everyone feels at such times.
What was a very difficult time was made much easier knowing that his funeral, eulogy and wake were arranged how he wanted. He passed just before his 87th birthday having declared that he had led a fulfilling life and marriage, and we were at ease knowing that everything he had worked for was protected and could be realised and directed as he wished.
Facing the reality of death is a hard subject – and often one we postpone for another day. However, making our arrangements early and planning ahead can significantly reduce the stress on loved ones when the time does eventually come. This will streamline the process of probate and help everything go smoother, allowing your family to take that precious time to process their own grief.”
We understand that this is a sensitive topic, but remember that we’re here to help. Sophie Price and the rest of our team are ready to offer guidance and advice on Wills, Inheritance Tax Planning and more. Contact us today by phone on 01952 726111 or via email at hello@fodens.co.uk.
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