The SONA speech is something of the past and Valentine’s Day came and went. Thus we are rushing towards March 2017 at an incredible speed, realising that time is slipping through our fingers like the sand in an hour glass. Let’s make the best of this year by concentrating on all the positive things around us, making the most of every moment.
“The positive thinker sees the invisible, feels the intangible and achieves the impossible.” This is a Winston Churchill inspirational quote.
Stay positive → Work hard/smart → Make it happen!
In the next edition, we will expand on the costs involved in the administration of a deceased estate. We trust that the following insert will be helpful when you talk to your clients about the necessity of signing a properly drafted Will and the importance of making provision for the costs of a deceased estate.
COSTS INVOLVED IN THE ADMINISTRATION OF A DECEASED ESTATE
Read more in our upcoming edition
MAKE PROVISION FOR THE COST OF A DECEASED ESTATE
This aspect of a deceased estate is very important and often overlooked. Everyone needs to consider the costs involved in a deceased estate. Most people do not realise the financial implications of the administration of a deceased estate.
It costs money to administer an estate and no one would want their loved ones to be burdened with the additional issue of financial outlay upon death.
There is plenty that can be done to budget for the expenses in an estate while one is still alive. The right thing is to plan now so that family and loved ones aren’t left in the lurch in an already heart-breaking time in their lives.
To budget for expenses in an estate simply means making a list of the assets and liabilities, adding and comparing. If the assets exceed the liabilities and there are sufficient funds in the estate to settle costs and pay debts, all is well. Should it be the other way around, provision should be made to cover the liabilities.
Don’t postpone and leave this task until it is too late. To be responsible nόw, is to make it easier for those left behind.
Fears about executor’s fees, estate duty and taxes can be allayed by being informed. Most of the costs involved are already known and budgeted for during one’s lifetime, for instance bond and vehicle cover. Most debt can be provided for by credit life insurance, policies and other options that could wisely be discussed with a broker or financial advisor. You are in the fortunate position to advise your clients on the options available to cover these costs. Our handy calculator incorporated into our electronic Will application will serve you well in this regard.
To determine the effects of accompanying costs in an estate, it is always recommended to discuss the estate with knowledgeable and experienced people, like the personnel of Efficient BOE, who can assist you with drafting Wills for yourself and your clients or amending existing Wills. When life takes a turn – marriage, the addition of children to the household, someone close passes away – it may have an impact on an estate. Make sure that the Will is updated to provide for these changes, maybe an inter vivos trust set up, or whatever suits the situation best at the time.
Remember, estates are unique and not everything discussed here will be applicable to your clients’ estates or your own. We will touch on a couple of the basics in the next edition, not as to take up too much of your time now. Read about the costs involved in the administration of a deceased estate in the next edition in March 2017.
INHERIT, BUT FORBIDDEN TO MARRY.
This is quite the bizarre story, but actually very true.
Amelia Waite’s brush with fame dated back to the 1960’s, all because of an unusual bequest in Philip Grundy’s Will. He was a dentist and Amelia’s boss. She was Philip’s chief nurse and receptionist.
He became seriously ill and drafted a Will which would have lifelong consequences for his beloved colleague. Amelia was to receive all of Grundy’s fortune, as he had no living relatives, but only on certain conditions. These forbid her to marry or even socialize with men, and according to most sources, prevented her from wearing make-up or jewelry for five years. The solicitor, Frank Lawton, being asked at the time – “How will you enforce that?”, he replied: “We have our ways.”
The £181,000 estate, which included other buildings and properties on Grundy Terrace, was left to Amelia. She clearly honored the stipulations of the Will, as she died a spinster at the age op 82 in September 2007.
Until next time!
The “Let’s Talk EFBOE” Team