In March this year, the world became privy to the sequence of events known as "Operation London Bridge" due to take place following the death of the Queen.
That is the codename for a detailed plan which will be put into action immediately should the Queen pass away. From spreading the news to recalling Parliament, and from arrangements for the state funeral to the accession of a new monarch, it is an incredibly detailed piece of work which is regularly updated.
Although it is perhaps not necessary to have in place quite such detailed plans, it highlights the importance of having your affairs in order, no matter who you are.
Although it may be unpleasant preparing for such an event, it may give you peace of mind knowing that things have been made easier for your family and friends.
Some things to consider include:
Making a Will
It's important to ensure you have a proper Will in place. If you die without making a Will (intestate), your estate will be divided according to the rules of intestacy. Although the rules of intestacy may accord with your wishes, this will not always be the case.
A Will lets you decide who you want to inherit your estate and to Inheritance Tax plan. Millions of pounds go to HMRC each year, either because people have not made a Will or because they did not know that with good advice and planning they could cut their tax bill or even avoid paying altogether.
If you die intestate, an additional court process will be required to appoint your executor. It is also likely that your estate would need to pay for a compulsory insurance policy known as a Bond of Caution.
It will be useful if you let your executor know where your Will is held.
Managing your paperwork
Often people don't think about discussing their financial affairs with others. It will make things easier for your executor if you let them know where you keep your important documents, some examples include:
- Title Deeds;
- Bank Statements;
- Details of any pensions;
- Details of any mortgages;
- Details of any shareholdings or investments; and
- Details of any insurance policies.
Get in touch
If you would like assistance with putting your affairs in order and planning for the future, please get in touch.
Our offices in Glasgow, Edinburgh, Inverness, Lerwick and Thurso ensure that our experienced and approachable team is on hand to discuss your wishes in a sensitive and efficient manner.
- Glasgow - 0141 227 9344
- Edinburgh - 0131 247 2512
- Inverness - 01463 795019
- Protecting your assets page
- Making a Will page