Planning Saves Stress and Money but this helps even after

Pre Death Planning can save a fortune.

 I was inspired to update this article when a new widow rang up distress because the Post Office had told her she needed probate to access her husband’s £12,000 savings to pay for his funeral. Probate is SLOW – click to see current status taking anything from MONTHS, and it can be over a year if there are queries, so that was scarcely sensible.  In fact, the clerk should have referred her to the Bereavement Team.  They would have explained that they COULD pay for the funeral out of his account, provided they paid the undertakers invoice direct.  If she (you) pay yourself in these circumstances, they will NOT repay you, and will only release the money on receipt of the Grant of Probate or Letters of Administration, at which point the executors can repay the cost to the person who paid.So part of pre-death planning is to quiz banks etc on the limits they will release on the death of an account holder.  Remember to ask which other banks are part of the same group, as the limit is likely to cover all of those banks.  No good moving money from one bank to another in the same group!In general terms there is a bit of a checklist on www.TheProfessionalWillWriter.co.uk which may help as well as reading this article.But back to the banks etc – you can clearly reduce balances to below their limits for requiring probate, or you can make accounts joint, which means they pass automatically to the survivor on production of a death certificate. That does NOT mean that they can be ignored if probate is required, or if IHT may be payable, it just makes the transition a little easier financially.

One Big Issue – Overseas Assets.

It is usually obvious what is an overseas asset, but one particular asset often trips people up, and that is shares.  Not all “British” companies are actually British and if you own one there can be complications in dealing with them.  US and Canadian shares can be especially complex and slow to deal with, requiring Medallion Guarantees. Some old privatisation shares have been sold or split in such a way that shareholders now own tiny amounts of US shares on each of which a Medallion Guarantee at a cost of around £250 each will be needed – which could outweigh the value of the share.My suggestion is to check, speak to your IFA or stockbroker if you have one and maybe sell the shares or transfer them into a UK based investment vehicle such as an investment bond, if you already have one or it is suitable – and this is not advice, just a recommendation to talk to the experts. Details of local IFAs can be found here, but they are forced to charge fees by the regulators.

Set Up an Emergency Folder.

I have been preaching this for years, and, of course, hadn’t done it.  But it is simple – in the event of an emergency or death, someone will need to be able to access your records.  Car insurance, house insurance, life cover, pensions, bank details (just the branch if your records are not secure), National Insurance number, NHS number etc etc.The wife eventually made me do it, and I just use a lever arch file with a poly pocket for each item.  Things like Wills and Powers of Attorney need more security and yes, we have a sister company which offers that and much more – the Will Custodian Peace of Mind Service offers secure storage and the ability to review and then update planning.

Review everything regularly.

Please don’t leave it too late. So many people leave aged relatives to deal with the complexities of probate, or (worse) Lasting Powers of Attorney.  they leave money to children who may well be old, or on benefits (which they then lose). Wills ought to be reviewed every 3 years or so, and consideration given as to whether the recipients are actually in need ofNot that it’s our field, but savings accounts need regular review, as do investments (no sister company here, but we do know some good advisers.)

Pre death planning, especially for those who receive notice of their own death, through a bad diagnosis – or just plain common sense realisation that we are all going to go sometime!  A great deal can be done to tidy up their pre death planning before they die, saving a great deal of cost and time. Click the link above for our contact details.No one else seems to take this issue seriously, so we are starting a bit of a campaign on it.  Not only may we save your family time and money on probate, but (for some) there may be massive savings on Inheritance Tax or Capital Gains tax.If you or a relative are in this situation, a few hundred pounds spent now on pre death planning could save thousands of pounds and long delays after you have gone.  You will no longer be not available to answer all of those questions your Executors will be required to answer.There is a what to do when someone dies available on our site, but the following may also be useful:

Plan your funeral in advance

PLEASE save all the anger coming out when people disagree about what you wanted – even if you don’t actually care.   Direct download.

Wills and Powers of Attorney

There is a free guide to legal planning on this site too – and it is just one sheet of A4, which could save an awful lot of aggravation and cost.Pre paid Funerals – can save time, money and lots of family arguments.  Everyone seems to know what the deceased wanted.  But they all “know” something different!

Detailed Estate Planning

For more (paid) advice on pre death planning, please contact us and we will get a suitable adviser to contact you.  We believe that many folk would be delighted to help sort out all their paperwork, or as much as they can manage, before they die.  At least it takes their mind off the inevitable.  Early planning can save hundreds, thousands or even tens of thousands of pounds.  Probate Practitioners being able to question people before they die would make life much easier and hence cheaper in the long run.Pre Death Planning = post death savings and simplicityWe haven’t recently checked this, but limits don’t often change – let us know if you find any have been updated, please.

Bank Bereavement Teams, Probate Limits of UK Banks, Building Societies and other Institutions

(I have also started to add their specialist Bereavement contact details – which is a nightmare I am hoping to ease – let me know if you have any I can add.  In the meantime, just call the number on their paperwork.)If they attempt to introduce you to anyone to help with probate – ask for a quote then let me know and I will aim to halve it – or better!This service may catch some that you might miss: https://www.deathnotificationservice.co.uk/It is always worth asking if they will send money to the funeral directors – that can clear out small accounts and sometime reduce larger ones below limits so that they may not require probate first.

• AA    (Bank of Ireland)
• Aviva – £50,000   Try 01603 622 200
• AXA – £10,000 – I have tried!
• Bank of Ireland – £10,000 Bereavement team 00353 14606333
• Bank of Scotland – £25,000 (HBOS) Bereavement team: 0800 056 0073.
• Barclays – £50,000.  Bereavement team 0800 068 2238 option 1.
• Barnsley Building Society      (see Yorkshire BS)
• Birmingham Midshires – £25,000 (HBOS) A bit vague, but try o1902 428 311
• Britannia – £30,000 (Coop) Bereavement team 0800 132 304.
• Cahoot      (Santander) Bereavement team 0800 015 8414
• Chelsea Building Society £30,000   (Yorkshire BS) Bereavement team  0345 166 9229.
• Cheltenham & Gloucester – £25,000.  Bereavement team Llloyds 0800 0150012
• Cheshire Building Society    (see Nationwide)
• Clysdale Bank £35,000 bereavement team 0800 011 3238.
• Co-op Bank – £30,000 Bereavement team 03457 212 212.
• Coventry Building Society bereavement team 0800 587 4565.
• Derbyshire Building Society    (Nationwide)
• Dunfermline Building Society      (Nationwide)
• First Direct – £20,000 (HSBC)  Bereavement team 0113 276 6669
• Halifax – £50,000 (HBOS)   Bereavement team 0800 028 1057 .
• HSBC – Decided on a case-by-case basis. Bereavement team: 0800 085 1992.
• Intelligent Finance       (HBOS) Bereavement team 0345 609 4343.
• Lloyds TSB – £50,000 – although they own HBOS, we understand their licences are separate. Bereavement team Llloyds 0800 0150012
• M&S Money – £15,000 (HSBC)  bereavement team 0345 600 5860.
• Nationwide  Bereavement team 0800 464 30 18.
  • Under £5,000 – no Grant of Probate is required.
  • £5,000 – £30,000 – a certified copy of the Grant of Probate is required, or the ‘close account’ form will need to be witnessed by a Solicitor
  • Over £30,000 – the original Grant of Probate is required.
• Natwest – £25,000   Bereavement team 0800 161 5903.
• Norwich & Peterborough Building Society  (Yorkshire BS)
• NS&I (National Savings / Premium Bonds) – £5,000 to £15,000 depending on the Will and the number of Executors. Seems to be online or by post. 08085 007 007. was the only number I found.
• Post Office – £10,000 (Bank of Ireland)
• Royal Bank of Scotland – £25,000. Bereavement team 0800 161 5904.
• Saga              (HBOS) Bereavement team 0800 092 3816
• Sainsbury’s Bank – £20,000 Bereavement team 0345 013 0199.
• Santander – £50,000    Bereavement team 0800 587 5870
• Skipton Building Society £15,000 bereavement team 0345 266 1209.
• Smile             (Coop) Bereavement team 03457 212 212.
• Standard Life   (Barclays) Many numbers! 0345 606 0031.
• Stroud & Swindon Building Society    (Coventry BS)
• Tesco Bank – £25,000 bereavement team 0345 071 6153.
• Triodos Bank Bereavement team 0330 355 0355
• Virgin                 (Clydesdale Bank) Bereavement team 0345 600 7301.
• Woolwich – £15,000 bereavement team 020 8836 4662.
• Yorkshire Bank           (Clydesdale Bank) Bereavement team 0800 011 3238.
• Yorkshire Building Society – £30,000. Bereavement team 0345 166 9229.

The Importance of Banking Groups

When things go wrong for banks, there is a Government Guarantee of up to £85,000 when a bank fails.Should you have accounts with more than one bank in a failed banking group, that £85,000 is the maximum compensation you can receive for the failure of any single banking group.Here is a link to the Bank of Englands Banking Group list.

Need help with probate?

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