- The Capital 90 (1) 1.06% AER - is now on general sale and can be applied for exclusively online. £20,000 minimum deposit. You can add funds to the account until 3pm, 26 November 2021, after this no additions will be allowed. Find out more
- Premium Saver (4) 0.65% AER - is now on general sale and can be applied for exclusively online. £10,000 minimum deposit. You can add funds to the account until 3pm, 5 November 2021, after this no additions will be allowed. Find out more
What's being left behind
Being prepared. It's important to think about scenarios such as your digital life, second marriages and joint bills.
It's important to be prepared for the unexpected.
We've listed some realistic situations below which you should consider thinking about and taking some appropriate action. Now's the time to have 'that conversation'.
If you have any questions or need our help please contact our friendly Family Service Team:
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This is information that your executors will need to resolve your financial affairs and your family will need to shut down old accounts. It can be very distressing if your family still receives communications for you or you were the subscriber to a service that your family might want to maintain, but gets closed down.
There are things you can do:
- Regularly spring clean your digital alerts. All those email newsletters that were useful once and you now delete without opening them – just unsubscribe
- If you have opened accounts and only used them once or not used them for months, close them down
- You could consider one of the many digital password 'vaults' and keep your details there. In that case you may only need to write down a single password and keep it safe. That may be something to be put in a sealed envelope and passed to your solicitor
- Read through the terms and conditions for accounts such as facebook and LinkedIn to see what they need from your executors to close down your account.
Let’s take a sadly realistic situation. If you and your new partner are travelling and the unthinkable happens, the law will assume, even if you both pass away at the same time, that the elder of the couple has died first.
If you're the older partner and you haven’t left a Will, your estate passes to the younger who or may not have made a Will. Potentially this could mean that your children would be left nothing while your step-children have everything.
The answer is that you both need to make Wills, which are flexible enough to cope with these circumstances.
You can find out more information and support on making a Will here.
Depending on the Power of Attorney arrangement, family members can carry out financial, healthcare and property issues on your behalf, which helps when dealing with the strict rules that banks and other institutions have in place.
You can find out more here.
Whilst many of us can accept being taxed in our lifetime, when we die, the taxman may get his hands on much of our estate, reducing the amount that we can pass to our loved ones.
With the right planning, parents should talk to their children and plan to make the most of their money. For more information on IHT please visit our Later life planning page.
Preparing for the worst
We have produced a useful document so you can record all your financial details in one place, helping your family to resolve your estate as smoothly as possible when you pass away