Forward Planning - Accountant and Death ( Question for Accountants I guess )

[Bluebird]

Serious question guys so please no attempt at humorous replies.

I'm getting all my business stuff in order in case of my demise - one thing I realised was that I know an awful lots about the accounts, filing with HMRC, companies house, pensions etc as I do this mostly myself.

I don't want to worry my partner with all this stuff, as the likelihood is that when i do pop my clogs she's have forgotten all about it anyway.

Can you employ or retain an accountant on the basis that when I do go she can just go to them and they'll handle all the closing the companies and finalising everything?

[Maslins]

For a "proper" answer you'd really need to speak to a solicitor.

However, for a practical answer my thoughts would be:

- consider making your partner a director. That way it's clear she has right to sign off stuff etc with the accountant, and that the accountant can speak to her related to company affairs. If she isn't, I'd anticipate most accountants would take a pragmatic view on it and speak to her anyway...but if they were being very careful with things like GDPR they might want to insist on seeing things like proof of death and proof your wife is executor etc, which could be upsetting for her.

- if you're in a situation where you're confident you'll be passing away soon, then perhaps you could send your accountant something specific re this. Eg a document signed by you, stating your agreement in them liaising with your partner re these details after your death. Might seem a bit odd doing this if you're in your 30s and in good health though.

- do a will, and make her an executor. That way she should be able to deal with your personal matters after your death (eg your personal tax return).

- alongside your will, some people will have an "important information" document (either physical paper or "soft" document). This might include things like account numbers for bank accounts that might be just in your name, details of any pension pots, life assurance policies etc. Possibly also passwords for some of your more critical online accounts. Obviously if you go down this route, do ensure there's reasonable security on this file itself.

I'm late 30s, married, no children, a few assets of value, including large shareholdings in small businesses (ie Maslins/MVL Online). My wife and I got wills (and lasting powers of attorney) done maybe 6 months ago. Prior to that it had been one of those things we'd regularly said "we really should do that", then put off as it didn't seem urgent. We've had a couple of clients, around my age, die in the last few years...scary stuff.

It amazed me how many things we simply hadn't considered until speaking to the will writer we used. Perhaps the main ones being about the continuation of the businesses if I did die. Yes there are staff who can do lots of things, but they're not directors and can't do things like make payments from the company bank account...so if I died, this could prove a real problem, keeping the business ticking over.

Not really sure what my point is, other than don't put this kinda stuff off indefinitely. If you want to know the name of the will writer we used and were happy with, DM me...or potentially I can put details here if not considered too spammy.

[Bluebird]

For a "proper" answer you'd really need to speak to a solicitor.

However, for a practical answer my thoughts would be:

- consider making your partner a director. That way it's clear she has right to sign off stuff etc with the accountant, and that the accountant can speak to her related to company affairs. If she isn't, I'd anticipate most accountants would take a pragmatic view on it and speak to her anyway...but if they were being very careful with things like GDPR they might want to insist on seeing things like proof of death and proof your wife is executor etc, which could be upsetting for her.

- if you're in a situation where you're confident you'll be passing away soon, then perhaps you could send your accountant something specific re this. Eg a document signed by you, stating your agreement in them liaising with your partner re these details after your death. Might seem a bit odd doing this if you're in your 30s and in good health though.

- do a will, and make her an executor. That way she should be able to deal with your personal matters after your death (eg your personal tax return).

- alongside your will, some people will have an "important information" document (either physical paper or "soft" document). This might include things like account numbers for bank accounts that might be just in your name, details of any pension pots, life assurance policies etc. Possibly also passwords for some of your more critical online accounts. Obviously if you go down this route, do ensure there's reasonable security on this file itself.

I'm late 30s, married, no children, a few assets of value, including large shareholdings in small businesses (ie Maslins/MVL Online). My wife and I got wills (and lasting powers of attorney) done maybe 6 months ago. Prior to that it had been one of those things we'd regularly said "we really should do that", then put off as it didn't seem urgent. We've had a couple of clients, around my age, die in the last few years...scary stuff.

It amazed me how many things we simply hadn't considered until speaking to the will writer we used. Perhaps the main ones being about the continuation of the businesses if I did die. Yes there are staff who can do lots of things, but they're not directors and can't do things like make payments from the company bank account...so if I died, this could prove a real problem, keeping the business ticking over.

Not really sure what my point is, other than don't put this kinda stuff off indefinitely. If you want to know the name of the will writer we used and were happy with, DM me...or potentially I can put details here if not considered too spammy.

Thanks Maslins - Thats really helpful - it's the sort of thing I'd already thought about ( especially the "soft document " which I'm doing now - it's amazing the stuff we accrue over a lifetime of contracting ).

It's good to have a reassuring comment that I'm on the right lines.

And you're right - it's stuff we put off because we don't want to think about it - when you think about it later in life it's more scary - so my advice to anyone reading this - do it now!

Dave

[amanwhoisquiet]

My wife and I got wills (and lasting powers of attorney) done maybe 6 months ago. Prior to that it had been one of those things we'd regularly said "we really should do that", then put off as it didn't seem urgent..

What did you do for the wills? Was it some WHSmiths job where you fill in your name, or did you have to put some more time and 3rd party effort in WRT to the business(es)? Also, if you don't mind roughly how much time and money did it set you back?

[Lance]

for what it's worth. I asked my accountant the same and they said make wife a director. All she needs to do is contact the accountant in the event of my demise and they'll handle it from there.

[Maslins]

What did you do for the wills? Was it some WHSmiths job where you fill in your name, or did you have to put some more time and 3rd party effort in WRT to the business(es)? Also, if you don't mind roughly how much time and money did it set you back?

We got a professional, and did pay accordingly. The LPAs were the surprisingly expensive bit, but we decided to plump for it.

We paid (all plus VAT):
£595 for pair of wills (ie one each for me and my wife), including business continuity provisions
£190 for pair of expression of wishes letters
£900 for 2 x pairs of LPAs (ie two each for me and my wife, one for finances, one for health)
There was then separately a registration fee for the LPAs, and a modest storage fee for a third party firm to retain copies. All in cost us a little over £2k.

Very aware there are much cheaper options out there (some of which will be decent, some rubbish). I've got no regrets re our choice.

[WordIsBond]

- alongside your will, some people will have an "important information" document (either physical paper or "soft" document). This might include things like account numbers for bank accounts that might be just in your name, details of any pension pots, life assurance policies etc. Possibly also passwords for some of your more critical online accounts. Obviously if you go down this route, do ensure there's reasonable security on this file itself.

It's surprising how many people who get a will don't do this.

Your spouse should have the password to your password vault in hers, and vice versa.

[northernladuk]

Me any my partner, and recently my father have a password protected document in which we have all our pertinent information stored in case of the worst. It take an age to put together for me as I handle the money but goes in to great detail of all the accounts, where they are and who to contact.

Pain in the ass to keep updated as well but IMO it's worth it.

Have to go over the top to try keep it safe as well mind.

There is a name for it which I forget now and some templates on the Web.

[cojak]

It's surprising how many people who get a will don't do this.

Your spouse should have the password to your password vault in hers, and vice versa.

Yep. and banking, savings and pension/investment details in a file vault with the details in the above.

[ladymuck]

There was a chap I worked with years ago who tried (and sadly failed) to get a business off the ground that was all about protecting digital assets in the event of your demise.

People don't realise that they don't necessarily own eBooks, MP3s, etc that they bought online and access to them is lost when their account gets wiped on their death.

You buy a record or CD and it's yours to do with as you wish, you can share it or bequeath it. Buy an MP3 and you're in breach of copyright if you share it with someone else and you have no right to pass it on.