Preparing for old age and the inevitable – Listen to our latest podcast!

The latest episode in our podcast series covers a topic often considered taboo: preparing for old age and the inevitable event of death.

The discussion revolves around the legal and financial considerations that arise when a loved one passes away.

Nearly half the population doesn’t have a valid Will in place. This lack of preparation can lead to significant challenges for the bereaved, especially when it comes to the distribution of assets and wealth.

To shed light on this crucial subject, Rachel Blackburn, Head of Will’s Probate and Older Client Services at Mander Hadley, was invited to share her expertise.

Rachel emphasises the importance of a methodical approach when dealing with the aftermath of a loved one’s death.

The initial steps involve registering the death, arranging the funeral, and checking if the deceased had a Will that might contain specific funeral wishes.

Following these immediate tasks, the financial processes begin. This includes informing banks and other financial institutions about the death, settling any debts, and understanding the assets and liabilities of the deceased.

One of the significant challenges many face is locating essential documents, such as the Will.

Rachel highlights the importance of keeping paperwork organised and ensuring that the appointed executors and beneficiaries are aware of the Will’s location.

This organisation can significantly ease the process for those left behind.

Even if one has a Will, if it’s not correctly drafted or in line with the law, it can lead to disputes among family members. Rachel strongly advocates for seeking legal advice during one’s lifetime and ensuring that a Will is drafted by a legal professional.

The podcast also touches upon the rules of intestacy, which come into play when there isn’t a Will.

Contrary to popular belief, assets don’t automatically pass to the spouse. Recent changes have seen the statutory legacy under intestacy rise to £322,000, which means that if someone passes away without a Will, the first £322,000 goes to the spouse.

The remainder is divided between the children and the spouse. This can lead to complications, especially if property values have increased or if there are blended families involved. If the couple are not married, a partner will not inherit anything under the Intestacy Rules.

Rachel also addresses the pitfalls of DIY Wills. While they might seem like a cost-effective solution, they often lack the legal expertise required to ensure that one’s wishes are accurately reflected.

Mistakes in DIY Wills can lead to disputes, and in some cases, the Will might be deemed invalid. Rachel’s advice? Always consult a solicitor when drafting a Will.

This episode serves as a crucial reminder of the importance of preparing for the future. While thinking about one’s mortality might be uncomfortable, ensuring that our loved ones are taken care of after our departure is a responsibility we all share.

This episode is available now and can be listened to here.

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Rachel Blackburn

Head of Wills, Probate and Older Client Services

I joined Mander Hadley’s Wills, Probate and Older Client Services Team in 2018.I specialise in the preparation of Wills, Probate and estate administration, trusts and trust administration and Lasting Powers of Attorney. I also have experience of care fee planning and appeals of Continuing Health Care decisions.