So why was 2017 such a good year for the Grim Reaper when it comes to celebrities?
Experts have come up with a few reasons. Thanks to the proliferation of media over the past few decades, there are more stars around these days and more claiming fame faster.
Social media plays an important role in this process. As well as creating new stars, it also means that we hear about celebrity deaths far faster than in the past, as well as providing everyone with a platform to publicly share their grief. In fact, in the early part of the 20th Century, before television, the only celebrities were film stars.
We said goodbye to some of the best:
- The legendary Bruce Forsyth
- Socialite and television presenter Tara Palmer-Tomkinson
- We lost a Bond; Roger Moore
- Rock ‘n’ roll legend Chuck Berry
- Star musician of the band Linkin Park, Chester Bennington
- Michael Bond, writer of the Paddington Bear books
- Peter Sallis, the voice of Wallace in the Oscar-winning animated hit Wallace and Gromit and “Cleggy”
The question is, did these celebrities make plans for their assets to go where they wanted them to?
2017 was the year that reminded us that death is inevitable, regardless of how rich and famous we are. It also reminded us of the importance of writing a will.
Contact us at legalmatters to get your estate in order – even if it’s not of A-list proportions it’s still important! Call us on 01243 216900 or email us at firstname.lastname@example.org.
Water cremation is already offered as a service in several US states, but has yet to receive approval in the UK. Will it become an alternative to traditional cremation in the UK?
Before you consider it as an option, you need to know what it involves…
The Water Cremation method involves a body being placed into a metal chamber, where a process called alkaline hydrolysis breaks the body down into liquid and ash.
Many proponents of water cremation claim that the process is environmentally friendly, with there being no human DNA in the waste water produced. The process is supposedly kinder to the environment than traditional cremation. Companies looking to offer the service here in the UK claim that the process produces less than two thirds of the greenhouse gas emissions and requires just a seventh of the energy used during the cremation.
The process used for Water Cremation also allows for bodily implants to be completely separated along with dental amalgam. This means that mercury (found in tooth fillings) can be removed safely. If the Water Cremation service was offered in the UK, and it proved popular, this would help to reduce the UKs airborne mercury emissions. It is thought that currently approximately 16 percent of such omissions originate from cremation.
Although this sounds positive, there have been some objections. Sandwell Council have been awarded planning permission to enable them to offer this service (through a partner company). Severn Trent Water have however refused the Council a trade effluent permit, which has stalled the process.
Severn Trent Water say they are currently looking to the government for guidance. Water UK has also stated they are “not convinced”, with a spokesperson telling The Sunday Times: “It is the liquefied remains of the dead going into the water system. We don’t think the public will like the idea.”
The Council’s reasoning for wanting to offer the service is that they would like to provide more choice for the public, giving them greater control over what happens to them after they die.
While water cremation may not currently be an option, it could be a reality in the UK in the very near future. The popularity of any future water cremation service remains to be seen.
Whilst you may not want to think about it, it’s important to plan for your future. Whatever your wishes, it’s important to consolidate them in one place.
Having worked in estate planning for many years, legalmatters are experts in the industry. As well as advising you on providing for your loved ones, our professional team can ease any worries you may have. Speak to legalmatters today to make sure that your final wishes are carried out. Call us on 01243 216900 or email us at email@example.com.
Many grandparents are intending to gift their grandchildren financially, with recent research from Saga suggesting that more than £37bn has passed from grandparents to their grandchildren.
Part of this is down to the fact that older people are worried about their grandchildren’s future. The increase in cost of houses, cars and the day to day necessities mean they’re likely to suffer financially and be much worse off than those of generations gone by.
So how could you go about helping out your younger relatives?
Skipping a generation
According to the research, around 14% of parents are skipping a generation and are instead looking to leave assets to their grandchildren.
Making use of a gift allowance
In certain scenarios, grandparents are choosing to give money without causing a tax event such as a £3,000 annual gift allowance. This can cover financial gifts which can be passed over each year, free of Inheritance Tax. Additionally, grandparents can also give away up to £250 to any number of people each year.
Putting it in a trust
With a discretionary trust, it is up to the trustees to determine how and when any potential beneficiaries may be able to access the cash. You can appoint yourself as the trustee, so that you have final say over where the money goes, or you can go for an independent trustee. What’s more, the money within the trust is classed as separate from your estate, so it’s free of Inheritance Tax.
There are also bare trusts, which mean the grandchildren would be completely entitled to whatever is in the trust once they reach 18. Unlike the discretionary trust, the beneficiaries are fixed, so once the trust is declared it is not possible to add (or remove) beneficiaries.
It’s important that you consider where and to whom you want your assets to go to – a comprehensive will is the only place where you can formally set this out.
Don’t keep putting it off. Speak to legalmatters today to make sure that your final wishes are carried out. Call us on 01243 216900 or email us at firstname.lastname@example.org.
You’ve spent years building up your business, but have you given any thought to what will happen when you die?
Do you have an exit plan, and if not, how do you go about building one?
First of all you must decide what you want to happen.
Do you want it to be sold? If that’s your goal then how do you make it as healthy and profitable as possible to get the best price when the time comes to sell?
If you have children, do you want them to take over your business, are they able to and do they want to? If you have more than one child, do you want all your children involved; should they own it and someone else manage it?
If you are handing the business on, then you still want it to be in good shape but you also need to think about who will take it over, what training they might need and whether you need to mentor them.
It’s obviously very important to have a Will in place which will detail how you want the business to be passed on and to protect it from inheritance tax. Your business assets may qualify for relief from inheritance tax or there may be things that you can do to reduce the impact of the tax.
For instance, did you know that business relief for inheritance tax reduces the value of a business or its assets for inheritance tax purposes when you die?
The proceeds could one day become taxable for your beneficiaries, so it may well be wise to establish a Business Property Relief Trust which will ensure that the relief is protected.
If you’d rather your family receive money than the responsibility of taking over your company, then have you considered a share purchase agreement? This allows surviving business owners to buy your shares when you die.
To find out more about the different approaches to ensuring your business is protected for your beneficiaries, contact legalmatters. Call us on 01243 216900 or email us at email@example.com to discuss your particular situation.